05.02.2019,
19136 Zeichen
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.
Selected financial information for full year and fourth quarter 2018
Annual Result/Quarterly Report
04.02.2019
Premstaetten - (PR title cont'd) ... more unfavorable end market environment,
subdued smartphone demand and characteristic seasonality reflected in expected
first quarter revenues of USD 350-390 million
Premstaetten, Austria (5 February 2019) -- ams (SIX: AMS), a leading worldwide
supplier of high performance sensor solutions, reports record revenues for full
year 2018, up 34% year-on-year, and fourth quarter revenues and operating margin
in-line with updated expectations. Full year 2018 revenues grew strongly to USD
1,627.4 million while fourth quarter revenues reached USD 491.4 million. This
growth was particularly driven by ams' consumer business including 3D sensing
and advanced light sensing in the second half of 2018. Reflecting a more
unfavorable end market environment,subdued smartphone demand and characteristic
first quarter consumer market seasonality, ams expects first quarter 2019
revenues of USD 350-390 million.
Group revenues for 2018 were USD 1,627.4 million, growing by 34% from USD
1,213.8 million in 2017. Group revenues for the fourth quarter 2018 were USD
491.4 million, up 4% sequentially from the third quarter and in-line with
updated expectations.
Adjusted gross margin for 2018 was 32% while adjusted gross margin for the
fourth quarter 2018 was 35%, compared to 43% and 44% respectively in 2017
(excluding acquisition-related, one-time restructuring and share-based
compensation costs). IFRS reported gross margin for 2018 was 27% with IFRS
reported gross margin for the fourth quarter 2018 at 28%, compared to 39% and
40% respectively in 2017 (including the abovementioned costs).
The adjusted result from operations (EBIT) for 2018 was USD 145.6 million or 9%
of revenues and the adjusted result from operations (EBIT) for the fourth
quarter 2018 was USD 61.9 million or 13% of revenues, compared to USD 192.5
million or 16% for 2017 and USD 146.6 million or 27% for the fourth quarter 2017
(excluding acquisition-related, one-time restructuring and share-based
compensation costs) (including these costs USD 14.7 million or 1% of revenues
for 2018 and USD 8.9 million or 2% of revenues for the fourth quarter 2018,
compared to USD 86.6 million in 2017 and USD 114.9 million in the fourth quarter
2017). The adjusted gross margin and result from operations above reflect one-
time restructuring costs in the fourth quarter 2018 totaling USD 29.6m regarding
customer-related equipment and the reorganization of the environmental sensing
business.
Adjusted net income for 2018 was USD 12.1 million while adjusted net income for
the fourth quarter 2018 was USD 1.7 million, compared to USD 145.5 million for
2017 and USD 161.3 million for the fourth quarter 2017 (excluding valuation
effect of option element of foreign currency convertible bond) (including
valuation effect USD 106.6 million for 2018 and USD 1.1 million for fourth
quarter 2018). Adjusted basic/diluted earnings per share for 2018 were CHF 0.15/
0.14 or USD 0.15/0.13 based on 81,836,472/88,509,392 shares (weighted average;
including valuation effect CHF 1.34/0.72 or USD 1.30/0.70; 2017: CHF 1.74/1.63
or USD 1.78/1.67 based on 81,898,559/84,574,429 shares, weighted average).
Adjusted basic/diluted earnings per share for the fourth quarter were CHF 0.02/
0.02 or USD 0.02/0.02 based on 81,944,770/83,985,704 shares (weighted average;
including valuation effect CHF 0.01/0.01 or USD 0.01/0.01; 2017: CHF 2.00/1.87
or USD 1.96/1.83 based on 82,383,170/85,860,494 shares, weighted average).
Cash flow from operations for 2018 was USD 359.9 million, significantly up from
USD -4.1 million for 2017, while fourth quarter 2018 cash flow from operations
was USD 293.5 million. Cash and cash equivalents increased strongly to USD 713.3
million on 31 December 2018, compared to USD 329.0 million at year-end 2017, as
net debt amounted to USD 1,362.2 million on 31 December 2018 (year-end 2017: USD
987.9 million). Capital expenditures for 2018 were USD 471.2 million compared to
USD 663.9 million for 2017, particularly due to a substantial expansion of
manufacturing capacity in Singapore. Total backlog on 31 December 2018,
excluding consignment stock agreements, was USD 332.9 million (USD 590.2 million
on 30 September 2018, USD 618.3 million at year-end 2017 (including certain
forecasted commitments)).
Reflecting a more volatile end market and macro-economic environment, ams has
decided to suspend its cash dividend policy for fiscal year 2018 to focus on
strengthening its business position in 2019.
ams recorded substantial growth in 2018 despite increasing end market volatility
towards the end of the year. ams successfully pursued its focused strategy for
leadership in optical, imaging, and audio sensing which was the basis for last
year's growth across end markets. However, in the fourth quarter ams faced
unexpected weakness in customer demand in its consumer business which resulted
in an update to original expectations for the quarter.
ams' consumer business was nevertheless the main growth driver for the company
last year with optical sensing once more being the largest business area for
ams. Optical sensing solutions in 3D sensing and advanced display management
were important revenue streams again last year while business performance in the
fourth quarter was lower than originally expected. As the leader in optical
sensing, ams offers a broad portfolio of high performance solutions for 3D
sensing including VCSEL-based illumination, TrueColor and other display
management, advanced proximity sensing, spectral sensing, and other optical
applications. ams continued to drive innovation in optical technologies last
year bringing new products and solutions to the market.
ams is a leading provider of 3D sensing technology having ramped significant 3D
sensing volumes for a major global smartphone platform in the second half of
2018. As 3D sensing adoption in mobile devices is broadening, ams sees ongoing
coexistence of the 3D sensing approaches structured light (SL), time-of-flight
(iToF), and active stereo vision (ASV). ams has been able to win designs in all
three areas with more 3D sensing-enabled devices expected to be launched this
year. ams does not see one dominant approach emerging, rather, technology
choices will continue to be driven by application, performance, software,
solution partner, size, and cost considerations. Currently focusing on 3D system
illumination, ams is successful working alongside different image sensor vendors
at multiple OEMs and does not see issues of overlap. This broad traction
underlines the strength of ams' illumination portfolio and ams' leading system
capabilities. Consequently, ams' 3D portfolio spans dot projection, different
types of flood illumination, ToF proximity sensing, and pattern projection for
SL, iToF and ASV.
With design-wins in SL, iToF and ASV ams provides illumination solutions for a
range of Android 3D devices which are either launched or expected to be launched
this year. Leveraging its solution know-how, ams started shipping first VCSEL
and 3D sensing products for Android SL 3D face recognition to two Asian
smartphone OEMs last year. The mentioned Android iToF designs which ams has won
for 3D programs at two Asian smartphone OEMs are also built around ams'
illumination expertise and are shipping or expected to start shipping in the
first half of 2019.
At the recent CES trade show, ams presented a high quality ASV implementation
for 3D face recognition in partnership with leading software provider Face++/
Megvii, Qualcomm Technologies, Inc. and Bellus 3D. This solution shows the
success of the companies' combined development efforts which had started last
summer. ams has separately won a first design in ASV illumination and expects
first ASV 3D systems using ams technology in Android smartphones this year. ams
believes that upcoming ASV reference designs will enable quicker and easier
implementation of 3D sensing for Android OEMs driving adoption of ASV.
Based on its leading portfolio in 3D sensing, ams addresses front-facing face-
related and world-facing applications. For world-facing 3D sensing, ams expects
a multi-year timeline of adoption as applications and solutions continue to
evolve. However, supporting early adoption ams recently finalized an
illumination solution for a world-facing 3D sensing system at a major Android
OEM and sees volume shipments starting in the current quarter. ams'
differentiated VCSEL technology offers competitive advantages for 3D sensing
that are recognized in the marketplace. Together with ams' 3D system know-how,
these are driving strong market and design traction for ams' VCSEL solutions in
SL, iToF and ASV. ams therefore expects to establish a significant market
position in high power VCSELs for 3D sensing over the next years. As shown by
its extensive engagements with OEMs and ecosystem players, ams' ongoing
development efforts are driving the company's leadership position in 3D sensing
which is built on ams' recognized solution capability and outstanding system
expertise across all 3D technologies.
In other optical sensing, ams reinforced its market leader position in display
management light sensors including TrueColor, ambient light and proximity
sensing. ams shipped a wide range of display management solutions to a broad
base of consumer OEMs last year. This included significant volumes of TrueColor
solutions which ams ramped in the second half of 2018 and very small scale
proximity sensing for audio accessories at a major OEM. At the recent CES trade
show, ams introduced an innovative solution for behind-OLED-display light and
proximity sensing which enables bezel-less phone designs. For the previously
reported first design-wins in this technology ams has recently started volume
shipments to a leading Asian smartphone OEM. As bezel elimination is a key theme
in the smartphone market, ams is seeing additional OEM interest for the
solution. Significant R&D activities for new and future optical sensing and
VCSEL illumination technologies continued last year. ams is working to finalize
a miniature consumer spectral sensing solution with a major consumer OEM and
expects shipments to start in mid-2019 contributing to this year's revenues.
ams' other consumer product lines offered attractive contributions last year
shipping in high volume to multiple OEMs.
Audio sensing was another growth area for ams in 2018 showing continued good
performance in the fourth quarter. MEMS microphone interfaces where ams is the
market leader recorded solid volume growth again last year. The strong market
success of home assistant devices with multiple microphone content was an
important driver of this development. In the growing market for ear- and
headphone active noise cancellation (ANC), ams holds a leadership position
serving a broad range of accessory and device OEMs. ams recently introduced a
highly miniaturized high performance ANC solution for wireless earbuds.
Moreover, new technologies such as ams' single cable power and data interface
and hybrid ANC are seeing market traction and offer additional opportunities
going forward. ams also sees potential for audio sensing to support future
machine hearing applications in coming years. For the reported opportunistic
power component win in a consumer charging application, ams expects mass
production this year as planned.
In autumn 2018, ams decided to de-emphasize development efforts in environmental
sensing and focus relevant resources on very attractive mid- and long-term
growth opportunities in optical technologies. ams expects optical technologies
including innovation areas such as photonic elements to support an even broader
spectrum of applications in the future. Based on the decision, ams has already
implemented steps to internally redeploy R&D resources to its optical sensing
focus area. ams is also actively exploring strategic options for parts of its
environmental sensing business.
As a result of these streamlining efforts, ams can pursue a more focused
strategy around its three strategic pillars optical, image and audio sensing
which are core drivers of differentiation for ams.
ams' automotive, industrial, and medical businesses performed well in 2018. ams
serves a diversified range of non-consumer end markets with a clear focus on
advanced sensing applications for global OEMs. As a leading supplier of high
value sensing solutions, ams continued to drive innovation and performance
across non-consumer applications last year. ams' automotive business showed
attractive growth in 2018. Focused on applications for safety, driver
assistance, autonomous driving, position, and chassis control, ams' automotive
portfolio is strongly positioned towards structural growth areas in automotive
sensing. ams shipped a broad range of differentiated sensing products to leading
automotive system suppliers last year and sees increasing customer interest in
Asia including Japan. At the same time, ams expects a more muted development of
automotive volume demand in the coming quarters reflecting the prevailing
industry and macroeconomic environment.
In automotive LIDAR, development activities continue at a strong pace to support
the large reported 3D LIDAR program for a VCSEL array/driver illumination system
at a global automotive supplier. Moreover, the US-based automotive LIDAR start-
up company working with ams presented their latest 3D LIDAR solution
incorporating 128 VCSELs at the recent CES trade show. LIDAR and 3D technologies
are gaining increasing OEM attention for automotive applications, here ams
offers strong VCSEL and optical sensing expertise as well as system know-how
which enables high performance optical implementations. Design activities for a
first in-cabin 3D sensing project are progressing among strengthening OEM
interest, in this area ams sees potential to leverage its system expertise in
iToF and ASV.
ams' industrial business recorded another successful year in 2018. ams is an
important supplier to industrial OEMs worldwide serving the industrial
automation, factory automation, HABA, and additional industrial markets.
Expanding its broad portfolio of differentiated solutions, ams was able to
strengthen its leading position in industrial sensing based on application know-
how and solution expertise. The industrial markets for manufacturing, HABA,
industrial IoT and other applications continue to see increasing demand for
sensor-based data acquisition. As a consequence, ams expects new sensing
applications and technologies including 3D sensing to create further growth
opportunities for ams in the coming years. ams' industrial imaging and machine
vision business was particularly successful last year winning new designs in
important markets. Leveraging its industry-leading global shutter technology,
ams brought innovation to the market and remains at the forefront of growth
applications in high performance image sensing.
ams' medical business showed a good performance again last year. ams' market
leadership in Medical Imaging for computed tomography (CT) and digital X-ray
remained the core driver of ams' medical business in 2018. ams successfully
ramped first solutions for another new Asian medical imaging OEM and sees
continuing good market traction in Asia. ams also introduced the next generation
of microcameras last year offering the world's smallest camera systems for
endoscopy. Based on this strong technology position, next generation medical
endoscopy continues to be a growth area for ams.
In operations, ams completed a substantial expansion of manufacturing capacity
in its Singapore locations last year to support customer plans. Capital
expenditures totaled around USD 471 million for 2018 while showing an expected
strong quarter-on-quarter decrease in the fourth quarter. Simultaneously, ams
realized major efficiency improvements and reduced process times in several
production areas last year which have resulted in a lower utilization of ams'
expanded optical manufacturing and filter deposition capacity. ams expects this
situation to continue to create operational headwinds for the company this year.
At the same time, these advances in manufacturing allow ams to expect very
significantly lower capital expenditures for 2019 compared to 2018 which will
support the financial strength of the company. ams' in-house wafer manufacturing
capacity in Austria was again fully utilized through 2018.
Construction of ams' internal VCSEL production line continues with limited
equipment investment remaining. ams sees further differentiation opportunities
in both design and manufacturing of high power VCSELs for consumer and other
applications which ams is keen to exploit through this manufacturing investment.
To optimize operational and cost effects of the wafer manufacturing line as part
of ams' total VCSEL capacity, ams has adapted the front-end production ramp of
the line to a planned start around the end of this year. In line with previous
expectations, anticipated VCSEL volume needs for this year will be covered
through ams' established outsourced supply chain.
Given the current volatile capital market environment and as ams does not see
additional capital needs at this time that would drive a share placement, ams
has decided to postpone the planned secondary listing at the Hong Kong stock
exchange (HKEx). The prerequisite jurisdiction admission process for Austria was
successfully completed in December and ams expects to pursue the planned
secondary listing at a later point in time.
For the first quarter 2019, ams expects revenues to reflect the current more
unfavorable end market environment and subdued smartphone demand in addition to
characteristic first quarter consumer market seasonality. As a result, ams
expects first quarter revenues of USD 350-390 million based on available
information. Driven by lower expected production volumes in ams' consumer
business in the first quarter, ams foresees a first quarter adjusted operating
(EBIT) margin in the low single-digit percentage range.
ams is experiencing growing end market volatility, customer performance that is
becoming more difficult to anticipate, and ongoing uncertainty regarding end
market demand trends, industry development, and the macro-economic environment.
ams has therefore decided to continue to provide detailed guidance for the
relevant upcoming quarter going forward and discontinue other numerical
guidance.
Additional selected financial information for full year 2018 and the fourth
quarter 2018 is available on the company website at
https://ams.com/financial-
reports
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
Digital press kit:
http://www.ots.at/pressemappe/2901/aom
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AMS
Akt. Indikation: 0.96 / 0.98
Uhrzeit: 13:03:44
Veränderung zu letztem SK: 0.76%
Letzter SK: 0.96 ( -1.03%)
Bildnachweis
1.
Jos Dijsselhof ist neuer Chief Executive Officer (CEO) der Schweizer Börse SIX, an der bekanntlich auch die heimischen Titel ams und KTM Industries notieren; Bildquelle: SIX
, (© Aussender) >> Öffnen auf photaq.com
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