TDK Micronas Visual

Outstanding results for 2000 (includes Corporate Presentation as PDF) (0104)

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2000 annual results press conference

Stock split planned

In the 2000 business year, the Micronas Group succeeded in achieving its ambitious goals right across the board. As reported on 19 February 2001, all our key performance indicators improved, some of them to a marked degree. In the current year, however, the strong upward trend seen over the past two years will level off for a time because of adverse market conditions. Proposals before the Annual General Meeting on 6 April 2001 include a 1:10 stock split and the creation of conditional capital for a convertible bond issue.

"We are proud of what we have achieved. Thanks to its excellent positioning, Micronas will come through the prevailing slowdown in the markets very well." With these words, the Chairman of the Board of Micronas Semiconductor Holding AG, Dr. Franz Betschon, opened the presentations of the annual results to the media and to financial analysts on Thursday, 15 March 2001 in Zurich. In the 2000 business year, the Micronas Group further strengthened its penetration of the target markets for its Consumer and Automotive core businesses. Group sales increased by 47.4 percent to CHF 490.3 million. Net profit more than doubled year-on-year, reaching CHF 63.5 million, equivalent to a return on equity of 33.5 percent. Shareholders' equity at the end of 2000 was 25.5 percent of assets.

The current business year will be significantly more difficult. This was the message that came across in the comments of Dr. Wolfgang Kalsbach, CEO of the Micronas Group, as well as the analyses of CFO Manfred Häner. The markets are currently dominated by consumer caution, low production loading and adjustment of inventories. In the medium- to long-term, however, Micronas' markets will enjoy above-average growth.

For the Micronas Group, the outlook for the current business year presents itself accordingly. After stagnation on the sales front in the first semester, Micronas expects moderate growth in the second half of the year. Integration of the "Image and Video" business, acquired in 2000, will boost sales for 2001 into a bandwidth of between CHF 640 million to CHF 700 million. The forecast for net profit before amortisation of goodwill after tax is between CHF 49 million and CHF 74 million and net profit after amortisation of goodwill is between CHF 35 million and CHF 60 million. The expected goodwill amortisation in 2001 is CHF 25 million and is tax deductible.

In February, National Semiconductor made a takeover bid to the shareholders of innoComm for a 100% stake in the company. After seeking agreement with the other shareholders of innoComm, Micronas disposed of its 15% stake. The proceeds from this divestment in the amount of approximately CHF 30 million will be used for partial repayment of the credit for the acquisition of the "Image and Video" business.

The integration of the "Image and Video" business is going according to plan; a joint "product road map" has been drawn up. The logistical processes have already been harmonized on the basis of the existing Micronas systems.

In view of the prevailing mood in the capital markets, the timing of the planned capital increase has yet to be decided. The Group's financing requirements have been secured through a EUR 420 million credit from a consortium of banks. The credit facility, put together under the leadership of Credit Suisse First Boston, was 50 percent oversubscribed by the participating banks.

To increase our flexibility in relation to the refinancing of the bank credit we are proposing to the Annual General Meeting on 6 April 2001 to create a conditional capital for the purpose of issuing a convertible bond. In order to ensure that shareholders' rights are not further diluted - as was already decided by the shareholders at the Extraordinary General Meeting of November 2000, with the creation of an authorized capital - the Board of Directors is undertaking to limit the issue of registered shares for the conditional capital and for the existing authorized capital to a maximum of 535'000 shares. This corresponds to the planned share issue in relation to the authorized capital already approved.

In addition, a 1:10 stock split, reducing the nominal value of Micronas shares to CHF 1, is proposed to increase liquidity and the marketability of the stocks.

Despite the difficult market situation, the Board of Directors and Management of Micronas are convinced that the well-filled product pipeline and good uptake of new developments by customers will enable the Group to achieve solid growth of its businesses and a further strengthening of its market position.

The Micronas Group is an international manufacturer of application-specific chip systems in the areas of multimedia, consumer and automotive. The company is listed on the SWX Swiss Exchange and Frankfurt's Neuer Markt.

Zurich, 15 March 2001 Micronas Semiconductor Holding AG

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