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austriamicrosystems AG

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Financial Figures/Balance Sheet
Solid revenue and strong earnings growth in fiscal year 2005, positioned for further growth in 2006

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21.02.2006
Detailed results for fiscal year 2005 and fourth quarter 2005
Unterpremstaetten, Austria (February 21, 2006) — austriamicrosystems
(SWX: AMS), a leading worldwide supplier of high performance analog
ICs for communications, industry & medical and automotive
applications, announces detailed financial results for the full year
2005 and fourth quarter 2005.
Financials
austriamicrosystems continued to show substantial growth in revenues
and earnings in 2005. Group revenues for the past fiscal year reached
EUR 178.4 million, increasing by 11.2% or EUR 17.9 million compared
to the previous year. Revenues for the fourth quarter 2005 were EUR
56.4 million, an increase of 11.7% (or EUR 5.9 million) compared to
the same quarter 2004.
Gross margin for the full year 2005 reached 45%, up from 43% in the
previous fiscal year. In the fourth quarter 2005, gross margin rose
to 46% compared to 44% in the same period 2004. The group result from
operations (EBIT) according to IFRS for 2005 grew by EUR 5.5 million
to EUR 26.1 million due to lower research & development and stable
sales, general and administrative expenses as a percentage of
revenues for 2005. The group result from operations for 2005
increased by 27% compared to 2004 despite a EUR 2.2 million
restructuring charge. The group result from operations for the fourth
quarter 2005 amounted to EUR 11.3 million, rising EUR 1.9 million
from EUR 9.4 million in the same period 2004.
Net income for the fiscal year 2005 rose strongly to EUR 23.1 million
from EUR 3.7 million in the previous year, an increase of EUR 19.4
million. Basic and diluted earnings per share for the fiscal year
2005 were CHF 3.26 / EUR 2.10. The ability to utilize previously
unrecognized off-balance sheet tax loss carry forwards resulted in a
very limited tax burden from the third quarter of 2005 onwards and
for the whole year 2005 while, on the other hand, net income for 2004
had been unfavorably impacted by one-time tax effects. Net income for
the fourth quarter 2005 reached EUR 10.8 million, an increase of EUR
3.3 million compared to the same period 2004.
Cash and short term investments stood at EUR 21.3 million on December
31, 2005 compared to EUR 17.3 million at the end of 2004. The
continuing repayment of long-term debt related to the construction of
wafer fab B resulted in net debt falling from EUR 53.4 million at
year-end 2004 to EUR 38.1 million on December 31, 2005 and financing
costs for fiscal year 2005 decreasing considerably compared to 2004.
The equity ratio showed a strong increase to 54% at year-end 2005
from 45% at the end of 2004. Cash flow from operations in the year
2005 continued to grow reaching EUR 41.4 million, an increase of EUR
2.5 million compared to 2004. Capital expenditures for 2005 were EUR
27.1 million, driven by further expansion of the wafer fab and test
operations. Total backlog reached EUR 54.2 million at year-end 2005
compared to EUR 45.3 million on December 31, 2004. The average number
of employees was 856 for fiscal year 2005, compared to 819 for the
year 2004, and 895 for the fourth quarter 2005.
The increase in gross margin in 2005 is the result of cost benefits
from the expansion of the 200mm wafer fab, higher overall production
efficiency and a more favorable product mix. austriamicrosystems
continued to invest strongly in research & development in the last
fiscal year, spending more than 17% of revenues to lay the foundation
for future growth and continuing technological leadership.
Business
austriamicrosystems’ business performed again strongly in the past
fiscal year. austriamicrosystems achieved significant market success
with existing and new products for an expanding global customer base,
building on its analog design expertise, integration skills and
advanced process technologies. The ability to offer highly integrated
ICs with outstanding analog performance, based on more than 20 years
experience in analog chip design, continued to be the key growth
driver for austriamicrosystems in 2005. As a result,
austriamicrosystems strengthened its position in the worldwide analog
semiconductor market further.
austriamicrosystems introduced a broad range of innovative new
standard products and product families in 2005, leveraging its
know-how in low power consumption and high accuracy. Successful
launches with existing and new customers included power and lighting
management solutions for portable devices such as handsets, satellite
radio and GPS receivers, complete portable audio solutions and
audio/power management subsystems, magnetic rotary encoder variants,
metering solutions and a large number of high performance analog
standard products. In addition, austriamicrosystems continued to
expand its customized solutions business in markets such as computer
tomography, personal healthcare, industrial automation and automotive
safety.
With significant growth in the key regions United States and
Asia/Pacific, austriamicrosystems demonstrated the strength of its
worldwide sales and distribution network as an increasing number of
key players across attractive markets rely on austriamicrosystems IC
solutions for their analog needs.
austriamicrosystems’ business unit Full Service Foundry continued to
position itself successfully as a leading analog foundry focused on
specialty processes, with new customer designs concentrating on our
advanced high voltage and SiGe processes. In operations,
austriamicrosystems expanded its state-of-the-art 200mm wafer fab
further to 6,500 WSPM (wafer starts per month), creating a strong
platform to support current and future growth. At the same time, the
legacy 100mm wafer fab was closed down after 22 years of successful
operation.
Outlook
austriamicrosystems is strongly positioned for continuing growth in
its product markets Communications, Industry & Medical and Automotive
with innovative standard product solutions and customer-specific
developments.
As an innovative and well positioned player in the global analog
semiconductor market, austriamicrosystems looks to the future with
confidence and expects its business to show further growth in the
current fiscal year. Based on available information,
austriamicrosystems currently foresees revenue growth of between 10
and 15% and continued strong growth in earnings for fiscal year 2006.
Further information is available on the austriamicrosystems website
at http://www.austriamicrosystems.com/08ir/ir_news_start.htm
end of announcement                               euro adhoc 21.02.2006 06:45:00

Further inquiry note:

Moritz M. Gmeiner
Director Investor Relations
Tel: +43 3136 500-5970
Fax: +43 3136 500-5420
Email: investor@austriamicrosystems.com

Branche: Technology
ISIN: AT0000920863
WKN: 632638
Börsen: SWX Swiss Exchange / official dealing

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