austriamicrosystems AG
Ad hoc-Service: Austria Mikro Systeme Q1/99 e
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Q1/99 Results of Austria Mikro Systeme International AG:
. Stagnation in market development and unresolved situation
with Group subsidiary, Thesys, affected results during the
reporting period
. Slight rise in order entry compared to the previous
quarters
. New organisational structure provides the foundation for
Austria Mikro Systeme International to respond to market growth
The continued slow development of the world semiconductor
market and the unresolved situation with the Groups
subsidiary, Thesys, during the reporting period, affected the
development of earnings for Austria Mikro Systeme
International.
Sales revenues fell by 24.4% to ATS 250.0 million (Q1/98: ATS
330.4 million). The result from ordinary activities during the
period under review was ATS -9.1 million (Q1/98: ATS 20.7
million). Net loss for the year was ATS -9.1 million (Q1/98:
ATS 15.7 million).
The poor earnings development was mainly a result of the marked
fall in sales compared to the first quarter of the previous
year. This was primarily due to the completion of several
customer projects in the Communications business segment, which
could not be replaced at short notice due to the lack of
availability of a deep sub micron technology production line.
In addition, the unresolved situation concerning Thesys during
the reporting period led to inefficiencies in some areas of the
Group, which also impacted upon the operating result. However,
when comparing the year on year figures, the unusually high
sales and earnings levels of the previous year should be noted;
in the first quarter of 1998, almost the entire result from
ordinary activities for the whole of the 1998 financial year
was achieved.
Aside from the fixed expenditure elements, the other
expenditure and income items in the income statement conformed
with sales during the period under review.
Mag. Johann Stritzelberger, CFO of Austria Mikro Systeme
International AG commented:
“The concentration on high-turnover projects in the three
business units will lead to the optimisation of resources. This
will result in an improved cost situation which will enhance
our future earnings position”.
The shareholders equity of Austria Mikro Systeme International
as at 31.3.1999 totalled ATS 1,408.7 million (31.3.1998: ATS
1,687.0 million). This decrease is largely due to the
depreciation of the holding in Thesys. With an equity ratio of
63.9% as at 31.3.1999 (31.3.1998: 64.9%) and no net
indebtedness (Gearing:-19%) the company has a solid equity
and financial base.
Order entry and order backlog
Order entry at Austria Mikro Systeme International declined by
-15.6 % to ATS 276.1 million compared to the previous year
(1Q/98: ATS 327.4 million). However, there was a slight
improvement compared to the two previous quarters (Q3/98: ATS
262.3 million; Q4/98: ATS 265.7 million). Order backlog on
31.3.1999 totalled ATS 317.4 million, representing a fall of
12.0% compared with 31.3.1998.
Outlook
The leading forecasting institutes for the world semiconductor
industry anticipate a market growth of about 10% during 1999,
particularly during the second half of the year.
However, because of the slow development of the market served
by Austria Mikro Systeme International and the adjustment
towards the new Group structure, there are unlikely to be any
sustained sales or earnings improvements in the short term.
Based on current indicators, improvement in the business can
only be expected in the second half of 1999.
Mag. Hans Jörg Kaltenbrunner, President and CEO of Austria
Mikro Systeme International AG commented:
“The Board is confident that the implementation of the new
organisational structure, a clear focus on customer and market
requirements and the availability of its own production line
for the “deep sub micron” technology field, will bring Austria
Mikro Systeme International back into a position of growth”.
Key figures
Q1/99 Q1/98 Q1/99 Q1/98
(MATS) (MATS) (MEUR) (MEUR)
Net Sales, Order
situation
Net Sales 250.0 330.4 18.2 24.0
Order entry 276.1 327.4 20.1 23.8
Order backlog at 31.3. 317.4 360.6 23.1 26.2
Earnings Position
Operating result -11.0 20.4 -0.8 1,5
Result from ordinary -9.1 20.7 -0.7 1.5
activities
Net result -9.1 15.7 -0.7 1.1
Net Worth and Financial
Position
Cash Flow 33.7 -8.1 2.5 -0.6
Capital expenditure 9.2 31.5 0.7 2.3
Shareholders Equity 1,408.7 1,687.0 102.4 122.6
Equity share (%) 63.9% 64.9% 63.9% 64.9%
Gearing in % -19.0% -8.7% -19.0% -8.7
Employees
Number at 31.3. 679 690 679 690
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