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euro adhoc: austriamicrosystems AG
Financial Figures/Balance Sheet /
austriamicrosystems records revenues and earnings for fiscal year 2007 below
previous year, expects return to growth in 2008
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Detailed results for fiscal year 2007 and fourth quarter 2007
Unterpremstaetten, Austria (February 19, 2008) austriamicrosystems (SWX: AMS), a leading worldwide designer and manufacturer of high performance analog ICs for communications, industry & medical and automotive applications, recorded audited revenues for fiscal year 2007 slightly below the previous fiscal year and below company expectations. The revenue development was negatively impacted by a shortfall in austriamicrosystems´ mobile entertainment business and the continued adverse EUR/USD exchange rate in the second half and the seasonally strong fourth quarter 2007. austriamicrosystems´ power and lighting management, car access, sensor and sensor interface products - which account for the majority of revenues - performed well in fiscal year 2007.
Group revenues for fiscal year 2007 reached EUR 193.9 million, 1.3% or EUR 2.5 million below the previous year´s revenues. Revenues for the fourth quarter 2007 were EUR 59.5 million, 4.0% or EUR 2.5 million lower than the EUR 62.0 million recorded in the same quarter 2006 but up 16% on a quarter-on-quarter basis.
Gross margin for full year 2007 exceeded 50% for the first time, up more than two percentage points from 48% for the previous year. The strong increase in full year gross margin despite a disappointing revenue development was driven by ongoing cost benefits from the expansion of the 200mm wafer fab, higher overall production efficiency and positive changes in the product mix. Gross margin reached 52% in the fourth quarter 2007 compared to 50% in the same period 2006, demonstrating the robustness of austriamicrosystems´ business and manufacturing model in a challenging environment.
The IFRS group result from operations (EBIT) for 2007 was EUR 28.0 million or 14% of revenues (2006: 17% of revenues). This decrease of EUR 5.4 million or 16% compared to full year 2006 was due to the continuing strong investment in research & development including several major platforms and the effects of an adverse currency environment in the second half 2007. Investment in research & develop¬ment increased by EUR 5.7 million in 2007 compared to 2006, reaching 22% of revenues to support major design-wins and roadmaps for future business growth. The group EBIT for the fourth quarter 2007 was EUR 10.9 million, EUR 3.9 million lower than the EUR 14.8 million recorded in the same period 2006.
Net income for the fiscal year 2007 reached EUR 26.3 million, EUR 5.4 million or 17% lower than the EUR 31.7 million in the previous year. Basic and diluted earnings per share for the fiscal year 2007 were CHF 3.98 / EUR 2.42 and CHF 3.96 / EUR 2.41 respectively (2006: CHF 4.59 / EUR 2.91 and CHF 4.59 / EUR 2.91). Net income for the fourth quarter 2007 was EUR 10.1 million, EUR 4.1 million lower than for the same period 2006.
Mainly due to an increase in work in progress and finished goods given increasing use of consignment stock models and minimum stock levels required for standard products, cash flow from operations in 2007 reached EUR 27.0 million (2006: EUR 42.4 million). Capital expenditures for 2007 were EUR 36.0 million, driven by the completion of the build-out of the wafer fab and the expansion of the test facility in Asia. Total backlog reached EUR 41.2 million at year-end 2007 compared to EUR 55.2 million on December 31, 2006. Total backlog at year-end 2007 does not reflect the increasing use of consignment stock models and is therefore not fully comparable to the previous year´s data.
Cash and short term investments stood at EUR 23.1 million on December 31, 2007 compared to EUR 22.8 million at the end of 2006. Net debt reached EUR 27.1 million on December 31, 2007 increasing from EUR 18.1 million at year-end 2006 due to some short-time financing activities, in part for the announced acquisition of a minority shareholding in micro motor specialist New Scale Technologies, with repayment expected in 2008. The equity ratio increased further to 63% at year-end 2007 from 58% at the end of 2006. The average number of employees for the group was 1,071 for fiscal year 2007, compared to 983 for the year 2006, and 1,084 for the fourth quarter 2007, mainly driven by the expansion of the Asian test facility.
With the exception of Mobile Entertainment, austriamicrosystems´ business areas performed well in the past year. Building on its analog design expertise, integration skills and advanced manufacturing, austriamicrosystems was successful with existing and new products which improved the company´s position in the worldwide analog semiconductor market.
As a leader in low power consumption, high accuracy and analog performance, austriamicrosystems launched innovative products and product families in 2007 with a focus on power and lighting management, specialty sensors and sensor interfaces. In Communications, austriamicrosystems ramped several lighting management products for leading handset OEMs Nokia and SonyEricsson, reaching substantial volumes and run rates by year-end. austriamicrosystems was also successful in mobile entertainment despite the revenue shortfall, completing the development of its new product generation and supplying system solutions and power management & audio ICs in high volumes.
Industry & Medical had another successful year with attractive growth in digital X-ray components, industrial rotary encoders and specialized sensor interfaces, complemented by strong business in industrial automation and control. Automotive showed a very positive development, driven by sensor interfaces for automotive safety systems, a new product ramp-up for position measurement and continuing access business.
Demonstrating the strength of its product portfolio, austriamicrosystems broadened its customer base in 2007, gaining new accounts and increasing penetration of existing customers. Asia/Pacific was again a key region for austriamicrosystems in 2007, particularly for Communications products. The Full Service Foundry business unit enhanced its position as a leading analog foundry focused on specialty processes, driving margins as customer conversion to specialty technologies continues.
In operations, the expansion of austriamicrosystems´ state-of-the-art 200mm wafer fab to 8,000 WSPM (wafer starts per month) was completed in 2007, resulting in cost and efficiency benefits which continue to provide positive gross margin effects. The second test center in Asia was expanded further last year offering supply chain and cost advantages. Validating austriamicrosystems´ world class process expertise, a strategic cooperation with IBM for a new High Voltage process at the 0.18µm node was started in 2007. As part of austriamicrosystems´ manufacturing concept this partnership also provides access to additional production capacity.
With its growing portfolio of high performance standard products and customer-specific solutions for leading OEMs, austriamicrosystems is well positioned in its target markets Communications, Industry & Medical and Automotive. austriamicrosystems foresees its business to develop positively in the current year taking advantage of a strong product line-up and deepening customer relationships.
Based on available information, austriamicrosystems expects to return to growth in 2008 and to record a substantial increase in revenues and earnings for full year 2008 compared to 2007, with growth concentrated in the second half of the year.
Detailed financial information is available on the austriamicrosystems website at http://www.austriamicrosystems.com/08ir/ir_news_start.htm
austriamicrosystems is a leading designer and manufacturer of high performance analog ICs, combining more than 25 years of analog design capabilities and system know-how with its own state-of-the-art manufacturing and test facilities. austriamicrosystems leverages its expertise in low power and high accuracy to provide industry-leading customized and standard analog products. Operating worldwide with more than 1,000 employees, austriamicrosystems focuses on the areas of power management, sensors & sensor interfaces, mobile entertainment and car access in its markets Communications, Industry & Medical and Automotive, complemented by its Full Service Foundry activities. austriamicrosystems is listed on the SWX Swiss Exchange in Zurich (ticker: AMS). For more information, please visit www.austriamicrosystems.com.
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ots Originaltext: austriamicrosystems AG
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Moritz M. Gmeiner
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