austriamicrosystems AG

EANS-Adhoc: austriamicrosystems AG
austriamicrosystems reports financial results for fiscal year 2011


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29.02.2012

Audited financial information for fiscal year 2011 and fourth quarter 2011

Unterpremstaetten, Austria (February 29, 2012) — austriamicrosystems (SIX: AMS),
a leading worldwide designer and manufacturer of high performance analog ICs for
consumer & communications, industry & medical and automotive applications,
recorded strong revenue and earnings growth in 2011 driven by fast growth in its
consumer & communications business and despite a muted development of the
industrial market in the second half.  2011 full year revenues increased by 32%
to a record high of EUR 275.7 million (USD 383.3 million) while the operating
profit grew by 59% to EUR 43.1 million. In the fourth quarter 2011,
austriamicrosystems recorded revenues of EUR 81.0 million, up 40% year-on-year
(39% in constant currency) and almost unchanged quarter-on-quarter, while the
operating margin improved to 18%. For 2012, austriamicrosystems increases its
full year guidance again and is now expecting revenue growth of more than 25%
compared to 2011, together with faster earnings growth.

Financials

Audited group revenues for 2011 were EUR 275.7 million (USD 383.3 million), an
increase of 32% from EUR 209.4 million recorded for 2010 and above the company´s
full year guidance of EUR 270-275 million (USD 365-371 million). In constant
currency, full year revenues increased by 38% compared to the previous year.
Revenues for the fourth quarter 2011 were EUR 81.0 million, up 40% from the EUR
57.9 million recorded in the last quarter 2010 (39% in constant currency) and
almost unchanged quarter-on-quarter.

Gross margins for the full year 2011 increased to 52% excluding an
acquisition-related amortization charge and 51% including the
acquisition-related amortization charge from 48% in 2010, driven by improved
product mix, continued high utilization and manufacturing cost reductions. Gross
margins for the fourth quarter 2011 were 53% excluding the acquisition-related
amortization charge and 50% including the acquisition-related amortization
charge, compared to 51% in the same period 2010. 

The group result from operations (EBIT) for 2011 was EUR 43.1 million or 16% of
revenues, up 59% from EUR 27.1 million in 2010. Investments in research &
development amounted to EUR 50.8 million or 18% of revenues, driven by long-term
product roadmaps and significant design-win activity throughout 2011. The group
EBIT for the fourth quarter 2011 was EUR 14.3 million or 18% of revenues, up 51%
from EUR 9.5 million in the fourth quarter 2010 and 10% from EUR 13.0 million in
the previous quarter. 

Net income for 2011 was EUR 35.3 million, up 53% from EUR 23.1 million in 2010.
Basic / diluted earnings per share for 2011 were CHF 3.75 / 3.67 or EUR 3.04 /
2.98 (2010: CHF 3.08 / 3.03 or EUR 2.25 / 2.21). Net income for the fourth
quarter 2011 was EUR 11.8 million, up 25% from EUR 9.4 million for the same
period 2010. Basic / diluted earnings per share for the fourth quarter were CHF
1.13 / 1.11 or EUR 0.92 / 0.91 (2010: CHF 1.21 / 1.16 or EUR 0.92 / 0.89).

Cash flow from operations increased to EUR 70.3 million in 2011, up 54% from EUR
45.7 million in 2010. Cash and short term investments stood at EUR 65.0 million
on December 31, 2011 compared to EUR 44.2 million at year-end 2010 while net
debt was EUR 52.6 million at year-end 2011 (December 31, 2010: EUR 3.5 million).
Capital expenditures for 2011 were EUR 17.7 million compared to EUR 13.2 million
for 2010. The total backlog at the end of 2011 which does not include
consignment stock agreements in major markets was EUR 90.0 million compared to
EUR 66.4 million on December 31, 2010. The average number of group employees was
1,193 for fiscal year 2011, compared to 1,119 for the year 2010, and 1,253 for
the fourth quarter 2011.

Based on the company´s cash dividend policy stipulating the distribution of 25%
of net earnings austriamicrosystems will propose a dividend of EUR 0.64 per
share for 2011. 

Business

austriamicrosystems´ business showed a strong performance in 2011. With the
addition of U.S.-based light sensor leader TAOS Inc. the company significantly
expanded its market position in the global analog semiconductor market and
extended its leadership in ultra-low power consumption, high accuracy and
exceptional analog performance applications. 

In the Consumer & Communications area, austriamicrosystems substantially
strengthened its position as a major supplier to leading smartphone, handset and
mobile device vendors last year. Through the acquisition of TAOS
austriamicrosystems has become the leading provider of advanced optical sensors
worldwide with roughly 40% market share. The company´s ambient light and
proximity sensors improve usability and user experience for smartphones, tablet
PCs, notebooks and desktop PCs with global smartphone and tablet PC leaders
relying on austriamicrosystems´ light sensor products for mobile device power
management.  Driven by fast market growth in smartphones and tablet PCs optical
sensors recorded a major volume increase last year while additional design-ins
expanded the company´s market reach. austriamicrosystems also continued to play
a leading role in mobile lighting and power management with high shipment rates
to top-tier device vendors. In MEMS microphone interfaces, austriamicrosystems
confirmed its market leadership with volumes rising to over 1 billion units last
year. The MEMS microphone market continues to grow based on smartphone and
tablet PC growth and increasing penetration. The company´s pure analog ANC
solution for the suppression of ambient noise is shipping in volume and winning
accolades in high volume headsets. The LCD-TV LED backlighting market did not
sustain the previous year´s momentum due to delayed technology adoption and
lower end-market volumes while austriamicrosystems retained its technological
lead. Solutions for RFID readers performed strongly last year with revenue
growth in excess of 100% albeit from a low base. The RFID market offers
outstanding opportunities for highly profitable growth for the company based on
the austriamicrosystems´ clear technological leadership in authentication and
payment systems.

The industrial and medical business recorded healthy growth and very positive
results for 2011 despite a mixed development of major market areas. After a very
strong first half with high order intake across industrial product lines, the
industrial business experienced weaker order patterns and a deceleration in end
market demand towards year-end and into the current year. A leader in industrial
sensors, industrial automation and building control, austriamicrosystems was
nevertheless able to fortify its market position last year: the industrial
business expanded its industry-leading portfolio of magnetic encoders which
includes the unique 3D-Hall position sensing technology and achieved first high
profile design-wins in the demanding Japanese market, being chosen over Japanese
competitors.

austriamicrosystems´ medical business recorded attractive growth last year given
significant market success in the core area Medical Imaging (CT, digital X-ray,
ultrasound). The company´s new integrated CT imaging sensor solution saw a
strong increase in shipments delivering major diagnostic and cost advantages.
Called a "revolutionary" innovation, the TSV (Through Silicon Via)-based
technology allowed the company´s customer to reinforce its leadership in the
global CT market. Overall, the medical business continues to benefit from
long-term partnerships with leading OEMs.

austriamicrosystems´ automotive business performed well in 2011 driven by
continued strong automotive demand worldwide. Focused on sensor and encoder
solutions, battery power management and critical safety systems, the company´s
automotive markets experienced healthy run rates and are seeing robust mass
production volumes. The automotive business increased its revenue pipeline again
last year winning designs at major system suppliers, including first wins for
key Japanese suppliers. The company´s specialty foundry activities continued
their success in 2011 serving a high quality client base with advanced specialty
processes. Building on its reputation as a leading analog specialty foundry, the
business area again provided an attractive contribution to the overall result. 

austriamicrosystems´ global customer base grew significantly in 2011 as
distribution revenues also saw a further healthy increase worldwide. The company
successfully leveraged its expanded sales and support network in Asia Pacific
and Japan to add substantial new customers and a number of high value projects.
With rapidly increasing business opportunities, the Asia Pacific region is
becoming an important driver of growth for austriamicrosystems going forward. At
the same time, the successful integration of the added optical sensor business
offers additional growth prospects for the future.

Outlook

Based on currently available information, austriamicrosystems is again
increasing its 2012 full year guidance to reflect growth expectations for its
consumer and communications business. austriamicrosystems is now expecting full
year revenue growth for 2012 of more than 25% compared to 2011.  At the same
time, the company anticipates gross margins to increase further and full year
earnings to grow faster than expected 2012 revenues. austriamicrosystems will
update its outlook during the year as more information becomes available.

In contrast to typical first quarter end-market seasonality, austriamicrosystems
expects continued growth in revenues and earnings for the first quarter 2012
with revenues showing a solid quarter-on-quarter increase.

Additional financial information is available on the austriamicrosystems website
at http://www.austriamicrosystems.com/eng/Investor

About austriamicrosystems

austriamicrosystems is a leading designer and manufacturer of high performance
analog ICs, combining 30 years of analog design know-how with state-of-the-art
manufacturing and test facilities and production partnerships.
austriamicrosystems leverages its expertise in low power and high accuracy to
provide industry-leading standard and customized analog products. Operating
worldwide with over 1,200 employees, austriamicrosystems focuses on the areas of
sensors & sensor interfaces, power management and mobile infotainment in its
markets Consumer & Communications, Industry & Medical and Automotive. Through
the combination with TAOS, a world leader in advanced light sensors,
austriamicrosystems has expanded its innovative sensor offering for growth
markets such as mobile devices. austriamicrosystems is listed on the SIX Swiss
Exchange in Zurich (ticker: AMS). For more information, please visit
www.austriamicrosystems.com


Further inquiry note:
Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-5970
Fax: +43 3136 500-5420
Email: investor@austriamicrosystems.com

end of announcement                               euro adhoc 
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issuer:      austriamicrosystems AG
             Schloß Premstaetten 
             A-8141 Unterpremstaetten
phone:       +43 3136 500-0
FAX:         +43 3136 500-5420
mail:     investor@austriamicrosystems.com
WWW:      www.austriamicrosystems.com
sector:      Technology
ISIN:        AT0000920863
indexes:     
stockmarkets: official dealing: SIX Swiss Exchange 
language:   English
 

 

 



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