SEZ

Quarterly Results 2004 (unaudited)

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Quarterly Key Figures 2004

in CHF million	Q1/2004	Q2/2004	Q3/2004	Q4/2004	2004
Net sales	66.3	79.3	83.6	75.7	304.8
Operating income (EBIT)	11.4	12.5	11.6	2.3	37.8
Net profit (loss)	10.5	5.7	10.6	5.3	32.1
Order intake	81.3	82.4	83.0	62,4	309,1
Order backlog	86.9	88.2	88.9	76,7	76,7
Book-to-Bill	1.23	1.04	0.99	0,84	1,02

* When totaling rounded amounts, differences due to this rounding can occur.

Consolidated statements of income (unaudited)

in CHF 1000	Mar-04	Jun-04	Sep-04	Dec-04	2004
Net sales	66 253	79 295	83 568	75 673	304 789
Cost of goods sold	(31 012)	(39 397)	(47 475)	(48 303)	(166 187)
Gross profit	35 241	39 898	36 096	27 370	138 602
Other income	91	89	84	87	351
Research and development expenses	(9 642)	(11 856)	(11 880)	(12 304)	(45 682)
Sales and marketing expenses	(6 066)	(6 182)	(6 048)	(6 482)	(24 778)
Administration expenses	(8 185)	(9 458)	(6 647)	(6 421)	(30 711)
Operating income (EBIT)	11 439	12 491	11 602	2 250	37 782
Interest and other financial income (expenses)	2 571	(2 401)	910	(1 175)	(95)
Profit before income taxes	14 010	10 090	12 512	1 075	37 687
Income taxes	(3 528)	(4 367)	(1 966)	4 237	(5 624)
Consolidated net profit	10 482	5 723	10 546	5 312	32 063

Consolidated balance sheets (unaudited)

in CHF 1000	3/31/04	6/30/04	9/30/04	12/31/04
Assets
Non-current assets
Property, plant and equipment	74 075	72 534	73 443	81 359
Investments in affiliates	528	528	528	5
Other financial investments and receivables	2 090	2 083	2 095	2 282
Intangible assets	26 681	25 139	24 130	21 587
Deferred tax assets *	8 515	8 457	8 478	8 927
Total non-current assets	111 889	108 741	108 674	114 160

Current assets
Inventories, work in progress	60 358	71 534	88 982	88 434
Trade receivables	75 222	103 219	109 593	103 303
Other receivables	5 863	11 831	12 616	9 345
Financial investments	18 139	17 698	18 050	29 910
Prepaid expenses and accrued income	358	1 714	1 479	732
Cash and cash equivalents	86 423	183 199	157 148	162 908
Total current assets	246 363	389 195	387 868	394 632
Total assets	358 252	497 936	496 542	508 792

Liabilities and shareholders' equity
Shareholders' equity
Share capital	13 950	16 740	16 740	16 740
Capital reserves	175 942	284 555	283 692	279 013
Retained earnings	82 530	88 252	98 798	104 110
Translation reserve	(4 953)	(10 448)	(7 590)	(10 027)
Treasury shares	(3 714)	(5 109)	(7 498)	(4 831)
Total shareholders' equity	263 755	373 990	384 142	385 005

Liabilities
Provisions	12 042	15 201	17 760	18 430
Non-current debt	28 294	30 055	29 252	25 600
Deferred tax liabilities	5 352	5 255	5 279	701
Other non-current liabilities	14	14	14	15
Total non-current liabilities	45 702	50 525	52 305	44 746
Trade payables	13 938	13 963	20 437	20 441
Current debt	12 478	25 446	7 766	31 510
Current tax liabilities	4 314	10 358	11 281	9 782
	16 120	21 412	18 870	14 637
Deferred income	1 945	2 242	1 741	2 671
Total current liabilities	48 795	73 421	60 095	79 041
Total liabilities	94 497	123 946	112 400	123 787
Total liabilities and shareholders' equity	358 252	497 936	496 542	508 792

The unaudited interim financial reporting for the periods ended have been prepared in accordance with the accounting policies set out in the Financial Report for the year ended 31 December 2003.