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    AMS   AT0000A18XM4

AMS AG

(AMS)
  Report
Delayed Quote. Delayed Swiss Exchange - 05/14 11:30:58 am
17.545 CHF   -0.79%
05/13AMSá : Barclays reiterates its Sell rating
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05/06AMSá : Deutsche Bank reiterates its Neutral rating
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05/04Global markets live: Verizon, Pandora, HelloFresh...
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PRESS RELEASE: 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 ...

05/04/2021 | 01:01am EDT
=------------------------------------------------------------------------------- 
  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 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 

(MORE TO FOLLOW) Dow Jones Newswires

May 04, 2021 01:00 ET (05:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
AMS AG -0.79% 17.545 Delayed Quote.-8.65%
COMBINED GROUP CONTRACTING COMPANY - K.S.C. (PUBLIC) 8.88% 0.38 End-of-day quote.89.05%
DJ INDUSTRIAL 1.06% 34382.13 Delayed Quote.9.74%
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Financials
Sales 2021 5 204 M 6 320 M 6 320 M
Net income 2021 235 M 285 M 285 M
Net Debt 2021 1 905 M 2 313 M 2 313 M
P/E ratio 2021 16,0x
Yield 2021 -
Capitalization 4 175 M 5 064 M 5 071 M
EV / Sales 2021 1,17x
EV / Sales 2022 1,04x
Nbr of Employees 29 753
Free-Float 94,1%
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Mean consensus BUY
Number of Analysts 14
Average target price 21,79 €
Last Close Price 16,02 €
Spread / Highest target 63,5%
Spread / Average Target 36,0%
Spread / Lowest Target -14,7%
EPS Revisions
Managers and Directors
NameTitle
Alexander Friedrich Everke Chief Executive Officer
Ingo Bank Chief Financial Officer
Hans J÷rg Kaltenbrunner Chairman-Supervisory Board
Thomas Stockmeier Chief Technology Officer
Michael Grimm Vice Chairman-Supervisory Board
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