The sales and EBIT guidance given by Micronas for the 2011 financial year is not affected by the insolvency announcement (Chapter 11) made yesterday by Trident Microsystems.
Micronas had already decided in the fourth quarter of 2011 to sell its Trident shares because of Trident's business performance. Micronas originally acquired the shares in 2009 when it sold some of its Consumer product lines. This sale of Trident shares was completed in the fourth quarter, so at the end of 2011 Micronas no longer had an interest in Trident Microsystems.
As stated in the Micronas press release of October 18, 2011, partial value adjustments were made for the Trident shares in the third quarter of 2011, which reduced the overall financial result by CHF 7.3 million. The final booking out of the value of the investment, minus the proceeds of their sale, reduces fourth quarter financial results by a figure in the low single millions. Trident's insolvency announcement will have no material effect on the current 2012 financial year. Micronas will provide detailed information about the 2011 financial year as planned on February 23, 2012, when it publishes its annual results.
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 had already decided in the fourth quarter of 2011 to sell its Trident shares because of Trident's business performance. Micronas originally acquired the shares in 2009 when it sold some of its Consumer product lines. This sale of Trident shares was completed in the fourth quarter, so at the end of 2011 Micronas no longer had an interest in Trident Microsystems.
As stated in the Micronas press release of October 18, 2011, partial value adjustments were made for the Trident shares in the third quarter of 2011, which reduced the overall financial result by CHF 7.3 million. The final booking out of the value of the investment, minus the proceeds of their sale, reduces fourth quarter financial results by a figure in the low single millions. Trident's insolvency announcement will have no material effect on the current 2012 financial year. Micronas will provide detailed information about the 2011 financial year as planned on February 23, 2012, when it publishes its annual results.
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.
