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EANS-Adhoc: ams AG / ams reports robust first quarter group results driven by healthy demand, historical ams business revenues in upper half and adj. operating margin near top end of expected range ...

04.05.2021 | 07:00 Uhr | Ressort: | Quelle: Presseportal


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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is responsible for the content of this announcement.
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Selected financial information for the first quarter of 2021

Earnings/Financial Figures/Balance Sheet
04.05.2021

Premstaetten - ams reports robust first quarter group results driven by healthy
demand, historical ams business revenues in upper half and adj. operating margin
near top end of expected range; full integration underway with increased
expected total synergies and savings, group to be known as "ams OSRAM"; second
quarter expected group revenues of USD 1,430-1,530 million; delisting offer for
OSRAM shares

Premstaetten, Austria, and Munich, Germany (4 May 2021) -- ams (SIX: AMS), a
leading worldwide supplier of high performance sensor solutions, reports robust
first quarter 2021 group results with revenues of USD 1,549 million and an
adjusted operating (EBIT) margin of 11%. This attractive performance was driven
by healthy overall demand including strong demand in the automotive market,
despite typical seasonality in the consumer market. Referring to the final
published expectations for the historical ams business, this business recorded
very good first quarter revenues in the upper half and a healthy adjusted
operating margin near the top end of the expected range. For the second quarter
2021, ams OSRAM expects a further positive business development in light of
certain seasonal effects with revenues of USD 1,430-1,530 million.

Emphasizing the group's collective position as a worldwide leader in optical
technologies, the combined company will be known as "ams OSRAM". ams OSRAM has
developed a visual corporate identity strategy featuring the ams and OSRAM logos
and plans to change the legal name of ams AG in its upcoming Annual General
Meeting. The combined group is referred to as ams OSRAM group. To reflect its
business structure, ams OSRAM has moved to a new presentation and financial
reporting framework for the combined group with the two segments Semiconductors
and Lamps & Systems. This framework fully maps onto the taxonomy of the group's
solution portfolio and will be used in the segment reporting for the group. The
Semiconductors (Semis) segment comprises the historical ams business and the
historical OSRAM Optical Semiconductor business while the Lamps & Systems (L&S)
segment includes the historical OSRAM Automotive and Digital businesses.

First quarter group revenues were USD 1,549 million, 9% lower sequentially
compared to a very strong fourth quarter 2020. Comparable prior year financial
figures are not available due to the acquisition of OSRAM. The revenue
development reflects expected seasonal effects against the background of overall
healthy demand. The Semis segment accounted for 65% of total revenues while L&S
accounted for 35%. Adjusted[1] group gross margin for the first quarter 2021 was
35%, unchanged from 35% for the fourth quarter 2020 with comparable prior year
figures not available.

The adjusted[1] group result from operations (EBIT) was USD 172 million or 11%
of revenues for the first quarter compared to USD 285 million or 17% for the
fourth quarter 2020 (including adjustments: USD 81 million or 5% of revenues for
the first quarter) with comparable prior year figures not available. Referring
to the final published expectations for the historical ams business, first
quarter revenues for this business were USD 525 million and adjusted operating
profitability was 22% of revenues, in the upper half and near the top end of the
expected range. Adjusted[1] group net income was USD 89 million for the first
quarter compared to USD 183 million for the fourth quarter 2020 with comparable
prior year figures not available (including adjustments: USD -2 million for the
first quarter). Adjusted[1] basic/diluted earnings per share for the first
quarter were USD 0.38/0.38 or CHF 0.34/0.34 based on 260,986,741/262,009,178
shares and USD 0.03/0.03 or CHF 0.03/0.03 including adjustments (fourth quarter
2020: USD 0.62/0.48 or CHF 0.55/0.43 based on 260,696,784/294,130,349 shares;
all weighted average).

For the first quarter 2021, the group operating cash flow was positive at USD
249 million while group free cash flow reached USD 151 million. Net debt for the
group stood at USD 2,023 million on 31 March 2021, this corresponds to a group
leverage of 1.7x net debt/adjusted1 EBITDA which is ahead of expectations. Cash
and cash equivalents were USD 1,929 million on 31 March 2021, unchanged from
year-end 2020.

With the domination and profit and loss transfer agreement (DPLTA) between ams
and OSRAM becoming effective in early March, ams achieved the expected
operational control of OSRAM. The business integration of ams and OSRAM is now
fully underway via multiple programs to implement the new group organization,
drive the creation of synergies and execute on optimizing the business portfolio
of the group. ams confirms an increased total of expected cost savings of EUR
350m which expands on the previously announced EUR 300m expected run-rate pre-
tax synergies over a three-year period. These expected run-rate pre-tax
synergies will now be realized against a first quarter 2021 baseline of already
achieved cost savings of EUR 50m which OSRAM has implemented since last summer.
The group is also engaged in several M&A processes as part of the announced
portfolio alignment and will provide updates in due course.

Yesterday, ams has announced a delisting offer for all remaining OSRAM shares
with a cash consideration of EUR 52.30 for each OSRAM share. This offer is an
important step on the path to the full business and legal integration of OSRAM
into the ams OSRAM group and will also serve to streamline resources and
optimize costs. In line with the group's financial strategy, no additional
financing is needed for the offer. The four week offer period is expected to
commence on or around 21 May, following the expected regulatory approval of the
offer document. The delisting of the OSRAM shares from the regulated market is
anticipated to happen after the end of the offer period. ams invites all
remaining OSRAM shareholders to take advantage of this attractive cash offer
when available.

The group's Semiconductors (Semis) business showed a very healthy development
supported across business lines. The Semis business in the automotive market
achieved strong results with very attractive revenue growth and higher
profitability year-on-year. Excellent customer demand across regions continues
to be driven by the ongoing recovery of automotive demand compared to last year.
ams OSRAM is leading in automotive lighting components and solutions addressing
front, rear and interior applications for global customers. As an innovation
leader, ams OSRAM focuses on next generation automotive lighting for the coming
years while it benefits from the ongoing LED-ification of vehicles. This
includes highly pixelated front lighting enabling completely new applica­tions
to assist the driver and increase road safety as well as evolving head-up
display technology with a roadmap for AR integration. The group's combined EEL
and VCSEL portfolio enables high performance illumination for the future LIDAR
market for ADAS and automated driving. Overall, ams OSRAM sees a very strong
order situation continuing into the current quarter, enhanced by demand/supply
imbalances in the sector. Despite an increase in production efficiency compared
to 2020, capacity utilization is at a maximum with volumes in several areas
short of customer demand.

The Semis business in the consumer market saw a healthy performance driven by
the group's range of optical sensing solutions. ams OSRAM is a leading player in
display management, camera enhancement features and 3D sensing technology
serving a variety of large OEMs. The broad portfolio helps drive features such
as BOLED display management, light analysis and ranging for camera enhancing
applications, ultra-small scale optical sensing, and 3D functions across
architectures as well as novel visualization. For the emerging highly disruptive
Micro LED display technology, ams OSRAM sees strong momentum and drives the
industrialization of this key innovation in light of scalable consumer
applications. Given the group's leading position in Micro LED epitaxy and wafer
processing and positive consumer market feedback, ams OSRAM expects significant
Micro LED opportunities in the coming years with sensor-display integration to
follow. ams OSRAM is also strong in Mini LED technology that significantly
enhances the performance of current displays for multiple devices via
backlighting and is already market available. The group benefits from a positive
market dynamic and sees itself strongly positioned to expand opportunities based
on its technological strength. Driving innovation, ams OSRAM sees possibilities
to create novel Mini LED technology for exciting new use cases beyond display
backlighting. Development activities continue for next gen light sensing and 3D
technology, including system-level solutions for 3D ToF for world-facing AR and
BOLED 3D authentication, together with innovative near-to-eye visualization and
sensing for AR.

The Semis business in the industrial and medical market showed a robust
development. The regionally-driven recovery in illumination, industrial
automation and HABA as well as imaging is gaining further traction while demand
for horticultural lighting components is increasing strongly. Sensor-rich
Industry 5.0 creates numerous opportunities in the future, helped by the group's
leading position in global shutter imaging and spectral analysis. ams OSRAM also
expects significant future growth for its innovative UVC LED technology for
effective chemical-free disinfection. Medical imaging developed positively given
the company's strong market position while the spectral sensing innovation for
highly accurate Covid-19 LFT test analysis at the point-of-care showed
sequential growth. ams OSRAM pursues further opportunities here and are
developing new Digital Health applications in the in-vitro test market for the
coming years.

The Lamps & Systems (L&S) business recorded a very solid overall performance in
the first quarter. The automotive market performed strongly with good revenue
growth and higher profitability year-on-year. Sustained very robust demand
across regions reflects the ongoing recovery of automotive demand compared to
last year. A strong order situation is continuing into the current quarter which
also echoes demand/supply imbalances in the market. With production fully
utilized despite year-on-year efficiency improvements, customer demand exceeds
available volumes in several areas. As a global market leader and driver of
innovation, the focus for the coming years is on next generation lighting,
including highly pixelated headlamp systems offering very innovative driver
assistance and higher safety, supported by the group's strong aftermarket
position.

The L&S business in the industrial and medical market saw a mixed picture given
different effects from Covid-19 and market developments. Reduced end market
demand continues to impact the majority of the construction- and building-
related L&S business in major regions while certain areas of the Digital Systems
business show a recovery of demand. The entertainment-related market remains
strongly challenged across geographies. The disposal process for the Digital
Systems business, which had been initiated by OSRAM earlier, continues to
progress as part of the group's portfolio alignment.

The ams OSRAM business is seeing a strong order situation, particularly in the
automotive and, to a lesser extent, industrial market, which is continuing into
the current quarter. At the same time, ams OSRAM notes maximum capacity
utilization in several areas as well as certain allocation situations towards
existing customer demand. The company is also aware of tight supply chain
conditions in certain segments of the semiconductor industry. Given the complex
nature of supply chains and currently constrained forecasting of supply chain
participants ams OSRAM may therefore experience indirect or direct revenue
effects or swings related to product availability and customers' manufacturing
plans in the future.

Starting this quarter, the financial outlook relates to the ams OSRAM group. The
overall business is expected to continue to develop positively across segments
in the second quarter. This expectation is particularly driven by the ongoing
dynamic recovery of global automotive demand despite a generally tight supply
chain. Solid demand trends in other business areas support this development in
light of seasonal effects in the consumer market. At the same time, pandemic-
related effects continue to influence regional economies and end markets with
different intensity. For the second quarter 2021, ams OSRAM therefore expects
group revenues of USD 1,430-1,530 million, 5% lower sequentially at the
midpoint, with an expected adjusted operating (EBIT) margin of 7-10%, all based
on currently available information.

We currently expect a more limited seasonality for this year with group revenues
for the second half presently expected to be slightly higher compared to the
first half. This is due to the expected automotive production situation in light
of continued strong automotive demand as well as an expected lower market share
in the consumer market, the latter with a net revenue effect of below 5% of
currently expected full year group revenues. At the same time and based on our
strong relationships, we have multiple ongoing development and program
activities for all of our largest customers in the consumer and automotive
market.

In addition, the group re-confirms its overall financial target model which
looks for double digit average yearly revenue growth in % and an adjusted
operating profitability of 20-25%. The expectations above assume no unforeseen
negative effects from the Covid-19 pandemic that would result in a meaningful
negative impact on the group's business.

Additional financial information for the first quarter 2021 is available on the
company website at https://ams.com/financial-reports [https://ams.com/financial-
reports].

###

About ams Group
The ams Group, including the listed companies ams AG as parent company and OSRAM
Licht AG, is a global leader in optical solutions. By adding intelligence to
light and passion to innovation, we enrich people's lives. This is what we mean
by Sensing is Life.

With over 110 years of combined history, our core is defined by imagination,
deep engineering expertise and the ability to provide global industrial capacity
in sensor and light technologies. We create exciting innovations that enable our
customers in the consumer, automotive, healthcare and industrial sectors
maintain their competitive edge and drive innovation that meaningfully improves
the quality of life in terms of health, safety and convenience, while reducing
impact on the environment.

Our around 30,000 employees worldwide focus on innovation across sensing,
illumination and visualization to make journeys safer, medical diagnosis more
accurate and daily moments in communication a richer experience. Our work
creates technology for breakthrough applications, which is reflected in over
15,000 patents granted and applied. Headquartered in Premstaetten/Graz (Austria)
with a co-headquarter in Munich (Germany), the group achieved well over USD 5
billion combined revenues in 2020 (pro-forma). ams AG is a listed company on the
SIX Swiss Exchange (ISIN: AT0000A18XM4). OSRAM Licht AG remains a listed company
on the XETRA market in Germany (ISIN: DE000LED4000). More at https://ams-
osram.com

ams is a registered trademark of ams AG. In addition many of our products and
services are registered or filed trademarks of ams Group. All other company or
product names mentioned herein may be trademarks or registered trademarks of
their respective owners. Information provided in this press release is accurate
at time of publication and is subject to change without advance notice.

Join ams social media channels: >Twitter [https://twitter.com/amsAnalog]
>LinkedIn [https://www.linkedin.com/company/ams-ag] >Facebook [https://
www.facebook.com/amsAnalog] >YouTube [https://www.youtube.com/user/amsAnalog]
Join OSRAM social media channels: >Twitter [https://twitter.com/Osramcom]
>LinkedIn [https://www.linkedin.com/company/osram] >Facebook [https://
www.facebook.com/osram/] >YouTube [https://www.youtube.com/user/osram]

Please note: The ams brand is owned by ams AG, the OSRAM brand is owned by OSRAM
GmbH. ams group and OSRAM group are in the process of integration. The
combination of the ams and OSRAM brand is not representing a new brand. This is
a visual symbol of the two companies coming together, representing the
aspiration of our future joined group.

[1] Excluding acquisition-related, one-time restructuring and share-based
compensation costs and results from investments in associates.





Further inquiry note:
Moritz M. Gmeiner
Vice President Investor Relations
Tel: +43 3136 500-0
Fax: +43 3136 500-931211
Email: investor@ams.com

end of announcement euro adhoc
--------------------------------------------------------------------------------

issuer: ams AG
Tobelbader Strasse 30
A-8141 Premstaetten
phone: +43 3136 500-0
FAX: +43 3136 500-931211
mail: investor@ams.com
WWW: www.ams.com
ISIN: AT0000A18XM4
indexes:
stockmarkets: SIX Swiss Exchange
language: English