Micronas 1998 results within expectations (PR4)

Annual results press release

February 22, 1999 - Micronas Semiconductor Holding AG

Micronas Semiconductor Holding AG recorded net sales of CHF 280.7 million during the 1998 financial year. The net loss for the year, CHF 44.6 million, was within the range forecast at the 1998 annual general meeting. As expected, the Group's earnings position was heavily influenced by one-off costs and restructuring provisions associated with the closure of the plant in Bevaix (Switzerland) and the management buyout of Micronas Oy in Espoo (Finland). On the balance sheet date, the Group's equity capital stood at CHF 58.5 million. Pension provisions are being revalued on the basis of higher actuarial life expectancy figures and the IAS 19 standard which came into effect on 1 January 1999. As a result of this adjustment, the firm's equity ratio, which stood at 20 % at the end of 1998, will be reduced. The board of directors is thus examining whether to increase the firm's equity capital at the appropriate time. Further details of the 1998 results and of business developments over the year will be given at the presentation of results to journalists and analysts on 19 March 1999.

P.S.
Fundamental changes to the structure of the Group mean that the figures for 1998 cannot be compared to those for the previous year.