EANS-Adhoc: ams AG / ams reports second quarter and first half results

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6-month report

23.07.2012

Key financial data for the second quarter and first half 2012

Unterpremstaetten, Austria (23 July, 2012) - ams (SIX: AMS), a
leading worldwide designer and manufacturer of high performance
analog ICs for consumer & communications, industry & medical, and
automotive applications, continued to grow revenues and earnings in
the second quarter of 2012, driven by strong demand for its high
performance analog solutions and the expansion of its global customer
base. Increasing expectations once again, ams now expects 2012
revenue growth of around 40% year-on-year; in addition, ams
anticipates 2012 full year EBIT margins to exceed 20%.

Second quarter group revenues grew to EUR 96.1 million, an increase
of 66% from EUR 57.9 million in the same quarter 2011 (54% in
constant currency terms) and up 6% quarter-on-quarter. Revenues for
the first half of 2012 were EUR 186.8 million, an increase of 65%
from EUR 113.0 million recorded in the first half of 2011 (57% in
constant currency terms). In the second quarter, gross margin was 54%
excluding acquisition-related amortization and 52% including
acquisition-related amortization, compared to 51% in the same quarter
2011. For the first half of 2012, gross margin increased to 54%
excluding acquisition-related amortization and 51% including
acquisition-related amortization, compared to 51% in the first half
of 2011. The result from operations (EBIT) for the second quarter was
EUR 21.3 million, up 180% from EUR 7.6 million in the second quarter
of 2011. This result reflects the successful expansion of ams'
business in attractive growth markets and the ongoing market success
of its customers. For the first half of 2012, EBIT was EUR 39.6
million, compared to EUR 15.8 million in the same period last year.
The net result for the second quarter 2012 was EUR 19.7 million
compared to EUR 6.6 million in the same period last year. Basic and
diluted earnings per share for the second quarter were CHF 1.87/1.77
or EUR 1.56/1.48 (CHF 0.80/0.78 or EUR 0.65/0.63 for the second
quarter 2011). The net profit for the first half-year 2012 was EUR
38.9 million, equivalent to CHF 3.68/3.53 or EUR 3.06/2.93 per share
(basic/diluted), compared to EUR 14.0 million, i.e. CHF 1.74/1.70 or
EUR 1.37/1.34 per share (basic/diluted), for the same period last
year. Operating cash flow for the second quarter was EUR 24.8
million, up EUR 8.5 million from the same quarter 2011, while
operating cash flow for the first half was EUR 49.4 million, up EUR
18.5 million from the first half year 2011. Total backlog on June 30,
2012 (excluding consignment stock agreements) was EUR 106.8 million,
compared to EUR 100.5 million at the end of the first quarter (EUR
61.9 million on June 30, 2011).

ams' business performed strongly in the second quarter and first half
of 2012. This positive development was driven by the company's
expanding range of high volume applications at major OEMs. ams
combined revenue growth with an ongoing improvement in margins, which
demonstrates the benefits of ams' products for customers as well as
the company's strong supply chain model. In its Consumer &
Communications business, ams recorded attractive growth across
product lines. As the global leader in integrated optical sensors,
ams continued on its growth path increasing market penetration and
customer reach. Shipment volumes rose through the second quarter
reflecting ams' customers' market success and the expansion of its
presence at top tier vendors. Best-in-class sensor solutions and
outstanding sensitivity make ams the provider of choice for a major
share of leading smartphone and mobile device OEMs. Shipments of the
company's lighting and power management ICs to handset and mobile
device vendors also remained at healthy levels. Answering next
generation power management demands, ams recorded first design-ins of
a new PMIC product for tablet PCs and mobile devices built around a
leading vendor's graphics processor solution. With the company's
success based on superior performance at a reduced footprint, ams
sees attractive market opportunities in this area going forward. MEMS
microphone driver shipments continued their upward trend during the
quarter, supporting ams' market leader position and the expectation
of further attractive growth in this market in 2012. New sensor
technologies for smartphones and mobile devices remain an area of
substantial activity as mobile device OEMs look for ways to add
innovative features and applications into their future models. In the
second quarter ams started volume shipment of its active antenna NFC
solution for mobile payment. The leading-edge solution allows full
integration of EMV-compliant NFC functionality into SIM or microSD
cards using the industry's smallest antenna form factor with
virtually a 100% read rate. ams sees very high levels of interest for
this innovation which enables more payment providers to participate
in the NFC mobile payment opportunity. ams is well positioned in this
upcoming market which ams expects to offer significant growth
potential for the company in the coming years. ams' industrial and
medical business delivered positive results in the second quarter and
first half, driven by the success of its differentiated sensor and
sensor interface products and solutions. In its industrial target
markets the company sees pockets of very good strength while other
market areas are facing a more mixed demand environment. ams' medical
business showed a robust development in the second quarter. Run rates
for the company's digital imaging solutions, particularly its
break-through computer tomography sensor (CT) solution, continued to
expand as ams' CT imaging customer is leveraging its technological
advantages in this market. Overall, ams' industrial and medical
business remains healthy as the company enters the second half of
2012. In Automotive, ams' business developed positively in the first
half driven by sensor and sensor interface solutions for critical
in-car systems. ams sees its automotive business expanding this year
based on new platforms, the company's technology portfolio and the
multi-year trend for more sensor capabilities in vehicles. Across
ams' markets, design-in activities continue to show attractive
momentum as ams is seeing strong interest from both direct OEMs and
distribution accounts for its products. In operations, ams is
implementing the planned 2012 expansion of its Philippines test
facility to support the ongoing and projected growth in product
volumes and the foundry business contributed positively to the
company's results.

Based on available information, ams is increasing its revenue
guidance once again and now expects full year 2012 revenue growth of
around 40% compared to last year. Given ongoing improvements in
profitability, ams also expects 2012 EBIT margins to exceed 20% on a
full year basis. ams confirms its positive outlook for 2012,
particularly as the company's business in the growth markets for
smartphones, tablet PCs and mobile devices continues to expand.

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About ams ams develops and manufactures high-performance analog
semiconductors that solve its customers' most challenging problems
with innovative solutions. ams' products are aimed at applications
which require extreme precision, accuracy, dynamic range,
sensitivity, and ultra-low power consumption. ams' product range
includes sensors, sensor interfaces, power management ICs and
wireless ICs for customers in the consumer, industrial, medical,
mobile communications and automotive markets. With headquarters in
Austria, ams employs over 1,200 people globally and serves more than
6,500 customers worldwide. ams is the new name of
austriamicrosystems, following the 2011 acquisition of optical sensor
company TAOS Inc. ams is listed on the SIX Swiss stock exchange
(ticker symbol: AMS). More information about ams can be found at
www.ams.com.

Further inquiry note:
Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-31211
Fax: +43 3136 500-931211
Email: investor@ams.com

end of announcement euro adhoc
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issuer: ams AG
Tobelbader Strasse 30
A-8141 Unterpremstaetten
phone: +43 3136 500-0
FAX: +43 3136 500-931211
mail: investor@ams.com
WWW: www.ams.com
sector: Technology
ISIN: AT0000920863
indexes:
stockmarkets: official dealing: SIX Swiss Exchange
language: English