Micronas announced a consolidated net sales for the second quarter came to CHF 64.2 million, which is 20.1 percent down on the first three months of the year. There was a quarter-on-quarter improvement in the operating loss before exceptional items from CHF 29.4 million to CHF 25.1 million. Net gain from the partial sale of the Consumer division to Trident Microsystems on May 14, 2009 came to CHF 8.7 million. The sale also meant that restructuring costs were lower, so CHF 15.8 million could be released from the restructuring provisions created in the previous quarter. This resulted in an operating loss at the EBIT level of CHF 0.6 million (CHF -158.9 million).
The overall loss for the second quarter of 2009 came to CHF 1.3 million. Those parts of the Consumer division not taken over by Trident have been closed down as planned. Most of the affected employees have left the Company. By the end of 2009, all the restructuring measures will be finished. The economic crisis continued to dominate developments in the automotive sector. Falling sales, very high stocks of unsold vehicles and low purchasing power in several key countries have forced many manufacturers to take drastic action. Micronas has also been affected. The collapse in orders in the first quarter led to low delivery volumes in the second.
The sales figure of CHF 25.3 million was 29.1 percent down on the previous quarter, while operating profit (EBIT) deteriorated from CHF 0.3 million in the first quarter to a loss of CHF 6.9 million. This decline is due mainly to the fall in sales and lower capacity utilization at the production plant in Freiburg. The Consumer division's sales for the second quarter were down 13.2 percent on the previous three months to CHF 38.8 million. The operating loss before exceptional items was CHF 18.3 million, which is 38.4 percent lower than for the first quarter of the year.
The partial sale of the Consumer division to Trident Microsystems generated a net gain of CHF 8.7 million and also led to lower restructuring costs, meaning that CHF 15.8 million could be released from the restructuring provisions created in the previous quarter. The Consumer division thus posted an overall operating profit (EBIT) for the second quarter of CHF 6.3 million (CHF -159.2 million). Owing to the crisis in the car industry, capacity utilization at the Freiburg wafer plant fell to below 50 percent in the second quarter.
In order to prevent a buildup of stocks, short-time working was introduced for about 750 employees in Freiburg from mid-April until further notice.
