SEZ

Quarterly Results 2006 (unaudited)

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Quarterly Key Figures 2006

in CHF million	Q1/2006*	Q2/2006*	Q3/2006*	Q4/2006	2006
Net sales	68.9	99.3	115.1	108.6	392.0
Operating income (EBIT)	0.9	9.5	15.9	12.4	38.8
Net profit (loss)	1.7	7.4	15.3	12.2	36.5
Order intake	91.3	104.7	104.4	107.3	407.7
Order backlog	82.8	86.2	75.1	72.7	72.7
Book-to-Bill	1.32	1.05	0.91	0.99	1.04

* Prior quarter figures have been restated due to the implementation of an accounting policy choice in IAS 19.

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

Consolidated statements of income (unaudited)

in CHF 1000	Mar-06*	Jun-06*	Sep-06*	Dec-06	2006
Net sales	68 931	99 300	115 111	108 645	391 987
Cost of goods sold	(44 256))	(59 332)	(66 562)	(65 755)	(235 905)
Gross profit	24 675	39 968	48 549	42 890	156 082
in % of net sales	35.8%	40.2%	42.2%	38.5%	39.8%
Other income	113	56	28	20	348
Research and development expenses	(12 927)	(14 847)	(16 356)	(12 807)	(46 636)
Sales and marketing expenses	(5 082)	(6 586)	(6 807)	(6 349)	(25 498)
Administration expenses	(5 858)	(9 104)	(9 493)	(11 332)	(26 353)
Profit from operations (EBIT)	922	9 486	15 921	12 421	38 748
in % of net sales	1.3%	9.6%	13.8%	11.4%	9.9%
Financial result	1 282	(149)	1 343	1 208	3 684
Profit before income taxes	2 203	9 337	17 263	13 628	42 432
Income taxes	(491)	(1 974)	(2 005)	(1 470)	(5 941)
Consolidated profit for equity holders of SEZ Holding Ltd.	1 712	7 363	15 258	12 158	36 491
in % of sales	2.2%	7.4%	13.3%	11.2%	9.3%

* Prior quarter figures have been restated due to the implementation of an accounting policy choice in IAS 19.

Consolidated balance sheets (unaudited)

in CHF 1000	3/31/06	6/30/06	9/30/06	12/31/06
Assets
Non-current assets
Property, plant and equipment	98 642	109 861	117 550	117 338
Intangible assets	17 811	16 900	16 630	16 951
Investments in affiliates	5	5	5	5
Other financial investments	4 096	1 362	1 361	2 448
Deferred tax assets	11 083	11 502	11 749	10 034
Total non-current assets	131 637	139 630	147 295	146 776

Current assets
Inventories, work in progress	98 443	91 778	99 231	105 032
Trade receivables	117 859	143 118	149 523	167 233
Other receivables	10 226	13 615	14 380	17 340
Financial investments	32 315	31 906	33 607	32 782
Cash and cash equivalents	160 826	143 971	145 652	136 825
Prepaid expenses and accrued income	3 516	2 109	1 939	581
Total current assets	423 185	426 497	444 332	459 793
Total assets	554 822	566 127	591 627	606 569

Liabilities and equity
Equity
Share capital	16 740	16 740	16 740	16 787
Capital reserves	276 246	276 494	275 492	276 019
Treasury shares	(2 352)	(2 298)	(1 232)	0
Translation reserve	(323)	(4 653)	(981)	(342)
Retained earnings	118 061	125 348	140 582	152 127
Total equity attributable to equity holders of SEZ Holding Ltd.	408 372	411 631	430 601	444 591

Liabilities
Non-current provisions	13 027	12 159	12 694	13 795
Non-current debt	40 963	42 065	42 520	39 876
Other non-current liabilities	127	122	124	122
Deferred tax liabilities	174	173	174	162
Total non-current liabilities	54 291	54 519	55 512	53 955
Trade payables	18 457	16 550	25 089	27 366
Current debt	32 848	33 636	25 512	28 484
Current income tax liabilities	6 768	9 681	8 240	6 765
Current provisions	5 945	6 541	6 471	5 968
Other current liabilities	24 258	28 121	35 079	34 958
Accrued expenses and deferred income	3 883	5 448	5 123	4 482
Total current liabilities	91 159	99 977	105 514	108 023
Total liabilities	146 450	154 496	161 026	161 978
Total liabilities and equity	554 822	566 127	591 627	606 569

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 2005.