Wireless & Positioning Solutions
HALF YEAR REPORT 2013
2		 Financial highlights
4		 Half year report at June 30, 2013
6		 Halbjahresbericht per 30. Juni 2013
8		 Condensed conso...
Page 2 | Half year report 2013 Half year report 2013 | Page 3
Financial highlights
Key figures (CHF in million)
2010 2011 ...
Page 4 | Half year report 2013 Half year report 2013 | Page 5
•	 A collaboration with Intel Corporation was announced to b...
Page 6 | Half year report 2013 Half year report 2013 | Page 7
Halbjahresbericht per 30. Juni, 2013
bekannt. Das auf der HS...
(in CHF 000s)
June 30, 2013
(unaudited)
December 31, 2012
restated1)
January 1, 2012
restated1)
Assets
Current assets
Cash...
Page 10 | Half year report 2013
Consolidated income statement
(in CHF 000s)
Jan. - June 2013
(unaudited)
Jan. - June 2012
...
Page 12 | Half year report 2013
Condensed consolidated statement
of changes in equity
Condensed consolidated statement
of ...
Page 15 | u-blox Annual Report 2008 u-blox Annual Report 2008 | Page 16
Notes to the condensed consolidated
interim financ...
Page 17 | | Page 18
The following new and revised Standards and Interpretations, which are or may be applicable to u-blox,...
Page 19 | u-blox Annual Report 2008 u-blox Annual Report 2008 | Page 20Page 18 | Half year report 2012 Half year report 20...
Page 21 | | Page 22Page 20 | Half year report 2013
Investor information
and contacts
u-blox Holding AG
Corporate address
I...
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  1. 1. Wireless & Positioning Solutions HALF YEAR REPORT 2013
  2. 2. 2 Financial highlights 4 Half year report at June 30, 2013 6 Halbjahresbericht per 30. Juni 2013 8 Condensed consolidated interim financial statements u-blox Holding AG, Thalwil 9 Consolidated statement of financial position 10 Consolidated income statement 11 Consolidated statement of comprehensive income 12 Condensed consolidated statement of changes in equity 13 Condensed consolidated statement of cash flows 14 Notes to the condensed consolidated interim financial statements 17 Investor information and contacts 18 Worldwide presence Content Foundation 1997 Business Fabless semiconductor provider of embedded wireless and positioning communication solutions Headquarter Thalwil, Switzerland Offices USA, Singapore, Italy, United Kingdom, Ireland, Belgium, China, Taiwan, Korea, Japan, India and Australia Listed SIX Swiss Exchange (UBXN) Employees 372 (December 31, 2012, FTE based); 405 (June 30, 2013, FTE based) Revenue 2012: CHF 173.1 million; H1 2013: CHF 105.1 million EBIT 2012: CHF 22.9 million; H1 2013: CHF 13.8 million Net profit 2012: CHF 17.1 million; H1 2013: CHF 12.2 million Markets Industrial, Automotive and Consumer Mission u-blox aims to be the leading provider of embedded wireless and positioning communication solutions to the global electronics industry u-blox at a glance Half year report 2013 | Page 1 Contents
  3. 3. Page 2 | Half year report 2013 Half year report 2013 | Page 3 Financial highlights Key figures (CHF in million) 2010 2011 2012 H1/11 H1/12 H1/13 Revenue 112.8 124.7 173.1 62.5 77.7 105.1 Growth/(decline) rate over previous year 53.4% 10.6% 38.8% 26.8% 24.3% 35.4% EBIT 19.1 21.2 22.9 11.7 11.3 13.8 Margin on revenue 16.9% 17.0% 13.3% 18.8% 14.6% 13.1% Growth/(decline) rate over previous year 267.7% 11.2% 8.2% 54.5% -3.6% 21.6% Net profit 12.9 16.5 17.1 7.4 8.9 12.2 Margin on revenue 11.5% 13.2% 9.9% 11.9% 11.4% 11.6% Growth/(decline) rate over previous year 288.3% 27.8% 3.5% 22.7% 20.0% 36.8% Net operating cash flow 20.7 18.6 32.1 10.7 0.1 20.4 Margin on revenue 18.3% 14.9% 18.5% 17.2% 0.1% 19.4% Growth/(decline) rate over previous year 40.3% -10.0% 72.5% 26.8% -99.4% > 1’000% CHF in million % of total assets Equity Total equity Total equity and equity ratio equity ratio CHF in million % of revenue Gross profit Gross profit as % of revenue Gross profit and gross profit margin CHF in million Performance EBITDARevenues Revenues/EBITDA Revenue u-blox revenue split per market Estimate Automotive Consumer Industrial Revenues (CHF in million) APACAmericasEMEA Revenues by geography Employees Employee breakdown Total: 405 (end of H1 2013, FTE based) 71% of employees based outside Switzerland (spread over 15 countries) Logistics, Admin. 14% Sales, Marketing, Support 23% Research & development 63% 55 95 255 Employees Employee development Average number of employees (FTE = full time equivalent) 52.2% 50.3% 46.9% 50.3% 45.7% 46.7% 0% 10% 20% 30% 40% 50% 60% 70% 0 10 20 30 40 50 60 70 80 90 2010 2011 2012 H1/11 H1/12 H1/13 Gross Profit % of revenue (million CHF) % of revenue 195 215 265 201 234 395 0 50 100 150 200 250 300 350 400 2010 2011 2012 H1/11 H1/12 H1/13 0 20 40 60 80 100 120 140 160 180 200 2010 2011 2012 H1/11 H1/12 H1/13 26% 24% 45% 25% 29% 48% 35% 37% 27% 36% 42% 28% 30% 30.1 41% 24% 48% 27% 27% 120 137 151 127 142 162 84.2% 83.7% 84.5% 84.0% 50% 60% 70% 80% 90% 0 20 40 60 80 100 120 140 160 180 2010 2011 2012 H1/11 H1/12 H1/13 78.7% 77.9% 112.8 124.7 173.1 62.5 77.7 105.1 27.7 29.1 35.2 15.2 15.9 0 20 40 60 80 100 120 140 160 180 200 2010 2011 2012 H1/11 H1/12 H1/13 21.2
  4. 4. Page 4 | Half year report 2013 Half year report 2013 | Page 5 • A collaboration with Intel Corporation was announced to bring a small, cost-effective 3G-only module to the market. Based on Intel’s XMM™ 6255 HSPA modem platform, the chipset will be packaged in a compact, low- cost module that maintains layout compatibility with u-blox’ SARA 2G and LISA 3G module series. • A dedicated wireless communications module was developed for the Japanese M2M markets, the compact FW75-D200 voice modem. It is ideally suited for applications such as fleet management, automatic meter reading (AMR), people and asset tracking, surveillance and security, vending machines and Point of Sales (PoS) terminals in Japan. Positioning products highlights • The latest GNSS receiver generation u-blox 7 achieved significant sales volume. After the announcement during mid 2012 the new product line achieved many new design-ins and several customers ramped up their production. • The MAX-M5Q GPS/GNSS receiver module was introduced, a compact satellite positioning module that supports American GPS, Russian GLONASS as well as Japanese QZSS satellite GNSS systems. The module supports simultaneous GPS and GLONASS operation to enhance positioning speed and accuracy. • u-blox successfully demonstrated navigation using live Chinese BeiDou satellites only 3 weeks after the full specification was published by the Chinese government. BeiDou is now poised to become an important new satellite navigation system as well as a complement to existing satellite constellations such as GPS and GLONASS. Employees The number of employees worldwide increased during the first half of 2013. The company employed 411 people at June 30, 2013, an increase of about 8.4% as compared to end of 2012. Condensed consolidated income statement Revenue breakdown u-blox operates in two segments: • Wireless and positioning products u-blox develops and sells embedded GPS/GNSS chips and modules, and 2G/3G/4G wireless modules which are used in automotive, industrial and consumer applications. Revenue was CHF 104.4 million for the first half of 2013 as compared to CHF 77.0 million in the first half of 2012. • Wireless services u-blox also offers wireless communication technology services in terms of reference designs and software. In the first half of 2013, revenue for wireless services was CHF 9.1million as compared to CHF 7.0 million during the first half year 2012. Expanded global presence During the period, u-blox expanded its global organization; a new R&D center was established in Cork, Ireland and a new sales office was opened in Chatswood, Australia, near Sydney. Outlook u-blox is on track to exceed its previously communicated sales target for 2013. This is due to excellent performance in the automotive and industrial markets. The company is now reaping profits from earlier strategic investments in technology for the global automotive markets, a sector that is growing strongly due to increasing electronic content in new cars. In the industrial markets, u-blox continues with this investment to maintain its number one market position as the main supplier of positioning and wireless communication components designed into global fleet management systems. In several markets the company now enjoys major market shares. Acceleration of this trend in Russia, China and Southeast Asia based on the Russian GLONASS and Chinese BeiDou satellite navigation systems is anticipated; u-blox is well positioned with wireless and positioning products that already address these markets. In the consumer markets, we expect moderate sales growth of our positioning and wireless components used in recreational devices, notebook accessories, and health monitoring devices. For the full year 2013, u-blox increases its revenue guidance to CHF 220 million and raises its EBIT estimate to approximately CHF 30 million. The indications are based on exchange rates of 1.20 for EUR/ CHF and 0.95 for USD/CHF for the second half year 2013. u-blox’ natural hedge against foreign exchange variations at the level of material costs helps maintain its relative gross margin. Revenue and EBIT, however, remain sensitive to the further variation of currency valuations against the Swiss Franc. u-blox achieves strong growth during first half of 2013 and increases guidance u-blox today announced revenue for the first half year 2013 of CHF 105.1 million. This constitutes a 35.4% increase over the first half year of 2012. Gross profit experienced an increase to CHF 49.1 million, resulting in a gross profit margin of 46.7%. EBIT for the first half year of 2013 was CHF 13.8 million. The net profit grew 36.8% to CHF 12.2 million. u blox increases its previously published guidance for the full year for revenues to now CHF 220 million, with an EBIT of approximately CHF 30 million. Financial highlights of the first half of 2013 • Overall sales expanded by 35.4% to CHF 105.1 million as compared to the first half of 2012. • Gross profit increased to CHF 49.1 million with gross profit margin reaching 46.7%. • EBITDA of CHF 21.2 million was reached, with an EBITDA margin of 20.1%. • EBIT of CHF 13.8 million was achieved, with an EBIT margin of 13.1%. • Net profit grew 36.8% to CHF 12.2 million, or 11.6% of revenues during the period. • Current assets increased by CHF 9.5 million compared to December 31, 2012, mainly due to the growth of the business. • Capital expenditure was CHF 13.4 million mainly due to capacity expansion and investments for product development. • A net operating cash flow of CHF 20.4 million was recorded. Robust growth in all regions As compared to the same period in 2012, u-blox revenues based on billing location increased in all regions. Asia Pacific sales experienced a strong growth of 56.8%, EMEA had a significant 41.7% sales increase, and revenue in the Americas grew by 9.9%. After achieving strong market expansion in 2012, growth in the Americas was comparatively lower due to the off-shore manufacturing trend of designs made in the USA during the period. Strong growth in core business sectors Strong performance was again achieved in u-blox’ core automotive and industrial market sectors. Growth was driven by two main developments: 1) Sales into the global automotive markets more than doubled. The driving applications were in-car navigationand road pricing systems. The automotive market now accounts for a third of overall business. 2) Revenues in the industrial markets experienced double-digit growth. This can be attributed to continued expansion in vehicle tracking systems and Point-of-Sales (PoS) terminals. Sales into the consumer markets experienced a small decline as mobile phones move away from standalone positioning components, while continuing to replace dedicated Personal Navigation Devices. Growth in the consumer market was experienced in people and animal tracking applications where sales steeply increased over the same period in 2012. Good profitability u-blox achieved 36.8% net profit growth to CHF 12.2 million with 13.1% EBIT margin and 20.1% EBITDA margin. Strategy In the first half, u-blox executed on its aggressive strategy to enter the 4G LTE markets for embedded wireless communications. With the introduction of the LTE module series TOBY-L1, u-blox claimed the market position as provider of the industry’s smallest 4G module. Following the company’s strategy of maintaining backwards compatibility with existing products (“Nested Design”), TOBY can be mounted on the same printed circuit board (PCB) footprint as the LISA, SARA and LEON for 3G and 2G solutions. This allows customers to easily upgrade or produce multiple end-product variants based on a single PCB design. On the positioning side of the business, u-blox continued with its strategy to expand its product portfolio to support new satellite navigation systems, particularly Russia’s GLONASS, China’s BeiDou and Japan’s QZSS systems. Support of multi-constellation GNSS operation was also implemented in u-blox’ MAX module form factor, giving it the ability to track all 50-plus American and Russian satellites to improve speed, accuracy, and position availability. The strategy of leveraging the synergies between wireless and positioning technologies was bolstered by the expansion of its CellLocate® hybrid indoor positioning platform to cover more regions of the world. Business development u-blox continued to expand its business in a diverse range of markets, regions and innovative applications. Sales increased strongly in several of our market sectors. Highlights during the first half year include: • Very strong sales increase of positioning chips designed into in- car navigation and vehicle telematics systems. • Hitachi Kokusai Electric Inc. (“HiKE”), a leading Japanese provider of video and wireless networking solutions, completed collaboration with u-blox to develop a custom M2M wireless module solution targeted at industrial applications and emergency alert networks throughout Japan. • Sprint, a major US telecommunications carrier, selected u-blox as a Preferred Wireless Module Provider for its CDMA Network for machine-to-machine applications in North America. This was followed by a 16-city joint u-blox/Sprint customer seminar to educate the market about u-blox and Sprint’s wireless M2M products and services offering. • Swedish-based Handheld, the world’s fastest growing maker of mobile computers and smartphones designed for extreme environments, integrated u-blox’ GPS modules into four of their most popular products. • Taiwan-based Bryton, a global provider of GPS-enabled sports monitoring equipment, launched its new line of portable biking and jogging computers which integrate u-blox’ GPS receiver chip technology. Products and innovation During the first half of 2013, u-blox developed attractive and innovative products and technologies for both wireless and positioning: Wireless products highlights • u-blox introduced its first 4G product, the TOBY-L1 series, a new line of ultra-compact LTE modules. Targeted at the North American and European markets, the TOBY-L1 series is ideally suited for mobile internet routers, set top boxes, digital signage and security systems. Fritz Fahrni Thomas Seiler Chairman of the Board of Directors CEO Half year report at June 30, 2013
  5. 5. Page 6 | Half year report 2013 Half year report 2013 | Page 7 Halbjahresbericht per 30. Juni, 2013 bekannt. Das auf der HSPA-Modemplattform XMM™ 6255 basierende Chipset von Intel wird als kompaktes, kosteneffizientes Modul angeboten, das zu der 2G-Modulreihe SARA und der 3G-Modulreihe LISA von u-blox formkompatibel ist. • Mit dem kompakten Sprachmoden FW75-D200 wird ein drahtloses Kommunikationsmodul speziell für den japanischen M2M-Markt entwickelt. Es eignet sich perfekt für Anwendungen wie Flotten- management, automatische Messdatenerfassung, Personen- und Objektortung, Überwachung und Sicherheit, Verkaufsautomaten und Kassenterminals (PoS) in Japan. Produkthighlights Positionierung • Die neueste GNS_Empfängergeneration u-blox 7 erzielte bedeuten- den Absatz. Nach der Ankündigung Mitte 2012 erzielte diese neue Produktlinie viele neue Anwendungen und mehrere Kunden fuhren nun ihre Produktion hoch. • u-blox lanciert das GPS/GNSS-Modul MAX-M5Q, ein kompaktes Satellitenpositionierungsmodul, das drei globale Satellitennavigations- systeme (GNSS) unterstützt: das amerikanische GPS, das russische GLONASS sowie das japanische QZSS. Das Modul bietet dank simultanem Betrieb mit allen Satelliten Höchstleistung in Bezug auf schnelle und genaue Positionierung. • u-blox zeigt in einer Live-Demonstration erfolgreich die Navigation mit den chinesischen BeiDou-Satelliten, nur drei Wochen nach Veröffentlichung der vollständigen Spezifikation durch die chinesische Regierung. BeiDou entwickelt sich zu einem wichtigen neuen Satellitennavigationssystem und bildet eine Ergänzung zu den bestehenden Systemen GPS und GLONASS. Mitarbeiter Die Anzahl der Mitarbeiter weltweit hat sich im ersten Halbjahr 2013 erhöht. Zum 30. Juni 2013 beschäftigte das Unternehmen 411 Mit- arbeiterinnen und Mitarbeiter. Das entspricht einer Zunahme von 8.4% gegenüber Ende 2012. Zusammengefasste konsolidierte Erfolgsrechnung Umsatzaufteilung Die Geschäftstätigkeit von u-blox gliedert sich in zwei Segmente: • Produkte im Bereich Positionierung und drahtlose Kommunikation u-blox entwickelt und verkauft integrierte GPS/GNSS-Chips und Module sowie drahtlose 2G/3G/4G- Module, die im Automobil, Industriegüter- und Konsumgütermarkt Verwendung finden. Der Umsatz belief sich im ersten Halbjahr 2013 auf CHF 104.4 Millionen, gegenüber CHF 77.0 Millionen im ersten Halbjahr 2012. • Dienstleistungen für drahtlose Kommunikation u-blox bietet auch Dienstleistungen auf dem Gebiet der drahtlosen Kommunikation in Form von Referenzdesigns und Software an. Im ersten Halbjahr 2013 betrug der Umsatz in diesem Segment CHF 9.1 Millionen, gegenüber CHF 7.0 Millionen im ersten Halbjahr 2012. Erweiterte globale Präsenz Während der Berichtsperiode erweiterte das Unternehmen seine globale Organisation: In Cork entstand ein neues Entwicklungszentrum. In Chatswood in der Nähe von Sydney (Australien) wurde eine neue Vertriebsniederlassung eröffnet. Ausblick u-blox ist auf gutem Weg, das Umsatzziel für 2013 zu übertreffen. Massgeblich hierfür ist der ausgezeichnete Geschäftsverlauf im Automobil- und Industriegütermarkt. Das Unternehmen erntet jetzt die Gewinne früherer strategischer Investitionen in Technologie für den weltweiten Automobilmarkt, einen Sektor, der aufgrund des immer höheren Elektronikanteils in Neufahrzeugen stark wächst. Im Industriegütermarkt behauptet u-blox damit ihre Marktführung als wichtigster Anbieter von Positionierungs- und Wireless-Komponenten für globale Flottenmanagementsysteme. Das Unternehmen verfügt jetzt in mehreren Märkten über bedeutende Marktanteile. Es wird erwartet, dass sich dieser Trend in Russland, China und Südostasien aufgrund der Satellitennavigationssysteme GLONASS (Russland) und BeiDou (China) beschleunigen wird. u-blox ist mit Wireless- und Positionierungsprodukten, welche diese Märkte bereits bedienen, gut aufgestellt. Im Konsumgütermarkt rechnen das Unternehmen mit einem moderaten Umsatzwachstum bei den Positionierungs- und Wireless-Komponenten für Freizeitgeräte, Notebook-Zubehör und Fitnesssgeräte. u-blox erhöht ihre Umsatzprognose für das Gesamtjahr 2013 auf CHF 220 Millionen und erwartet einen gesteigerten EBIT in Höhe von ca. CHF 30 Millionen. Die Angaben basieren auf Wechselkursen von 1.20 für EUR/CHF und 0.95 für USD/CHF für das zweite Halbjahr 2013. Die natürliche Fremdwährungsabsicherung auf Ebene der Materialkosten hilft, die relative Bruttomarge zu stützen. Dennoch werden Umsatz und EBIT von weiteren Änderungen der Währungsbewertungen gegenüber dem Schweizer Franken abhängig sein. u-blox erzielt im ersten Halbjahr 2013 ein starkes Wachstum und erhöht Prognose u-blox gibt heute einen Umsatz von CHF 105.1 Millionen für das erste Halbjahr 2013 bekannt. Dies entspricht einem Umsatzwachstum von 35.4% gegenüber dem ersten Halbjahr 2012. Der Bruttogewinn steigt auf CHF 49.1 Millionen, woraus sich eine Bruttogewinnmarge von 46.7% ergibt. Der Betriebsgewinn (EBIT) für das erste Halbjahr 2013 beträgt CHF 13.8 Millionen. Der Reingewinn wächst um 36.8% auf CHF 12.2 Millionen. u blox erhöht die vorher veröffentlichte Prognose für das Gesamtjahr und erwartet neu einen Umsatz von ca. CHF 220 Millionen, bei einem EBIT von CHF 30 Millionen. Finanzielle Kennzahlen für das erste Halbjahr 2013 • Der Gesamtumsatz konnte gegenüber dem ersten Halbjahr 2012 um 35.4% auf CHF 105.1 Millionen gesteigert werden. • Der Bruttogewinn stieg auf CHF 49.1 Millionen bei einer Brutto- gewinnmarge von 46.7%. • Der Betriebsgewinn vor Abschreibungen (EBITDA) betrug CHF 21.2 Millionen bei einer EBITDA-Marge von 20.1%. • Der Betriebsgewinn (EBIT) erreichte CHF 13.8 Millionen, was einer EBIT-Marge von 13.1% entspricht. • Der Reingewinn erhöhte sich um 36.8% auf CHF 12.2 Millionen oder 11.6% des Umsatzes. • Das Umlaufvermögen erhöhte sich im Vergleich zum 31. Dezem- ber 2012 um CHF 9.5 Millionen, hauptsächlich infolge des Geschäftswachstums. • Die Investitionen betrugen CHF 13.4 Millionen, die in erster Linie für den Kapazitätsausbau und die Produktentwicklung getätigt wurden. • Der Cashflow aus operativer Tätigkeit betrug CHF 20.4 Millionen. Solides Wachstum in allen Regionen Das Unternehmen konnte den Umsatz nach Fakturierungsort im ersten Halbjahr 2013 gegenüber dem Vergleichszeitraum 2012 in allen Regionen steigern. In Asien-Pazifik wurde ein starkes Umsatzwachstum von 56.8% verzeichnet. In der EMEA-Region erzielte u-blox ein bedeutendes Umsatzplus von 41.7%; der Umsatz in Amerika stieg um 9.9%. Nach der bedeutenden Marktexpansion in Amerika im Jahr 2012 wurde das Wachstum im ersten Halbjahr 2013 durch den Trend hin zur Offshore-Produktion abgeschwächt. Starkes Wachstum in Kerngeschäftssegmenten In den Kerngeschäftsbereichen von u-blox, dem Industriegüter- und Automobilmarkt, wurden erneut überdurchschnittliche Ergebnisse erzielt. Zwei Umstände begünstigten das Wachstum: 1) Der Absatz in den weltweiten Automobilmärkten hat sich mehr als verdoppelt. Wichtigste Umsatzträger waren dabei die Fahr- zeugnavigationund Mautsysteme. Auf den Automobilmarkt entfällt inzwischen ein Drittel des gesamten Geschäftsvolumens. 2) In den Industriegütermärkten wurde ein zweistelliges Wachstum erzielt, das auf die weiterhin steigende Nachfrage nach Fahrzeugortungssystemen und Kassenterminals (Point-of-Sale) zurückzuführen ist. Der Umsatz in den Konsumgütermärkten entwickelte sich leicht rückläufig, da bei Mobiltelefonen ein Trend weg von eigenständigen Positionierungskomponenten festzustellen ist, während sie gleich- zeitig zunehmend als Ersatz für spezielle persönliche Navigations- geräte verwendet werden. Wachstum verzeichnete der Konsumgüter- markt bei Anwendungen für die Personen- und Tierortung, bei denen der Umsatz gegenüber dem Vergleichszeitraum 2012 kräftig anstieg. Gute Rentabilität u-blox weist ein Wachstum des Reingewinns um 36.8% auf CHF 12.2 Millionen bei einer EBIT-Marge von 13.1% und einer EBITDA-Marge von 20.1% aus. Strategie Im ersten Halbjahr verfolgte u-blox weiter ihre offensive Strategie für den Einstieg in die 4G LTE-Märkte für drahtlose Elektroniksysteme. Mit der Einführung der LTE-Modulfamilie TOBY-L1 bekräftigte die Firma ihre Marktposition als Anbieter der branchenweit kleinsten 4G-Module. Entsprechend der Strategie, die Abwärtskompatibilität mit bestehenden Produkten zu erhalten („Nested Design“), kann TOBY auf der gleichen Leiterplatte wie die 3G- und 2G-Modulreihen LISA, SARA und LEON montiert werden. Dadurch können Kunden ihre Endprodukte auf der Basis eines einzigen Leiterplattendesigns problemlos aufrüsten oder in verschiedenen Varianten herstellen. Im Positionierungsbereich wurde die Strategie fortgesetzt, das Produkt- portfolio im Hinblick auf die Unterstützung neuer Satellitennavigations- systeme, insbesondere des russischen GLONASS, des chinesischen BeiDou und des japanischen QZSS, zu erweitern. Die Funktionalität eines simultanen GNSS-Betriebs wird nun auch im kleinen MAX-Modul angeboten. Dieses ist somit in der Lage, die Signale aller (insgesamt über 50) US-amerikanischen und russischen Satelliten zu empfangen, wodurch die Geschwindigkeit, Genauigkeit und Verfügbarkeit der Position verbessert wird. Die Strategie, Synergien zwischen Wireless- und Positionierungs- technologien zu nutzen, zeigt sich an der Erweiterung von CellLocate® , der hybriden Plattform für die Positionsbestimmung in Gebäuden, die jetzt mehr Regionen auf der Welt abdeckt. Geschäftsentwicklung u-blox konnte ihr Geschäft in einem breiten Spektrum von Märkten, Regionen und innovativen Anwendungsbereichen weiter ausbauen. In mehreren Marktsektoren wurde ein starkes Umsatzwachstum erzielt. Höhepunkte aus dem ersten Halbjahr: • Sehr starker Umsatzanstieg bei Positionierungs-Chips für Fahrzeug- navigations- und telematiksysteme. • Hitachi Kokusai Electric Inc. („HiKE“), ein führender japanischer Anbieter von Netzwerklösungen für Video- und Kommunikation, hat mit u-blox eine Kooperationsvereinbarung für die Entwicklung eines kundenspezifischen M2M-Kommunikationsmoduls abgeschlossen, das für Industrieanwendungen und Notfall-Alarmnetze in ganz Japan bestimmt ist. • Sprint, ein grosser US-amerikanischer Telekommunikations-betreiber, hat u-blox als bevorzugten Lieferanten von Wireless-Modulen für sein CDMA-Netz in Nordamerika ausgewählt. Im Anschluss daran veranstalteten u-blox und Sprint gemeinsam Kundenseminare in 16 Städten, um den Markt über die Produkte und das Serviceangebot von u-blox und Sprint zu informieren. • Das schwedische Unternehmen Handheld, der am schnellsten wachsende Hersteller von mobilen Computern und Smartphones für den Einsatz unter extremen Umgebungsbedingungen, hat die GPS-Module von u-blox in vier seiner beliebtesten Produkte integriert. • Bryton mit Sitz in Taiwan, ein globaler Anbieter von Sportcomputern mit GPS-Funktionen, hat eine neue Reihe von mobilen Computern für Radfahrer und Läufer herausgebracht, in die GPS-Chips von u-blox integriert sind. Produkte und Innovation Im ersten Halbjahr 2013 entwickelte u-blox erneut attraktive und innovative Produkte und Technologien für drahtlose Kommunikation und für Positionierung: Produkthighlights drahtlose Kommunikation • u-blox bringt mit TOBY-L1, einer neuen Reihe extrem kompakter LTE-Module, ihr erstes 4G-Produkt auf den Markt. Die Reihe TOBY-L1 für den nordamerikanischen und europäischen Markt eignet sich perfekt für mobile Internetrouter, Set-Top-Boxen, Sicherheitssysteme und digitale Anzeigetafeln. • u-blox gibt die Zusammenarbeit mit der Intel Corporation zur Markt- einführung eines kleinen, kostengünstigen reinen 3G-Moduls Fritz Fahrni Thomas Seiler Chairman of the Board of Directors CEO
  6. 6. (in CHF 000s) June 30, 2013 (unaudited) December 31, 2012 restated1) January 1, 2012 restated1) Assets Current assets Cash and cash equivalents 36’427 33’416 35’151 Marketable securities 27’286 27’175 45’981 Trade accounts receivable 27’132 22’127 16’877 Other receivables 5’110 4’307 2’456 Inventory 19’756 19’171 20’556 Prepaid expenses and accrued income 1’311 1’280 1’636 Total current assets 117’022 107’476 122’657 Non-current assets Property, plant and equipment 9’982 7’078 5’331 Goodwill 37’755 37’659 17’137 Other intangible assets 36’555 33’682 15’965 Financial assets 1’209 1’195 425 Deferred tax assets 5’766 4’543 1’887 Total non-current assets 91’267 84’157 40’745 Total assets 208’289 191’633 163’402 Liabilities and equity Current liabilities Trade accounts payable 16’592 8’290 6’120 Other payables 5’846 5’687 2’140 Current tax liabilities 1’803 1’326 1’584 Accrued expenses 10’349 11’565 9’325 Total current liabilities 34’590 26’868 19’169 Non-current liabilities Other payables 1’045 1’747 609 Borrowings 2’153 2’825 0 Provisions 1’416 1’941 1’190 Pension liability 4’475 4’311 3’027 Deferred tax liabilities 2’431 3’091 1’704 Total non-current liabilities 11’520 13’915 6’530 Total liabilities 46’110 40’783 25’699 Shareholders’ equity Share capital 5’773 5’675 5’619 Share premium 91’182 94’132 98’694 Retained earnings 65’224 51’043 33’390 Total equity, attributable to owners of the parent 162’179 150’850 137’703 Total liabilities and equity 208’289 191’633 163’402 These consolidated interim financial statements should be read in conjunction with the accompanying notes. Half year report 2013 | Page 9Page 8 | Half year report 2013 Consolidated statement of financial position u-blox Holding AG, Thalwil Condensed consolidated interim financial statements June 30, 2013 1) See Note 1
  7. 7. Page 10 | Half year report 2013 Consolidated income statement (in CHF 000s) Jan. - June 2013 (unaudited) Jan. - June 2012 restated1) Jan. - Dec. 2012 restated1) Revenue 105’106 77’653 173’128 Cost of sales -56’003 -42’197 -91’949 Gross profit 49’103 35’456 81’179 Distribution and marketing expenses -10’412 -7’595 -17’828 Research and development expenses -20’134 -13’545 -32’730 General and administrative expenses -4’870 -3’034 -7’785 Other income 85 47 112 Operating profit (EBIT) 13’772 11’329 22’948 Financial income 299 516 922 Finance costs -331 -594 -2’487 Profit before income tax (EBT) 13’740 11’251 21’383 Income tax expense -1’577 -2’361 -4’305 Net profit, attributable to owners of the parent 12’163 8’890 17’078 Basic earnings per share (in CHF) 1.92 1.42 2.72 Diluted earnings per share (in CHF) 1.89 1.38 2.70 These consolidated interim financial statements should be read in conjunction with the accompanying notes. Consolidated statement of comprehensive income (in CHF 000s) Jan. - June 2013 (unaudited) Jan. - June 2012 restated1) Jan. - Dec. 2012 restated1) Net profit 12’163 8’890 17’078 Other comprehensive income: Defined benefit plan actuarial gains/(losses) 181 -507 -1’044 Income tax on defined benefit plan actuarial gains/(losses) -34 152 206 Items that will not be reclassified to income statement, net of tax 147 -355 -838 Currency translation differences 263 -296 -454 Items that are or may be reclassified subsequently to income statement, net of tax 263 -296 -454 Other comprehensive income, net of income tax 410 -651 -1’292 Total comprehensive income, attributable to owners of the parent 12’573 8’239 15’786 These consolidated interim financial statements should be read in conjunction with the accompanying notes. Half year report 2013 | Page 11 1) See Note 1 1) See Note 1
  8. 8. Page 12 | Half year report 2013 Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows These consolidated interim financial statements should be read in conjunction with the accompanying notes. These consolidated interim financial statements should be read in conjunction with the accompanying notes. (in CHF 000s) Share capital Share premium Cumulative translation differences Other retained earnings Retained earnings Total equity Balance at January 1, 2012 as previously reported3) 5’619 98’694 -3’360 36’000 32’640 136’953 Change in accounting policies1) 0 0 0 750 750 750 Balance at January 1, 2012 restated 5’619 98’694 -3’360 36’750 33’390 137’703 Net profit, restated 0 0 0 8’890 8’890 8’890 Other comprehensive income for the period, net of taxes, restated 0 0 -296 -355 -651 -651 Share-based payments2) 0 0 0 945 945 945 Dividend out of share premium 0 -5’660 0 0 0 -5’660 Options exercised during the year, net of transaction costs 47 930 0 0 0 977 Balance at June 30, 2012 restated 5’666 93’964 -3’656 46’230 42’574 142’204 Balance at January 1, 2013 as previously reported 5’675 94’132 -3’814 53’763 49’949 149’756 Change in accounting policies1) 0 0 0 1’094 1’094 1’094 Balance at January 1, 2013 restated 5’675 94’132 -3’814 54’857 51’043 150’850 Net profit for the period 0 0 0 12’163 12’163 12’163 Other comprehensive income for the period, net of taxes 0 0 263 147 410 410 Share-based payments2) 0 0 0 1’608 1’608 1’608 Dividend out of share premium 0 -6’375 0 0 0 -6’375 Options exercised during the year, net of transaction costs 98 3’425 0 0 0 3’523 Balance at June 30, 2013 5’773 91’182 -3’551 68’775 65’224 162’179 1) See Note 1 accounting policies. 2) Represents the amount of stock option expense including respective tax effects recognized per June 30, 2013 and 2012 respectively. 3) Since year-end 2012, share-based payments are recorded in other retained earnings instead of share premium. Opening balances at January 1, 2012 of TCHF 6’673 were reclassed from share premium to other retained earnings. (in CHF 000s) Jan. - June 2013 (unaudited) Jan. - June 2012 (unaudited) Jan. - Dec. 2012 (audited) Net cash generated from operating activities 20‘379 64 32’088 Net cash provided by/(used in) investing activities -13’447 392 -16’805 Net cash used in financing activities -3‘980 -15’806 -15’618 Net (decrease)/increase in cash and cash equivalents 2’952 -15’350 -335 Cash and cash equivalents at beginning of period 33’416 35’151 35’151 Effect of exchange rate fluctuations on cash and cash equivalents 59 -181 -1’400 Cash and cash equivalents at end of period 36‘427 19’620 33’416 1) Net cash used in investing activities consists of investments into property, plant and equipment of CHF 4.6 million and investments into intangible assets of CHF 8.7 million in the first half year 2013. 2) Net cash used in financing activities contains the exercise of employee stock options of CHF 3.5 million, the dividend payment out of reserves from capital contributions of CHF 6.4 million and the settlement of loans of CHF 1.1 million. 3) Net cash provided by investing activities consists of proceeds from sale of marketable securities of CHF 8.8 million and investments into property, plant and equipment of CHF 1.8 million and investments into intangible assets of CHF 2.9 million as well as an acquisition of a subsidiary, net of cash acquired of CHF 3.7 million in the first half year 2012. 4) Net cash used in financing activities contains the exercise of employee stock options of CHF 1.0 million, the dividend payment out of reserves from capital contributions of CHF 5.7 million and the settlement of the long-term shareholder loan with regard to acquisition of subsidiary of CHF 11.1 million. Half year report 2013 | Page 13 1) 2) 3) 4)
  9. 9. Page 15 | u-blox Annual Report 2008 u-blox Annual Report 2008 | Page 16 Notes to the condensed consolidated interim financial statements 1 Basis of preparation of the condensed consolidated interim financial statements The condensed consolidated interim financial statements of u-blox Holding AG (‘u-blox’ or the ‘Group’) were prepared in accordance with IAS 34 “Interim Financial Reporting”. These condensed consolidated interim financial statements do not include all the notes contained in the consolidated annual financial statements, and for that reason should be read in conjunction with the consolidated annual financial statements for the year ended December 31, 2012. They have been prepared using the historical cost convention. There are no items requiring fair value accounting except for marketable securities and contingent consideration in other payables. The Board of Directors authorized these condensed consolidated interim financial statements for issue on September 3, 2013. The condensed consolidated interim financial statements have been prepared in Swiss francs (CHF), rounded to the nearest thousand. The accounting policies applied in the condensed consolidated interim statements are consistent with those used in the consolidated financial statements for the year ended December 31, 2012, except where noted in the following paragraph: With effect from January 1, 2013, u-blox has applied the amendment to IAS 1 Presentation of Items of Other Comprehensive Income, which has an effect on the disclosure of the other comprehensive income items in the consolidated statement of comprehensive income. Comparative information has also been re-presented accordingly. As of January 1, 2013, u-blox has adopted various amendments to existing International Financial Reporting Standards (IFRSs) and Interpretations. With the exception of the changes described below, the new and amended standards have no material impact on the Group’s results or financial position. The amendments to IAS 19 “Employee Benefits” require immediate recognition of actuarial gains or losses in other comprehensive income. Until now entities could choose between immediate recognition in the income statement or the statement of comprehensive income or deferring recognition using the so-called “corridor” approach. U-blox had already applied the immediate recognition in other comprehensive income method in the past and was therefore not impacted by this change. The amendments to IAS 19 also require that management determines the expected return on pension plan assets by applying the discount rate used to measure the defined benefit obligation and no longer on the basis of the estimated return based on asset allocation. Under the amended IAS 19 u-blox now takes future employee contributions into account in its calculations (risk sharing). The changes required by the amended IAS 19 have been made retrospectively. The effects on the consolidated balance sheet, consolidated income statement and consolidated statement of comprehensive income are presented on the next page: Page 14 | Half year report 2012 Half year report 2012 | Page 15 (in CHF 000s) Reported Adjustment Restated Balance sheet at January 1, 2012 Deferred tax assets 2’068 -181 1’887 Pension liability 3‘958 -931 3’027 Equity 136‘953 750 137’703 Balance sheet at June 30, 2012 Deferred tax assets 3’842 -203 3’639 Pension liability 5‘007 -1’035 3’972 Equity 141‘372 832 142’204 Balance sheet at January 1, 2013 Deferred tax assets 4’808 -265 4’543 Pension liability 5‘670 -1’359 4’311 Equity 149‘756 1’094 150’850 Income statement full year 2012 Distribution and marketing expenses -17’807 -21 -17’828 Research and development expenses -32’678 -52 -32’730 Generell and administrative expenses -7’754 -31 -7’785 Finance costs -2’436 -51 -2’487 Income tax expenses -4’335 30 -4’305 Net profit 17‘203 -125 17’078 Basic earnings per share (in CHF) 2.74 -0.02 2.72 Diluted earnings per share (in CHF) 2.72 -0.02 2.70 Income statement 1.1. – 30.6.2012 Distribution and marketing expenses -7’584 -11 -7’595 Research and development expenses -13’524 -21 -13’545 Generell and administrative expenses -3’022 -12 -3’034 Finance costs -574 -20 -594 Income tax expenses -2’373 12 -2’361 Net profit for the period 8‘942 -52 8’890 Earnings per share (in CHF) 1.43 -0.01 1.42 Diluted earnings per share (in CHF) 1.39 -0.01 1.38 Statement of comprehensive income full year 2012 Net profit 17‘203 -125 17’078 Actuarial losses on defined benefit obligations -1’627 583 -1’044 Income tax on actuarial losses on defined benefit obligations 320 -114 206 Other comprehensive income 1.1. – 30.6.2012 -1‘761 469 -1’292 Comprehensive income 15‘442 344 15’786 Statement of comprehensive 1.1. – 30.6.2012 Net profit for the period 8‘942 -52 8’890 Actuarial losses on defined benefit obligations -675 168 -507 Income tax on actuarial losses on defined benefit obligations 186 -34 152 Other comprehensive income, net of taxes -785 134 -651 Comprehensive income 8‘157 82 8’239
  10. 10. Page 17 | | Page 18 The following new and revised Standards and Interpretations, which are or may be applicable to u-blox, have been issued, but are not yet effective and are not applied early to these condensed consolidated interim financial statements. Their impact on the consolidated financial statements of the Group has not yet been systematically analyzed. The expected effects as disclosed below the table reflect a first assessment by Group management. Impact Effective date Planned application by u-blox New or Amended Standards and Interpretations IFRS 9 Financial Instruments 3) January 1, 2015 Reporting year 2015 Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) 1) January 1, 2014 Reporting year 2014 Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27 1) January 1, 2014 Reporting year 2014 Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36) 2) January 1, 2014 Reporting year 2014 Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39) 1) January 1, 2014 Reporting year 2014 1) No or no significant impacts are expected on the consolidated financial statements of u-blox. 2) Mainly additional disclosures are expected in the consolidated financial statements of u-blox. 3) The impact on the consolidated financial statements of u-blox can not yet be determined with sufficient reliability. The preparation of the condensed consolidated interim financial statements requires management judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses as well as disclosure of contingent assets and liabilities. Although these judgments, estimates and assumptions are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. In the condensed consolidated interim financial statements significant estimates and assumptions made by management are not different from those made in the consolidated financial statements for the year ended December 31, 2012. Income taxes are recognized based on best estimate of the weighted average annual tax rate for 2013. The Group operates in markets where no significant seasonal or cyclical variations in revenue are experienced during the financial year. The condensed consolidated interim financial statements include u-blox Holding AG, Thalwil and subsidiaries in which it holds – either directly or indirectly – more than 50% of the voting or over which it exercises some other form of control. Page 16 | Half year report 2012 Half year report 2012 | Page 17 2 Segment information GPS and wire- less products Wireless services Total segments Non-allocated/ eliminations Group January – June January – June January – June January – June January – June (in CHF 000s) 2013 2012 Restated 2013 2012 Restated 2013 2012 Restated 2013 2012 Restated 2013 2012 Restated Revenue third 104’448 76’999 658 654 105’106 77’653 0 0 105’106 77’653 Revenue intragroup 0 0 8’393 6’343 8’393 6’343 -8’393 -6’343 0 0 Total revenue 104’448 76’999 9’051 6’997 113’499 83’996 -8’393 -6’343 105’106 77’653 EBITDA 19’608 14’594 1’720 1’428 21’328 16’022 -173 -142 21’155 15’880 Depreciation -1’339 -1’104 -373 -309 -1’712 -1'413 0 0 -1’712 -1’413 Amortization -4’855 -2’561 -816 -577 -5’671 -3'138 0 0 -5’671 -3’138 EBIT 13’414 10’929 531 542 13’945 11'471 -173 -142 13’772 11’329 Financial income 299 516 299 516 Finance costs -331 -594 -331 -594 EBT -205 -220 13’740 11’251 June 30, 2013 Dec. 31, 2012 Restated June 30, 2013 Dec. 31, 2012 Restated June 30, 2013 Dec. 31, 2012 Restated June 30, 2013 Dec. 31, 2012 Restated June 30, 2013 Dec. 31, 2012 Restated Assets 116’934 105’439 20’642 20’484 137’576 125’923 70’713 65’710 208’289 191'633
  11. 11. Page 19 | u-blox Annual Report 2008 u-blox Annual Report 2008 | Page 20Page 18 | Half year report 2012 Half year report 2012 | Page 19 4 Guarantees, pledges in favor of third parties and other contingent liabilities At June 30, 2012 and 2013 there were no guarantees in favor of third parties. 5 Subsequent events There have been no events between June 30, 2013 and the date of authorization of these condensed consolidated interim financial statements that would lead to an adjustment of the carrying amounts of assets and liabilities presented as of June 30, 2013 or would otherwise have to be disclosed. (in CHF 000s) Carrying amount Fair Value Cash and cash equivalents 36’427 36’427 Trade accounts receivable 27’132 27’132 Other receivables 5’110 5’110 Accrued income 914 914 Financial assets 1’209 1’209 Loans and receivables 34’365 34’365 Marketable securities 27’286 27’286 Financial assets at fair value through profit or loss 27’286 27’286 Trade accounts payable 16’592 16’592 Other payables - other 5’702 5’702 Accrued expenses 10’349 10’349 Borrowing 2’153 1’727 Liabilities at amortized costs 34’796 34’370 Other payables – contingent consideration 998 998 Liabilities at fair value through profit or loss 998 998 The carrying amount of the marketable securities recognized at their fair value is determined on the basis of the bonds prices at the balance sheet date. Fair value hierarchy The different levels of financial instruments carried at fair value have been defined as follows in the table below: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or the liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for assets or liabilities that are not based on observable market data (unobservable inputs). June 30, 2013 (in CHF 000s) Total Level 1 Level 2 Level 3 Marketable securities 27’286 27’286 Total assets 27’286 27’286 Other payables – contingent consideration 998 998 Total liabilities 998 998 There were no reclassifications between the various levels in 2013. The fair value of the contingent consideration remained unchanged as of 30.6.2013 except for the foreign exchange effect. 3 Financial instruments Carrying amounts and fair values of financial instruments The carrying amounts and fair values of financial assets and financial liabilities as at 30 June 2013 are as follows:
  12. 12. Page 21 | | Page 22Page 20 | Half year report 2013 Investor information and contacts u-blox Holding AG Corporate address Investor relations Website Financial calendar Ticker details for u-blox shares • Listing SIX Swiss Exchange • Ticker symbol UBXN • ISIN-No. CH0033361673 • Swiss Security-No. 3336167 • Reuters UBXN.S • Bloomberg UBXN:SW u-blox Holding AG Zürcherstrasse 68 8800 Thalwil Switzerland Phone +41 44 722 74 44 Fax +41 44 722 74 47 Roland Jud Chief Financial Officer E-mail: roland.jud@u-blox.com www.u-blox.com • Annual results 2013: March 20, 2014 • Annual General Meeting 2013: April 29, 2014 Disclaimer This document contains certain forward-looking statements. Such forward-looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the u-blox Group to differ materially from those expressed or implied. These include risks related to the success of and demand for the Group’s products, the potential for the Group’s products to become obsolete, the Group’s ability to defend its intellectual property, the Group’s ability to develop and commercialize new products in a timely manner, the dynamic and competitive environment in which the Group operates, the regulatory environment, changes in currency exchange rates, the Group’s ability to generate revenues and profitability, and the Group’s ability to realize its expansion projects in a timely manner. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this report. u-blox is providing the information in this release as of this date and does not undertake any obligation to update any forward-looking statements contained in it as a result of new information, future events or otherwise. Imprint Publisher / Copyright: September 2013 u-blox Holding AG, Thalwil, Switzerland. Worldwide presence Sales and R&D center Espoo, FI R&D center Reigate, UK Melbourn, UK Luton, UK Cork, IE Leuven, BE R&D center Sgonico, Italy Lahore, Pakistan Americas regional office Reston, Virginia, USA R&D center San Diego, California, USA Corporate headquarters EMEA regional office R&D center Thalwil, Switzerland APAC regional office Singapore APAC area offices Beijing, China Seoul, Korea Tokyo, Japan Shenzhen, China Taipei, Taiwan Bangalore, India Sydney, Australia

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