Press release
Market-related sales decline in core business Automotive
• Currency-neutral Group sales for first nine months of 2015 slightly below comparable
prior-year period
• Earnings also hurt by production changes and strong Swiss franc
• Owing to decline in Japanese car market, sales for fiscal 2015 now expected to be
CHF 132 million
• EBIT margin of between 0 and 1 percent now expected for year as a whole
Zurich, October 22, 2015 – In the first nine months of 2015 Micronas Group posted consolidated net
sales of CHF 102.0 million. Owing to the removal of the minimum Swiss franc exchange rate against
the euro, this was 14.7 percent lower than the figure for the first nine months of 2014. After adjusting
for exchange rates (calculated in euros), sales were 1 percent down on the prior-year period. As
already communicated in July, this slight decrease was due to the fall in demand for cars in Japan, a
key sales market for Micronas. Domestic car sales in Japan were over 10 percent lower in the first nine
months of 2015 than in the same period of the previous year, and exports by Japanese car
manufacturers more or less stagnated compared to the first nine months of 2014. Micronas generates
about half of its overall sales from customers in Japan. Consequently, currency-neutral sales were also
down by 1 percent in the core Automotive business compared with the first nine months of 2014. The
Automotive segment achieved sales of CHF 95.1 million in the first nine months of 2015, accounting for
93 percent of total sales. The small Industrial segment, which contributed CHF 7.0 million or 7 percent
of total sales in the reporting period, experienced a currency-neutral fall in sales of 3 percent for the
first nine months of the year. Most Industrial sales are generated through Micronas Group’s distribution
partners. In order to increase sales, Micronas concluded new agreements with Rutronik, Digi-Key and
Mouser in the first half of 2015. These partnerships are already starting to deliver their first successes.
Industrial sales were 23.0 percent higher in the third quarter of 2015 than in the previous three-month
period.
Micronas Semiconductor Holding AG, Technopark,
Technoparkstrasse 1, CH-8005 Zurich, Switzerland, phone +41 44 445 39 60, fax +41 44 445 39 61
Micronas Group’s operating profit (EBIT) for the first nine months of 2015 was CHF 1.9 million, while
the EBIT margin stood at 1.8 percent. The main additional factors weighing down on operating profit
continue to be the switch in front-end production from 6 to 8 inches and the changeover to new backend production facilities, combined with various new product launches and qualifications. The
Automotive segment posted an EBIT margin of 1.3 percent, and the Industrial segment of 9.2 percent.
After financial income and taxes, Micronas Group reported a loss of CHF 7.4 million for the period
under review. This is largely explained by the valuation of cash balances held in euros by the holding
company. Earnings per share came to CHF -0.25. At the end of September 2015 shareholders’ equity
reached CHF 91.4 million, which gives an equity ratio of 34.7 percent. Cash, cash equivalents and
short-term financial cash deposits fell CHF 3.7 million in the third quarter to CHF 122.6 million owing to
further investments in production areas. Capacity utilization at the Freiburg manufacturing plants
remained unchanged at 85 percent in the third quarter of 2015.
The share buy-back program announced on February 26, 2015, continues to progress as planned.
Between March 10 and September 22, 2015, the Company bought back a total of 1 002 250 shares,
which is 3.4 percent of total Micronas share capital.
The downward trend of the Japanese automotive market has also prompted Japanese customers to
make inventory corrections. As a result, orders planned in as sales for the fourth quarter have been
moved to next year. The sales and EBIT forecasts given for financial 2015 have therefore been revised
downwards slightly. The Board of Directors and Management now expect sales of CHF 132 million.
After adjusting for currency movements, this would mean a fall in sales of 3 percent compared with the
prior year. The full-year EBIT margin is likely to be between 0 and 1 percent. Owing to the valuation of
cash holdings denominated in foreign currencies, the net result is still likely to be negative.
About Micronas
Micronas (SIX Swiss Exchange: MASN) the most preferred partner for sensing and control serves all
major automotive electronics customers worldwide, many of them in long-term partnerships for lasting
success. While the holding company is headquartered in Zurich (Switzerland), operational
headquarters are based in Freiburg (Germany). Currently, the Micronas Group employs around 900
persons.
Micronas Semiconductor Holding AG, Technopark,
Technoparkstrasse 1, CH-8005 Zurich, Switzerland, phone +41 44 445 39 60, fax +41 44 445 39 61
For further information
Susy Krucker
Investor Relations
Phone: +41 44 445 39 60
E-mail: investor@micronas.com
Disclaimer
This press release contains forward-looking statements, such as projections, forecasts and estimates. Such forward-looking
statements are dependent on certain risks and uncertainties which may cause actual results, performance or events to differ
materially from those anticipated in this press release. The forward-looking statements contained in this press release are
based on Micronas' views and assumptions as of this date and Micronas does not assume any obligation to update or revise
this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in
any jurisdiction.
Micronas Semiconductor Holding AG, Technopark,
Technoparkstrasse 1, CH-8005 Zurich, Switzerland, phone +41 44 445 39 60, fax +41 44 445 39 61
Micronas Group – Key data for first nine months 2015
Consolidated profit
and loss statement
Net sales
Margin
Operating profit/loss (EBIT)
EBITDA
Profit/loss for the period
Earnings per share in CHF
Segment reporting
Automotive
Net sales
Operating profit/loss (EBIT)
Industrial
Net sales
Operating profit (EBIT)
Q3/2015
CHF 1 000
31 203
9 121
-29
2 619
-2 212
-0.08
Q3/2015
CHF 1 000
Orders on hand
Book-to-bill
Orders on hand, beginning of period
Net sales
Order intake
Translation adjustments
Orders on hand, end of period
Book-to-bill
102 036
28 476
1 880
9 354
-7 385
-0.25
119 625
37 137
4 968
13 404
3 093
0.10
Q2/2015 9 months 2015
CHF 1 000
CHF 1 000
9 months 2014
CHF 1 000
35 171
9 431
607
2 915
-771
-0.03
33 059
557
95 077
1 237
111 254
4 666
2 597
380
2 112
50
6 959
643
8 371
302
25.9.2015
CHF 1 000
26.6.2015
CHF 1 000
31.12.2014
CHF 1 000
84 846
55 416
122 845
263 107
91 361
149 085
22 661
263 107
122 631
82 948
45 626
126 593
255 167
94 140
143 597
17 430
255 167
126 336
95 892
49 658
152 149
297 699
109 762
167 715
20 222
297 699
151 361
Q2/2015 9 months 2015
CHF 1 000
CHF 1 000
9 months 2014
CHF 1 000
Non-current assets
Other current assets
Cash, cash equivalents and short-term financial investments
Total assets
Equity
Long-term liabilities
Current liabilities
Total shareholders’ equity and liabilities
Cash, cash equivalents and short-term financial cash
deposits
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Change in cash, cash equivalents and shortterm financial cash deposits
9 months 2014
CHF 1 000
28 606
-409
Consolidated balance sheet
Consolidated cash flow statement
Q2/2015 9 months 2015
CHF 1 000
CHF 1 000
Q3/2015
CHF 1 000
-727
-4 322
-2 166
-2 121
-2 169
-2 469
-5 145
-7 680
-6 612
441
-14 025
-1 375
-3 705
-6 979
-28 730
-16 357
Q2/2015 9 months 2015
CHF 1 000
CHF 1 000
9 months 2014
CHF 1 000
49 006
102 036
95 107
-4 841
37 236
0.93
48 125
119 625
119 485
-766
47 219
1.00
Q3/2015
CHF 1 000
37 402
31 203
29 384
1 653
37 236
0.94
40 855
35 171
31 855
-137
37 402
0.91
Micronas Semiconductor Holding AG, Technopark,
Technoparkstrasse 1, CH-8005 Zurich, Switzerland, phone +41 44 445 39 60, fax +41 44 445 39 61