• 08.02.2022, 07:02:49
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EQS-Adhoc: ams-OSRAM AG: ams OSRAM delivers healthy full year and very solid fourth quarter results with profitability at midpoint of expectation range despite ongoing market imbalances and supply chain vola ...

EQS-Ad-hoc: ams-OSRAM AG / Key word(s): Quarter Results/Annual Results
   ams-OSRAM AG: ams OSRAM delivers healthy full year and very solid fourth
   quarter results with profitability at midpoint of expectation range
   despite ongoing market imbalances and supply chain vola ...

   08-Feb-2022 / 07:00 CET/CEST
   Disclosure of an inside information acc. to Article 17 MAR of the
   Regulation (EU) No 596/2014, transmitted by EQS - a service of EQS Group
   AG.
   The issuer is solely responsible for the content of this announcement.

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   Ad hoc Announcement pursuant to Art. 53 Listing Rules of SIX Swiss
   Exchange
   ----------------------------------------

   ams OSRAM delivers healthy full year and very solid fourth quarter results
   with profitability at midpoint of expectation range despite ongoing market
   imbalances and supply chain volatility

   - Fourth quarter revenues of USD 1,410 million / EUR 1,229 million and
   adjusted EBIT margin of 9.6% show profitability at the midpoint of the
   guidance range

   - Delivering portfolio re-alignment with USD 272 million announced sale of
   Fluence horticultural lighting systems business and remaining disposals
   underway, including automotive JV-related business

   - Implementing integration and synergy creation and programs as planned

   - First quarter expected revenues of EUR 1,190-1,290 million / USD
   1,365-1,465 million and expected adjusted EBIT margin of 8-11% reflect
   persistent supply chain imbalances, certain end market seasonality and
   deconsolidation effects

   - Capital markets day on 5 April 2022

   Premstaetten, Austria, and Munich, Germany (8 February 2022) -- [1]ams
   OSRAM (SIX: AMS), a global leader in optical solutions, reports full year
   and fourth quarter 2021 group financial results. "Our business delivered
   healthy full year results and a very solid performance in the fourth
   quarter with adjusted profitability for the quarter at the midpoint of our
   guidance range. We are pleased to report a positive first fiscal year as a
   combined company with revenues of USD 5,780 million / EUR 5,038 million
   driven by a strong performance of our automotive business and despite
   negative effects in our consumer business, as previously stated. In the
   ending quarter, our automotive business performed well against the
   backdrop of ongoing supply chain imbalances and OEM production reductions
   while our consumer, industrial and medical businesses contributed
   attractively in line with expectations", commented Alexander Everke, CEO
   of ams OSRAM.

   "Since March 2021 we have been very successful with the integration of
   OSRAM realizing major steps and achieving our targeted milestones across
   business areas. On our path to re-align and shape our future portfolio we
   have announced three disposals, dissolved the joint venture between OSRAM
   and Continental, and are moving ahead with the remaining disposals which
   include the business related to the former joint venture. In parallel, I
   am pleased to see very good progress in our broad-based integration
   programs and positive momentum within our teams. Our synergy creation
   programs are also fully on track and advancing as expected," Everke
   emphasized.

   "Market imbalances have persisted through the second half of 2021,
   particularly in the automotive market, and created revenue delays in
   automotive supply chains as a result of reductions in OEM production. From
   today's point of view, we expect this situation to continue to influence
   our market for a considerable period this year. Meanwhile, we are ensuring
   capacity availability on our side and are ready to serve recovering
   customer demand once the supply chain and production volatilities start to
   subside. Supply chain imbalances also affected certain areas of our
   consumer business last year."

   "As we deliver on further portfolio-related and operational milestones in
   the integration of OSRAM this year, I expect 2022 to still have
   transitional characteristics which include deconsolidation effects from
   remaining disposals. At the same time, looking forward, we see revenue
   drivers in the markets for advanced automotive and industrial LED lighting
   and consumer optical sensing as we continue to focus on differentiating
   technologies and new applications. We are strongly engaged in R&D for mid-
   and long-term growth markets spanning advanced illumination, innovative
   display visualization, and high performance sensing. Our roadmaps align
   with customer-driven developments and focused capacity investments to
   enable new differentiated solutions as a leader in optical technologies",
   Everke added.

   Quarterly financial summary

   USD millions                   Q4 2021 Q3 2021     QoQ Q4 2020      YoY
   (except per share data)
   Revenues                         1,410   1,478     -5%   1,620     -13%
   Gross margin adj.^1)             33.5%   33.8% -30 bps   34.6% -110 bps
   Operating income adj.^1)           135     153    -12%     270     -50%
   Operating margin adj.^1)          9.6%   10.3% -70 bps   16.7% -710 bps
   Net result adj.^1)                 136      12  1,062%     173     -21%
   Diluted EPS adj.^1)               0.51    0.02            0.49         
   Diluted EPS adj. (in CHF)^1)2)    0.48    0.02            0.46         
   Operating Cash Flow                206     248    -17%     371     -45%
   Net debt                         2,059   2,132     -3%   1,957       5%

   ^1) Excluding M&A-related, transformation and share-based compensation
   costs as well as results from investments in associates and sale of a
   business
   2) Earnings per share in CHF were converted using the average currency
   exchange rate for the respective periods
   Note: EPS denotes earnings per share

   Full year group revenues were USD 5,780 million, up 44% compared to full
   year 2020, particularly driven by consolidation effects in comparison with
   the first half of 2020. Fourth quarter group revenues were USD 1,410
   million, down 5% sequentially compared to the third quarter 2021 and down
   13% compared to same quarter 2020, also reflecting deconsolidation
   effects. Adjusted^[2][1] group gross margin for full year 2021 was 34%, up
   from 33% for full year 2020. Adjusted^1 group gross margin for the fourth
   quarter 2021 was 34%, unchanged from the third quarter and slightly down
   from 35% for the same quarter 2020.

   The adjusted^1 group result from operations (EBIT) for full year 2021 was
   USD 576 million or 10% of revenues compared up from USD 531 million or 13%
   of revenues for full year 2020 (unadjusted: USD 226 million or 4% of
   revenues for 2021). The fourth quarter adjusted^1 group result from
   operations (EBIT) was USD 135 million or 10% of revenues compared to USD
   153 million or 10% for the third quarter and USD 270 million or 17% of
   revenues for the same period 2020 (unadjusted: USD 192 million or 14% of
   revenues for the fourth quarter).

   Adjusted^1 group net result for full year 2021 was USD 313 million
   compared to USD 273 million for full year 2020 (unadjusted: USD -37
   million for 2021). Fourth quarter adjusted^1 group net result was USD 136
   million compared to USD 12 million for the third quarter and compared to
   USD 173 million for the same quarter 2020 (unadjusted: USD 193 million for
   the fourth quarter). Adjusted^1 diluted earnings per share^[3][2] for full
   year 2021 were USD 1.20 or CHF 1.14 (USD -0.14 or CHF -0.13 unadjusted).
   Fourth quarter adjusted^1 diluted earnings per share^[4][3] were USD 0.51
   or CHF 0.48 (USD 0.72 or CHF 0.68 unadjusted).

   The group operating cash flow for full year 2021 was strong at USD 908
   million while group free cash flow reached USD 553 million. Fourth quarter
   group operating cash flow was USD 206 million while group free cash flow
   reached USD 98 million. Group net debt was USD 2,059 million on 31
   December 2021, translating into a group leverage of 1.9x net
   debt/adjusted^1 EBITDA. Cash and cash equivalents stood at USD 1,527
   million on 31 December 2021.

   The Semiconductors segment contributed significantly to group results last
   year providing 65% of full year revenues together with a solid adjusted
   operating (EBIT) margin of 14%. Similarly, in the fourth quarter of 2021
   the Semiconductors segment contributed 64% of revenues with an attractive
   adjusted operating (EBIT) margin of 12%. In the Semiconductors segment the
   automotive end market delivered robust full year results driven by a
   positive backlog situation over the course of the year as the business
   managed through the demanding market environment and ongoing supply chain
   imbalances in the global automotive market. The segment's automotive
   business was successful as the global leader in automotive LED lighting,
   serving exterior and interior applications with a focus on performance and
   differentiation. In the fourth quarter, the segment's automotive market
   area recorded a very solid performance based on existing backlog and
   despite a negative effect from ongoing supply chain imbalances. The
   segment's consumer market area achieved attractive results in 2021 taking
   into account the previously detailed lower year-on-year second half
   revenue development which matched expectations, and certain effects from
   supply chain imbalances. The group's consumer business continues to serve
   world-leading OEMs with a range of optical sensing solutions for
   smartphones and other devices. For the fourth quarter, the consumer market
   area provided attractive broad-based contributions in line with
   expectations. The segment's industrial and medical market areas performed
   very well last year benefitting from an increasingly positive demand
   environment in markets for established and emerging industrial lighting,
   including horticulture, and medical and other imaging. In the fourth
   quarter, these developments continued to drive the segment's industrial
   and medical business with good momentum in horticulture LED products. To
   deliver on its roadmaps for profitable growth ams OSRAM focuses
   development activities on new LED technologies, optical and image sensing,
   display management, AR and 3D applications, UV-C LED, new automotive
   lighting, and LED-based visualization including micro LED.

   The Lamps & Systems (L&S) segment showed a good performance last year
   contributing 35% of full year revenues. The L&S automotive business
   including legacy traditional lighting developed very positively in light
   of the industry environment with full year results reflecting attractive
   demand across channels and lines. In the fourth quarter, the L&S
   automotive business continued to perform well in line with expectations.
   The other areas of the L&S business delivered solid full year results in
   industrial, building-related and medical applications as demand recovered
   over the course of 2021 while certain industrial markets such as
   entertainment remained subdued for most of the year. In the fourth
   quarter, the other areas of the L&S business saw further attractive demand
   and increasing contributions from lagging markets strongly affected by
   Covid-19.

   Aligned with the updated business structure of the group ams OSRAM will
   focus on presenting its financial results in EUR starting with the results
   for the current, i.e. first quarter. Nevertheless, the outlook for the
   first quarter is still given in USD and EUR to facilitate this change.

   For the first quarter 2022, ams OSRAM notes ongoing supply chain
   volatilities in the automotive market due to constrained end-to-end supply
   situations and lower production volumes at multiple OEMs while overall
   backlog remains supportive. The first quarter also shows a degree of end
   market seasonality next to deconsolidation effects compared to the
   previous year and a decreased year-on-year contribution from the consumer
   market in line with previous comments. ams OSRAM therefore expects first
   quarter group revenues of EUR 1,190-1,290 million or USD 1,365-1,465
   million, slightly up at the midpoint sequentially. Together with this, ams
   OSRAM expects an adjusted operating (EBIT) margin of 8-11% for the first
   quarter, all figures excluding deconsolidated revenues from the
   dissolution of the OSRAM/Continental joint venture and closed disposals as
   well as their financial effects and based on currently available
   information and exchange rates. ams OSRAM will hold a Capital Markets Day
   on 5 April 2022 in a virtual format to provide further information on its
   growth portfolio, technology position and strategy.

   Additional selected financial information for the full year and fourth
   quarter 2021 is available on the company website at
   [5]https://ams.com/financial-reports. The full year and fourth quarter
   2021 investor presentation is available on the company website at
   [6]https://ams.com/presentations-and-audio. ams OSRAM will hold a
   conference call on the full year and fourth quarter results on Tuesday, 8
   February 2022 at 9am CET. The conference call will be available via
   webcast at: [7]https://bit.ly/3rE7yve

   ###

   About ams OSRAM

   The ams OSRAM Group (SIX: AMS) 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 24,000 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-headquarters in Munich (Germany),
   the group achieved over EUR 5 billion revenues in 2021 and is listed as
   ams-OSRAM AG on the SIX Swiss Exchange (ISIN: AT0000A18XM4).
   Find out more about us on [8]https://ams-osram.com

   ams is a registered trademark of ams-OSRAM AG. In addition many of our
   products and services are registered or filed trademarks of ams OSRAM
   Group. All other company or product names mentioned herein may be
   trademarks or registered trademarks of their respective owners.

   Join ams OSRAM social media channels: [9]>Twitter [10]>LinkedIn
   [11]>Facebook [12]>YouTube

   for further information
   Investor Relations Media Relations

   ams-OSRAM AG ams-OSRAM AG
   Moritz M. Gmeiner Amy Flécher
   Head of Investor Relations Vice President Marketing Communications
   T +43 3136 500 31211 T +43 664 8816 2121
   investor@ams-osram.com press@ams-osram.com
   ams-osram.com ams-osram.com

   ^[1] Excluding M&A-related, transformation and share-based compensation
   costs as well as results from investments in associates and sale of a
   business

   ^[2] Based on 261,149,316 basic / 261,576,532 diluted shares

   ^[3] Based on 261,229,387 basic / 266,201,308 diluted shares

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   08-Feb-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com

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   Language:    English
   Company:     ams-OSRAM AG
                Tobelbader Straße 30
                8141 Premstaetten
                Austria
   Phone:       +43 3136 500-0
   E-mail:      investor@ams-osram.com
   Internet:    https://ams-osram.com/
   ISIN:        AT0000A18XM4
   WKN:         A118Z8
   Listed:      Regulated Unofficial Market in Dusseldorf, Frankfurt, Munich,
                Stuttgart, Tradegate Exchange; BX, SIX, Vienna Stock Exchange
                (Third Market (MTF))
   EQS News ID: 1277671


    
   End of Announcement EQS News Service


   1277671  08-Feb-2022 CET/CEST


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