Annual Report 2011

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1 Annual Report 211

2 About Micronas Über Micronas Known and recognized in the automotive and industrial business as a reliable global acting partner for intelligent, sensor-based system solutions Anerkannt als zuverlässiger, weltweit agierender Partner für intelligente, sensorbasierte Systemlösungen im Automobilund Industrie umfeld Micronas (SIX Swiss Exchange: MASN) is known and recognized in the automotive and industrial business as a reliable global acting partner for intelligent, sensor-based system solutions. Micronas offers a variety of Hall sensors and embedded controllers for smart actuators for automotive and industrial applications, such as drive trains, chassis frames, engine management and convenience functions. Micronas (SIX Swiss Exchange: MASN) ist als zuverlässiger, weltweit agierender Partner für intelligente, sensorbasierte Systemlösungen im Automobil- und Industrieumfeld anerkannt. Micronas offeriert eine breite Auswahl an Hall-Sensoren und embedded Controllern für Smart Actuators für Automobil- und Industrie anwendungen, wie zum Beispiel Antriebs strang, Chassis, Motormanagement und Komfortfunktionen. Micronas serves all major automotive electronics customers worldwide, many of them in continuous partnerships seeking joint success. While the holding company is headquartered in Zurich (Switzerland), operational headquarters are based in Freiburg (Germany). Currently, the Micronas Group employs around 9 persons. For more information about Micronas and its products, please visit Micronas zählt alle bedeutenden Hersteller der Automobilelektronik weltweit zu ihren Kunden, viele davon in einer dauerhaften, auf gemeinsamen Erfolg ausgerichteten Partnerschaft. Sitz der Holding ist in Zürich (Schweiz), der operative Hauptsitz befindet sich in Freiburg (Deutschland). Derzeit beschäftigt die Micronas Gruppe rund 9 Mitarbeiter. Weitere Informationen über die Micronas Gruppe und ihre Produkte erhalten Sie unter Key figures as at December 31, 211 around 9 employees CHF 159 million net sales Kennzahlen per 31. Dezember 211 rund 9 Mitarbeiter CHF 159 Millionen Umsatz

3 Contents Annual Report Financial Report

4 Annual Report 211 Micronas Group Key figures at a glance Abschluss auf einen Blick Micronas Group 211 CHF 1 21 CHF 1 Micronas Gruppe Net sales EBIT EBITDA Profit for the period Profit per share in CHF Shareholders equity Equity ratio in percent Net cash Cash flow from operating activities Netto-Umsatzerlöse EBIT EBITDA Gewinn der Geschäftsperiode Ergebnis pro Aktie in CHF Eigenkapital Eigenkapitalquote in Prozent Flüssige Mittel, netto Cash Flow aus Geschäftstätigkeit Share performance Price in percent % 88% Swiss Market Index (SMI) 5 53% Philadelphia SOXX = US Semiconductor Index Micronas Semiconductor Holding AG Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Key dates 17th ordinary March 23, 212, 1 a.m., Shareholders Meeting in Zurich, Technopark Quarterly key figures April 24, 212 Q1/212 Half-year results July 24, Quarterly key figures October 23, 212 Q3/212 Termine 17. ordentliche 23. März 212, 1. Uhr, Generalversammlung in Zürich, Technopark Quartalskennzahlen 24. April 212 Q1/212 Halbjahresabschluss 24. Juli Quartalskennzahlen 23. Oktober 212 Q3/212 2

5 Annual Report 211 Micronas Group Key figures at a glance Abschluss auf einen Blick 2 Share performance 2 Key dates Termine 2 Letter to shareholders 4 7 Aktionärsbrief 8 11 Corporate governance 13 Group structure and shareholders Capital structure Board of Directors Management Board Compensation, shareholdings and loans 29 3 Shareholders participation Changes of control and defense measures 33 Auditors 34 Information policy 35 Key figures

6 Letter to shareholders Ladies and Gentlemen Micronas can look back on a successful 211 financial year. Although the crisis in Japan hit the Company hard owing to the high proportion of sales we generate in this region, and despite the negative impact on sales of the euro s weakness against the Swiss franc, we are proud to have once again like last year achieved a doubledigit EBIT margin. Sales in our core business, Hall-effect sensors, were up on the previous year in euro terms. Thanks to the improvement in the gross margin, the operating margin could almost be kept at the previous year s level of 13 percent despite a deliberate strategic increase in our investment in research and development, marketing and sales. This shows that Micronas took the right course in 29 when it decided to concentrate on its Automotive business. Having added gas sensors and embedded controllers for smart actuators to its product portfolio, Micronas is well positioned for the coming year. And by participating in X-FAB and through the related partnership, Micronas also now has excellent access to future manufacturing technologies. Consolidated net sales for the Micronas Group (Automotive and Consumer) in 211 came to CHF million. This is 17 percent down on the previous year, which is in line with expectations. After adjusting for currency movements (in euros), the fall was 7 percent, which is due mainly to the planned phasing out of sales of dashboard controllers and Consumer products. The Automotive division generated CHF million, which is 7 percent lower than in 21. After adjusting for currency fluctuations (euros), Automotive sales were 3 percent higher than in the previous year. Consumer sales were down, as expected, by 74 percent to CHF 7. million; in the final quarter they came to CHF 1.2 million. The Micronas Group s operating profit (EBIT) was CHF 2.6 million, which gives an EBIT margin of 13 percent of sales. Owing to the steep fall in the value of the Trident shares that Micronas acquired in 29 when it sold some of its Consumer product lines, we had to make a value adjustment on the stake, which we then sold in its entirety in the fourth quarter. This reduced the financial result by a net CHF 9.3 million. After taking financial income and expenses, as well as a tax credit in the amount of CHF 8.5 million, into account, Micronas reported a profit of CHF 11.5 million for 211 (CHF 6.7 million in 21). Earnings per share for 211 came to CHF.39 (CHF.23). At the end of 211, Micronas held cash and cash aquivalents of CHF million (CHF million). Equity capital stood at CHF million (CHF million), resulting in a higher equity ratio of 46 percent (previous year 44 percent). 4

7 Annual Report 211 Micronas Group The Automotive division was greatly affected by events in Japan. Business was hit especially hard in the second and third quarter by the effects of the earthquake there. Japan s car industry managed to stage a recovery by the end of the third quarter, and Micronas sales went up again significantly in the fourth. The floods in Thailand had no significant effect on Micronas business. In other automotive markets, performances were very mixed. China s stimulation program came to an end, leading to slightly lower growth in car production. In Europe, there was an increase in new registrations, but growth fell a little over the course of the year owing to the euro crisis. In the USA, sales of private cars went up in 211, mainly to the benefit of domestic and German manufacturers. Given the nature of external factors during the year, the results achieved by the Automotive segment were good, especially the double-digit EBIT margin. Sales by the Automotive division came to CHF million in 211, compared with CHF million in 21. This fall was exclusively due to reduced sales of dashboard controllers and the weakening of the euro against the Swiss franc. After adjusting for currency movements (euros), sales of Hall sensors were 7 percent higher than in the previous year. The gross margin improved from 37 percent in 21 to 38 percent in 211. Operating profit (EBIT) came to CHF 16.3 million (CHF 21.9 million). Its further development of Hall sensors puts Micronas in an excellent position. Visitors to this year s trade fairs were particularly interested in our new products based on 3D HAL technology. The main attraction was the HAL 3625 angle sensor, part of the HAL 36xy family, which can determine angles up to 36 degrees with extreme precision. 3D HAL technology is also helping to improve the product portfolio for linear position measurement. For example, the HAL 3855 Hall sensor, which was introduced this year as a new member of the HAL 38xy 3D sensor family, greatly impressed the specialist audience by accurately measuring positions for distances up to 4 millimeters. 211 also saw the launch of a new optimized system solution for driving brushless direct current motors (BLDC). These are particularly effective in combination with our intelligent Hall sensors, enabling communication with the actuators via the integrated microcontroller. This system solution includes a flash-based 8-bit embedded HVC 248B microcontroller, which should help Micronas prosper in the fast growing market for brushless motor applications. Many of these DC and stepper motor applications will in future use brushless motors because of their superiority to traditional motors in terms of energy efficiency, space required, weight, reliability and noise emission. 5

8 A milestone was achieved in the Industrial division with the partnership agreement on gas sensors between Siemens and Micronas. The aim of the cooperation is to develop and launch new types of Siemens fire detection products based on Micronas mysens technology. This has given us another important key client. The mysens evaluation platform has also been sent to other companies working on fire detection technology, as well as to numerous potential clients in the climate control technology and gas sensor sectors. Micronas appeared at various regional and international trade fairs in order to position its products in the market for industrial and white goods. Clients were mainly interested in our solutions for detecting gases, measuring current, recording rotational angles and measuring linear positions. With an investment of EUR 1 million and an associated cooperation agreement with X-FAB Silicon Foundries Group, a leading international foundry group based in Erfurt that specializes in analog and mixed analogdigital semiconductor applications, Micronas has secured access to next-generation technologies. Micronas will use X-FAB as a manufacturing partner, support it as a technology partner, and retains the option to move over to its own manufacturing in future, thus offering dual sourcing. The expansion of marketing and sales activities was continued in 211 and structured along clear lines of responsibility. The newly created position of Vice President Sales and the position of Chief Technology Officer (CTO) were both filled in 211 with the appointment of internationally successful industry professionals. In order to strengthen research and development activities still further, and thus ensure the Company is properly prepared for a successful future, Micronas increased its R&D spending during the period under review to above 17 percent of sales. As expected, Consumer sales continued to decline. During the year under review they came to CHF 7. million (21: CHF 26.6 million). Operating profit (EBIT) stood at CHF 4.3 million (CHF 4.2 million). We are expecting to phase out sales of Consumer products completely in 212. Owing to the crisis in Japan, capacity utilization at the Freiburg manufacturing facilities went down to 7 percent in the first half-year. During the second six months, capacity then rose continuously to reach around 8 percent. This capacity includes the front-end wafer fab and the back-end assembly and testing areas. Short-time work was suspended intermittently in the second half of the year, and by the end of 211 was being used very little. 6

9 Annual Report 211 Micronas Group In April 211, Micronas acquired some of the land and buildings it had previously leased in Freiburg. This has helped to permanently reduce costs and improve operating results. In December, a 2 m 2 photovoltaic system with solar modules was erected on the purchased buildings. By doing this Micronas is making a major contribution to environmental protection and to Freiburg s continuing efforts to be a green city. And, finally, we would like to express our gratitude to you, our valued shareholders, for the trust you have placed in us. February 23, 212 In 211, following a recertification audit, the Deutsche Gesellschaft für Qualität (DGQ) granted Micronas ISO/TS certification for another three years for its comprehensive quality-focused corporate strategy and for the effectiveness and functionality of its quality management system. ISO/TS unifies the increasingly high standards required of quality management systems in the automotive industry and of systems and processes in supplier industries. Heinrich W. Kreutzer Chairman Matthias Bopp Chief Executive Officer The Board of Directors is pleased that Micronas has performed so well in 211 despite the difficult economic conditions. We would like to thank our employees for their great commitment in the face of a heavy workload. 7

10 Aktionärsbrief Sehr geehrte Damen und Herren Micronas blickt auf ein erfolgreiches Geschäfts - jahr 211 zurück. Obwohl die Krise in Japan angesichts des hohen Umsatzanteils von Micronas in dieser Region unser Unternehmen hart getroffen hat und auch die Schwächung des Euro gegenüber dem Schweizer Franken unseren Umsatz beeinträchtigt hat, sind wir stolz darauf, auch 211 wieder wie schon im Vorjahr eine positive EBIT-Marge im zweistelligen Prozentbereich erzielt zu haben. Der Umsatz mit unserem Kerngeschäft, den Hall-Effekt-Sensoren, konnte gegenüber dem Vorjahr, in Euro gemessen, gesteigert werden. Aufgrund der Verbesserung der Brutto-Marge konnte, trotz bewusster, strategischer Stärkung unserer Investitionen in Forschung und Ent - wicklung, Marketing und Vertrieb, die operative Marge mit 13 Prozent auf etwa gleichem Niveau wie im Vorjahr gehalten werden. Dies zeigt, dass Micronas mit der 29 eingeschlagenen Ausrichtung auf den Bereich Automotive auf dem richtigen Weg ist. Mit der Erweiterung des Produktportfolios um Gassensoren und embedded Controllern für Smart Actuators ist Micronas für die kommenden Jahre gut aufgestellt. Mit der Beteiligung an X-FAB und der damit verbundenen Kooperation sichert sich Micronas zudem den Zugang zu den zukünftigen Fertigungstechnologien. Der konsolidierte Umsatzerlös der Micronas Gruppe (Automotive und Consumer) belief sich 211 auf CHF Millionen und lag damit erwartungsgemäss um 17 Prozent unter dem Vorjahr. Währungsbereinigt (in Euro) betrug der Rückgang 7 Prozent. Dieser Rückgang ist hauptsächlich auf das erwartete Auslaufen der Verkäufe von Dashboard-Controllern und von Consumer-Produkten zurückzuführen. Der Bereich Automotive erwirtschaftete CHF Millionen; dies entspricht einem Rückgang von 7 Prozent gegenüber 21; währungsbereinigt (in Euro) konnte der Automotive-Umsatz gegenüber dem Vorjahr um 3 Prozent gesteigert werden. Der Consumer-Umsatz ist wie erwartet um 74 Prozent auf CHF 7. Millionen gefallen; im letzten Quartal betrug er noch CHF 1.2 Millionen. Der Betriebs gewinn (EBIT) der Micronas Gruppe betrug CHF 2.6 Millionen, was einer EBIT-Marge von 13 Prozent des Umsatzes entspricht. Aufgrund des dramatischen Wertverlustes des Trident-Aktienpakets, das Micronas 29 beim Verkauf von gewissen Consumer-Produktlinien erhalten hatte, mussten wir diese Beteiligung wertberichtigen und haben im vierten Quartal alle unsere Trident-Aktien verkauft. Dies führte zu einer Belastung des Finanzergebnisses in Höhe von netto CHF 9.3 Millionen. Nach der Berücksichtigung des Finanzaufwands und -ertrags sowie eines Steuerertrags in Höhe von CHF 8.5 Millionen, resultierte für 211 ein Gewinn von CHF 11.5 Millionen (CHF 6.7 Millionen im Jahr 21). Das Ergebnis pro Aktie für 8

11 Geschäftsbericht 211 Micronas Gruppe 211 betrug CHF.39 (CHF.23). Micronas verfügte per Ende 211 über flüssige Mittel von CHF Millionen (CHF Millionen). Das Eigenkapital betrug CHF Millionen (CHF Millionen). Dies entspricht einer gegenüber dem Vorjahr höheren Eigen kapital - quote von 46 Prozent (44 Prozent). Der Bereich Automotive war 211 stark von den Ereignissen in Japan geprägt. Der Geschäftsgang war insbesondere im zweiten und dritten Quartal von den Auswirkungen des Erdbebens in Japan betroffen. Da sich die japanische Automobilindustrie bereits zum Ende des dritten Quartals erholen konnte, sind die Umsätze von Micronas im vierten Quartal wieder deutlich angestiegen. Die Überschwemmungen in Thailand hatten für Micronas keine signifikanten Auswirkungen. Die übrigen Automobilmärkte verliefen sehr unterschiedlich. In China lief das Förderprogramm aus, worauf das Wachstum der Automobilproduktion leicht zurückging. In Europa legten die Neuzulassungen zu, wobei sich das Wachstum wegen der Eurokrise im Verlauf des Jahres etwas reduzierte. In den USA konnten die Verkaufszahlen für Personenwagen im Berichtsjahr zulegen, wovon besonders die einheimischen und die deutschen Automobilhersteller profitierten. Umsatz im Segment Automotive belief sich 211 auf CHF Millionen gegenüber CHF Millionen im Jahr 21. Dieser Rückgang erklärt sich ausschliesslich aus dem Umsatzrückgang bei den Dashboard Controllern sowie aus dem Wechsel kurs Euro zu Schweizer Franken. Währungsbereinigt (in Euro) konnte der Umsatz mit den Hall-Sensoren gegenüber dem Vorjahr um 7 Prozent gesteigert werden. Die Brutto- Marge verbesserte sich von 37 Prozent (21) auf 38 Prozent (211). Der Betriebsgewinn (EBIT) betrug CHF 16.3 Millionen (CHF 21.9 Millionen). Mit der Weiterentwicklung der Hall-Sensor- Produkte ist Micronas ausgezeichnet aufgestellt. So waren die Besucher der diesjährigen Fach - messen vor allem an den neueren Produkten auf Basis der 3D-HAL-Technologie interessiert. Im Vordergrund stand der Winkelsensor HAL 3625, der als Mitglied der HAL 36xy-Familie in der Lage ist, Winkel bis 36 Grad mit höchster Genauigkeit zu bestimmen. Die 3D-HAL-Technologie trägt auch zur Verbesserung des Produktportfolios bei der linearen Wegmessung bei. So ermöglicht der Hall-Sensor HAL 3855, der in diesem Jahr als neues Mitglied der 3D-Sensor-Familie HAL 38xy vorgestellt wurde, eine präzise Wegmessung für Abstände von bis zu 4 Millimetern und erhielt dadurch viel Aufmerksamkeit des Fachpublikums. Angesichts der Entwicklung der externen Faktoren ist das im Automotive-Bereich erzielte Resultat, insbesondere die EBIT-Marge im zweistelligen Prozentbereich, erfreulich. Der Neu vorgestellt wurde 211 auch eine optimierte Systemlösung für den Antrieb bürstenloser Gleichstrommotoren (BLDC), die besonders zur Verwendung in Verbindung mit unseren 9

12 intelligenten Hall-Sensoren geeignet ist, zum Beispiel um diese über den integrierten Mikro - controller mit den Aktuatoren kommunizieren zu lassen. Diese Systemlösung beinhaltet den Flash-basierten 8-Bit-embedded Mikrocontroller HVC 248B. Micronas zielt damit auf den schnell wachsenden Markt für Anwendungen mit bürstenlosen Motoren. Viele dieser Anwendungen im Bereich Gleichstrom- und Schrittmotoren werden in Zukunft mit bürstenlosem Motor realisiert werden, da diese hinsichtlich Energie - verbrauch, Platzbedarf, Gewicht, Zuverlässigkeit und Geräuschemission herkömmlichen Motoren überlegen sind. Ein Meilenstein im Industrie-Bereich war die Vereinbarung zwischen Siemens und Micronas, im Bereich der Gassensorik zu kooperieren. Ziel der Kooperation sind die Entwicklung und die Markteinführung neuartiger Produkte im Bereich der Brandfrüherkennung von Siemens auf der Basis der mysens-technologie von Micronas. Damit konnten wir einen weiteren wichtigen Leitkunden gewinnen. Neben weiteren Vertretern aus dem Bereich der Brandmeldetechnik wurden auch zahlreiche potenzielle Kunden aus den Bereichen Klimatechnik sowie industrielle Gas - sensorik mit der mysens-evaluierungsplattform beliefert. Um die Produktpositionierung im Markt für Industrie und weisse Ware zu stärken, präsen - tierte sich Micronas auf diversen regionalen und internationalen Fachmessen. Schwerpunkte der Kundeninteressen waren unsere Lösungen zur Gassensorik, Strommessung, Erfassung von Drehwinkeln sowie zur linearen Weg messung. Mit einer Beteiligung von EUR 1 Millionen und einer damit verbundenen Kooperation mit der in Erfurt beheimateten X-FAB Silicon Foundries Gruppe, einer weltweit führenden Foundry-Gruppe für analoge und gemischt analog-digitale Halbleiteranwendungen, sichert sich Micronas den Zugang zur übernächsten Technologie generation. Micronas wird X-FAB als Fertigungspartner nutzen, als Technologiepartner unterstützen und hat die Option, in Zukunft auch in eine Eigenfertigung überzugehen und damit ein Dual-Sourcing anzubieten. Der Ausbau der Marketing- und Vertriebs - aktivitäten wurde 211 weitergeführt und nach klaren Verantwortlichkeiten strukturiert. Die neu geschaffene Position des Vice President Sales konnte gleichermassen wie die Position des Chief Technology Officer (CTO) 211 mit international erfolgreichen Branchenprofis neu besetzt werden. Zur weiteren Stärkung der Forschungs- und Entwicklungsaktivitäten wurden die Aufwen - dungen für R&D im Berichtszeitraum auf über 17 Prozent des Umsatzes gesteigert, um das Unternehmen adäquat für eine erfolg reiche Zukunft aufzustellen. 1

13 Geschäftsbericht 211 Micronas Gruppe Wie erwartet war der Consumer-Umsatz weiter rückläufig. Er betrug im Berichtsjahr noch CHF 7. Millionen (CHF 26.6 Millionen für 21). Der Betriebsgewinn (EBIT) belief sich auf CHF 4.3 Millionen (CHF 4.2 Millionen). Wir gehen davon aus, dass die Umsätze mit Consumer- Produkten 212 ganz auslaufen werden. Als Folge der Japan-Krise sank die Auslastung der Freiburger Fertigungsbereiche im ersten Halbjahr auf 7 Prozent. Im zweiten Halbjahr stieg sie kontinuierlich auf ca. 8 Prozent an. Die Fertigung umfasst die Waferfabrik (Frontend) und die Backendbereiche Montage und Test. Die Kurzarbeit wurde im zweiten Halbjahr zeitweise ausgesetzt und kam Ende des Jahres nur noch auf sehr niedrigem Niveau zur Anwendung. Im April 211 hat Micronas den Teil der bisher angemieteten Gelände und Gebäude in Freiburg erworben, was zur dauerhaften Senkung der Kosten und zur Verbesserung des operativen Ergebnisses beiträgt. Auf den erworbenen Gebäuden wurde im Dezember eine 2 Quadratmeter grosse Photovoltaik-Anlage mit Solarmodulen errichtet. Micronas leistet damit einen wesent lichen Beitrag zum Umweltschutz und zur Weiterentwicklung von Freiburg als Green City. ISO/TS für weitere drei Jahre für die umfassende und auf Qualität ausgerichtete Unternehmensstrategie sowie für die Wirk - samkeit und Funktionsfähigkeit des Qualitäts - managementsystems. Die Norm ISO/TS vereinigt die immer höher werdenden Anforderungen der Automobilindustrie an die Qualitätsmanagementsysteme und an die Systemund Prozessqualität der Zulieferindustrie. Der Verwaltungsrat ist erfreut, dass sich Micronas 211 trotz des schwierigen wirtschaftlichen Umfelds so gut entwickelt hat. Wir bedanken uns bei unseren Mitarbeiterinnen und Mitarbeitern für ihr grosses Engagement, das aufgrund der starken Belastungen nicht selbstverständlich war. Und Ihnen, sehr geehrte Aktionärinnen und Aktionäre, danken wir für das Vertrauen, das Sie uns geschenkt haben. 23. Februar 212 Heinrich W. Kreutzer Präsident Matthias Bopp Chief Executive Officer 211 erhielt Micronas im Rahmen eines Rezertifizierungsaudits von der Deutschen Gesellschaft für Qualität (DGQ) das Zertifikat 11

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15 Annual Report 211 Micronas Group Corporate governance The corporate governance report records the principles and conduct of management and supervision at the highest management level of the Micronas Group. Micronas meets the requirements of the Swiss Code of Best Practice, which has been in force since July 1, 22, and the corporate governance guidelines of SIX Swiss Exchange. Mindful that effective, transparent and systematically implemented principles of corporate governance make an important contribution to the Micronas Group s success and to increasing company value, we are sensitive to the justified expectations and demands of our stakeholders concerning responsible management. At Micronas, the way the leadership and management of the Company are organized and function in practice is clearly regulated, in particular with regard to the division of responsibilities and powers among the decision-making bodies, namely the Board of Directors, Management and Shareholders Meeting, as well as to accountability in respect of decisions taken. The Board of Directors works through efficient committees: a Nomination and Compensation Committee and a Risk and Audit Committee. The Board verifies its own working procedures on a regular basis through self-assessment supported by external consultants. As we at Micronas see it, the core issue of good corporate governance is that it responds to our shareholders concern for prudent corporate policies and efficient deployment of resources, including an effective system of checks and balances. In this respect, the Code of Conduct of Micronas, including implementing guidelines, helps to ensure that all Micronas employees act in a responsible manner. The Code of Conduct is available under Documents as PDF. In pursuance of these aims, the Micronas Group maintains an open information and communication policy towards shareholders, financial markets and interested sections of the public. Transparency and continuity in our dealings with investors over and above what is legally required are underpinned by comprehensive year-end financial statements, semi-annual financial statements in the form of a printed letter to the shareholders and quarterly financial updates for the first and the third quarter through respective press releases and constant updating of the relevant information on our website. 13

16 Group structure and shareholders Group structure as at December 31, 211 The registered shares of Micronas Semiconductor Holding AG (the Company ) are listed on the main board of the SIX Swiss Exchange (Swiss security number , ISIN CH ). As at December 31, 211, the market capitalization is CHF The Company and its direct and indirect subsidiaries ( Micronas or Micronas Group or Group ) design, manufacture and sell Hall sensors and embedded controllers for smart actuators for auto motive and industrial electronics. Micronas Semiconductor Holding AG Zurich/Switzerland Share capital: CHF % 1% 1% 1% Micronas GmbH Freiburg/Germany Ordinary capital: EUR 5 Micronas Villach Halbleiterentwicklungs GmbH Villach/Austria Ordinary capital: EUR 35 Micronas Ltd. Glenrothes/Scotland Ordinary capital: GBP 2 Micronas Japan K.K. Tokyo/Japan Ordinary capital: JPY 1 1% Micronas New Technologies GmbH Munich/Germany Ordinary capital: EUR 25 This Group structure comprises the operational active companies of the Micronas Group. To see the complete Group structure please refer to pages 55 to 57 of the Financial Report

17 Annual Report 211 Micronas Group Shareholders as at December 31, 211 Shareholder structure of registered shares Diversification > Number of shareholders Number of shares Registered shareholders by country Number of Country shareholders Switzerland Germany Great Britain Rest of Europe USA Rest of world Number of shares Registered shareholders by shareholder category Category Persons Companies Funds Foundations Pension funds Insurance companies Banks Number of shareholders Number of shares As at December 31, 211, the Company is aware of the following shareholders holding 3 percent or more of the capital and/or voting rights of the Company: Shareholder Registered office Address Number of shares Percentage Sparinvest Holding A/S 1 Tastrup, Denmark Kingosvej Mellon Bank N.A. 2 Everett, USA Santilli Highway Nortrust Nominees Ltd. 2 London, Great Britain Bank Street Wellington Management Company, LLP 1 Boston, USA 28 Congress Street The above figures (number of shares and percentages) conform to the figures contained in the respective notifications to the Company and the Disclosure Office of the SIX Swiss Exchange; they may not be accurate as at December 31, Mellon Bank N.A. and Nortrust Nominees Ltd. are acting in their capacity as nominees for other investors. Detailed information on notifications regarding the disclosure of shareholdings can be downloaded from Product search: MASN, Significant shareholders. As at December 31, 211, there are no crossshareholdings. 15

18 Capital structure Capital As at December 31, 211, the share capital of the Company registered in the Commercial Register is CHF divided into fully paid registered shares with a nominal value of CHF.5 each. Taking into account the options exercised, the share capital of the Company is CHF divided into fully paid registered shares with a nominal value of CHF.5 each. Authorized and conditional capital in particular Authorized capital CHF divided into fully paid registered shares with a nominal value of CHF.5 each. Changes in capital The following table summarizes the development of the share capital registered in the Commercial Register since January 1, 27: Date February 19, 27 May 14, 27 Share capital in CHF Number of shares Nominal value in CHF.5.5 For information regarding changes in equity since December 31, 29, please refer to page 43 of the Financial Report 211. The Company has no authorized capital. Conditional capital Participation certificates and dividend-right certificates According to its Articles of Incorporation, the Company has a conditional capital of a maximum of CHF The share capital of the Company will be increased through the issuance of a maximum of fully paid registered shares with a nominal value of CHF.5 each by the exercise of option rights which are granted to the employees and members of the Board of Directors of the Company or Group companies according to a stock option plan to be prepared by the Board of Directors. Preemptive rights of shareholders are suspended. Taking into account the options exercised, the conditional capital of the Company as at December 31, 211, is There are no participation or dividend-right certificates. Limitations on transferability and nominee registrations The registered shares of the Company may be transferred without restrictions. Nominee entries as shareholders with voting rights up to and below 3 percent of the registered shares of the Company are permitted without restrictions. Nominees will be registered in the share register with the right to vote 3 percent or more of 16

19 Annual Report 211 Micronas Group the registered shares of the Company, provided the nominees have entered into a nominee agreement with the Company and disclose to the Company the names, addresses, nationality (for legal entities the registered office) and shareholdings of all those beneficial owners for whose account a nominee holds.5 percent or more of the registered shares of the Company. Convertible bonds and options There are no convertible bonds outstanding. According to the stock option plan of the Company, the Board of Directors may, at its sole discretion, grant options to employees and members of the Board of Directors of the Company or Group companies to acquire registered shares in the Company. One registered share may be acquired for each option. The options may not be traded. Registered shares to be delivered based on options granted after January 1, 26, will be purchased by the Company on the SIX Swiss Exchange or made available from the conditional capital. The purpose of the stock option plan is to motivate the managerial staff of the Company and its subsidiaries to contribute to the success of the Company by their special performance and to encourage them to acquire share ownership in the Company. options, which is usually a day in January or July determined by the Board of Directors at its preceding meeting. All options are subject to lock-up periods (for further details on the options please refer to the chapter on compensation, shareholdings and loans, on pages 29 to 3, and to page 9 of the Financial Report 211). It is a condition precedent for the exercise of the options (1) that the beneficiary of the options is employed by the Company or a Group company or is a member of the Board of Directors of the Company on the first day of the respective exercise period and (2) that no bankruptcy or attachment proceedings regarding the private assets of the beneficiary and no insolvency proceedings have been initiated or completed. Without the prior consent of the Board of Directors of the Company, beneficiaries are not allowed to buy and sell registered shares of the Company received upon the exercise of options, other registered shares of the Company and derivatives relating to the Company s registered shares during a period of 3 calendar days before the date of publication of the annual, semi-annual and quarterly financial information. Furthermore, the Board of Directors may decide to prohibit the trading in securities of the Company within the trading windows for important reasons. The exercise price of the options corresponds to the closing price of the registered shares on the SIX Swiss Exchange on the day of the grant of the 17

20 Board of Directors 18

Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed

Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed Press release Sales and profit expectations for 2014 fulfilled Distribution proposed Share buy-back agreed Sales up 4 percent on previous year Gross and EBIT margins reduced by temporary start-up costs

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