Micronas: Encouraging First Quarter
Key Data for First Quarter of 2003
FREIBURG, Germany, April 10 -- In the first three months of the current business year, the Micronas Group was able to build on the good results achieved in 2002. In the reporting period, consolidated net sales were up compared with the fourth quarter of 2002 by 3.4 percent to CHF 191.1 million; this represented a rise of 18.7 percent over the comparable quarter of 2002.
The operating profit before depreciation and amortization of goodwill (EBITDA) amounted to CHF 63.3 million in the reporting period. Compared with the same quarter a year ago, this is equivalent to an increase of CHF 16.5 million or 35.3 percent; while compared with the fourth quarter of 2002, it represents a decrease of 1.9 percent. The operating profit (EBIT) reached CHF 35.6 million, CHF 15.5 million or 77.1 percent up on the first quarter of 2002 and 3.8 percent lower than the fourth quarter of 2002.
The net profit for the first three months of 2003 reached CHF 23.5 million. This surpassed the result in the fourth quarter of 2002 by 2.2 percent and was CHF 15.4 million higher than in the same period a year ago, equivalent to an increase of 190.1 percent. Earnings per share amounted to CHF 0.87; adjusted for amortization of goodwill after tax, the figure was CHF 1.01.
Both the core businesses contributed to this encouraging first-quarter performance.
The strategy of focusing on high-value-added, application-specific semiconductor systems in the areas of multimedia, consumer and automotive electronics was vindicated once more in a persistently challenging business climate that is growing more difficult all the time.
A sign of the good market acceptance enjoyed by Micronas semiconductor chipsets was the fact that available machine capacity was 95 percent utilized during the reporting period.
Despite the generally good performance in 2003 so far, the present global political and economic developments make it difficult to give firm predictions about the short-term prospects for the Micronas Group. Unlike the first three months, we expect the second quarter to bring a decline in sales. On the present evidence, we expect single-digit sales growth for the first half-year and for 2003 overall, in contrast to the picture in 2002.
The Micronas Group is a leading independent supplier of innovative application-specific semiconductor solutions for multimedia, consumer and automotive electronics. Its shares are listed on the SWX Swiss Exchange and on the Prime Standard segment in Frankfurt.
Detailed financial data can be accessed at www.micronas.com. Micronas Group -- Key figures for the first quarter 2003 Consolidated profit Q1/2003 Q4/2002 Q1/2002 and loss statement CHF 1 000 CHF 1 000 CHF 1 000 Net sales 191 134 184 947 160 979 Margin 80 859 84 536 63 905 EBIT 35 649 37 024 20 122 EBITDA 63 287 64 521 46 794 Net profit before goodwill amortization* 27 316 26 769 11 948 Net profit for the period 23 502 22 971 8 128 Earnings per share in CHF before goodwill amortization* 1.01 1.01 0.51 Earnings per share in CHF 0.87 0.86 0.35 * Adjusted for goodwill amortization after deduction of tax Consolidated 31.3.2003 31.12.2002 balance sheet CHF 1 000 CHF 1 000 Non-current assets 616 407 616 577 Current assets 209 536 195 708 Cash and cash equivalents and s-tfinancial investments 124 124 97 135 Total assets 950 067 909 420 Shareholders' equity 489 791 459 095 Minority interest 645 599 Long-term liabilities 288 083 282 770 Current liabilities 171 548 166 956 Total shareholders' equity and liabilities 950 067 909 420 Net debt (bank loans minus cash and cash equivalents and s-t financial investments) 83 288 106 865 Consolidated Q1/2003 Q4/2002 Q1/2002 cash flow statement CHF 1 000 CHF 1 000 CHF 1 000 Cash flow from operating activities 44 497 46 137 37 518 Cash flow from investing activities -16 821 -9 873 -16 897 Cash flow from financing activities -2 186 -47 608 -6 422 Change in cash and cash equivalents 26 974 -12 376 13 564 Orders on hand Q1/2003 Q4/2002 Q1/2002 book-to-bill CHF 1 000 CHF 1 000 CHF 1 000 Orders on hand, beginning of period 239 010 267 266 172 683 Net sales 191 134 184 947 160 979 Order intake 183 615 158 955 222 359 Translation adjustment 4 011 -2 264 -1 835 Orders on hand, end of period 235 502 239 010 232 228 Book-to-bill 0.96 0.86 1.38