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austriamicrosystems AG

euro adhoc: austriamicrosystems AG
Financial Figures/Balance Sheet / austriamicrosystems reports revenues and earnings for fiscal year 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
annual report
23.02.2009
Detailed results for fiscal year 2008 and fourth quarter 2008
Unterpremstaetten, Austria (February 23, 2009) — austriamicrosystems 
(SWX: AMS), a leading worldwide designer and manufacturer of high 
performance analog ICs for communications, industry & medical and 
automotive applications, recorded audited revenues and earnings for 
fiscal year 2008 below the previous year. The company´s full year 
revenue development was strongly affected by the widening economic 
downturn in the fourth quarter. Net earnings were negatively impacted
by a previously announced extraordinary charge from currency hedging 
activities.
Financials
Group revenues for fiscal year 2008 reached EUR 184.7 million, 4.7% 
below the previous year´s revenues. On a constant currency basis, 
full year revenues decreased by only 2.2% compared to the previous 
year. Revenues for the fourth quarter 2008 were EUR 43.2 million, 
27.4% lower than the EUR 59.5 million recorded in the same quarter 
2007. On a constant currency basis, revenues for the fourth quarter 
decreased by 29.7% compared to the same quarter 2007.
Gross margin for the full year 2008 exceeded 50% again at 50.6%, 
slightly above the previous year´s 50.4%. Full year gross margin 
remained strong despite a disappointing revenue development given 
active cost management, a full natural hedge in the production costs 
and positive efficiency effects. Gross margin was 49.3% in the fourth
quarter 2008 compared to 52.2% in the same period 2007, mainly as a 
result of lower revenues in an increasingly challenging environment.
The IFRS group result from operations (EBIT) for 2008 was EUR 25.0 
million or 13.5% of revenues (2007: 14.4% of revenues). EBIT 
decreased by EUR 3.0 million or 10.7% compared to full year 2007, in 
line with previous guidance. Investment in research & development was
EUR 43.6 million, almost unchanged from 2007, or 23.6% of revenues to
support long term product roadmaps. The group EBIT for the fourth 
quarter 2008 was EUR 4.9 million, compared to EUR 10.9 million in the
same period 2007.
The net financial expense for 2008 was EUR -12.5 million, compared to
EUR -0.9 million for 2007, reflecting the expected EUR 10 million 
extraordinary charge due to the revaluation of hedging instruments 
which had been announced in November 2008, and higher financing 
costs. The net financial expense for the fourth quarter 2008 was EUR 
-11.5 million, compared to EUR -0.5 million in the same period 2007.
Net income for the fiscal year 2008 reached EUR 12.3 million, a 
decrease of 53.2% from EUR 26.3 million in the previous year. Basic 
and diluted earnings per share for 2008 were CHF 1.78 / EUR 1.13 and 
CHF 1.77 / EUR 1.12 respectively (2007: CHF 3.98 / EUR 2.42 and CHF 
3.96 / EUR 2.41). Net income for the fourth quarter 2008 was EUR -6.2
million, compared to EUR 10.1 million for the same period 2007, 
mainly due to the negative effect from currency hedging described 
above. Basic and diluted earnings per share for the fourth quarter 
were CHF -0.86 / EUR -0.57 and CHF -0.87 / EUR -0.58 respectively 
(2007: CHF 1.55 / EUR 0.93 and CHF 1.53 / EUR 0.92).
Cash flow from operations in 2008 reached EUR 47.5 million (2007: EUR
27.0 million), driven by reduced capital expenditures and lower 
accounts receivable. Capital expenditures for 2008 were EUR 14.4 
million, 60% lower than EUR 36.0 million recorded in 2007. Total 
backlog reached EUR 29.8 million at year-end 2008 compared to EUR 
41.2 million on December 31, 2007. Total backlog at year-end 2008 
does not reflect additional levels of consignment stock held for 
major customers.
Cash and short term investments stood at EUR 30.7 million on December
31, 2008 compared to EUR 23.1 million at the end of 2007. Further 
undrawn credit facilities are available to the company. Net debt 
reached EUR 31.2 million on December 31, 2008, increasing from EUR 
27.1 million at year-end 2007 due to long-term financing activities. 
The equity ratio was 62% at year-end 2008, compared to 63% at the end
of 2007. The average number of group employees was 1,129 for fiscal 
year 2008, compared to 1,071 for the year 2007, and 1,155 for the 
fourth quarter 2008.
In order to return cash to shareholders on a consistent basis, 
austriamicrosystems has decided to install a cash dividend policy. 
The dividend policy calls for regular distribution of 25% of the net 
result each year and is expected to be implemented this year for the 
first time based on 2008 earnings. Consequently, the company will 
propose a dividend of EUR 0.28 per share for 2008.
Business
austriamicrosystems´ business performed below previous expectations 
in the past year. While business was still on an upward trend through
the first nine months, the financial and economic crisis of the 
fourth quarter had a noticeable negative effect also on 
austriamicrosystems resulting in lower full year revenues and 
profitability compared to the year before. austriamicrosystems was 
still successful in its target markets as a leader in low power 
consumption, high accuracy and analog performance, building on its 
analog design expertise. The company launched numerous new products 
and product families in 2008 with a focus on lighting management, 
magnetic sensors, RFID, and specialty sensor interfaces.
In Communications, austriamicrosystems saw growth particularly in 
lighting management applications for handsets and other mobile 
devices. austriamicrosystems continued to serve Top 5 handset 
manufacturers with lighting and power management ICs in significant 
volumes, adding a leading Asian mobile phone vendor to its customer 
base last year. New products were introduced for LED LCD backlighting
and advanced noise cancellation for handsets, and innovative digital 
camera modules using austriamicrosystems products are being 
industrialized. MEMS microphone ICs grew strongly as this microphone 
technology quickly penetrates the global handset and also notebook 
market.
Industry & Medical was again successful with magnetic encoders and 
specialized sensor interfaces as well as industrial control products 
even though the first negative effects from the weak economic 
situation started to become evident towards year-end. Magnetic 
encoders continued to show attractive growth, additional products 
including linear encoders were introduced and new applications opened
up for the future. The new RFID reader IC product line met with 
success in the marketplace, first end products became available last 
year. Business in medical imaging which comprises digital X-ray, CT 
and ultrasound sensor interfaces for leading global OEMs continued to
increase in 2008.
Automotive showed a positive development for nine months, but was 
negatively impacted by the sharp automotive industry downturn towards
year-end. Still, austriamicrosystems´ customers continued development
efforts on next generation technologies where austriamicrosystems 
offers innovative solutions in areas such as FlexRay data bus, 
position measurement and battery management. The Full Service Foundry
business secured its position as a leading analog foundry focused on 
specialty processes. austriamicrosystems opened a new design center 
in Spain to focus on innovative IC solutions for renewable energy 
generation, a market offering attractive growth potential for the 
future.
Notwithstanding the difficult market environment, austriamicrosystems
broadened its customer base in 2008, adding new accounts and 
increasing penetration of existing customers based on its strong 
product portfolio. The company´s international manufacturing model 
including its Asian test center enabled full natural hedging of 
production costs in 2008, supporting gross margins in a volatile 
currency market.
As soon as the effects of the financial crisis became evident, 
austriamicrosystems identified cost reduction potentials across all 
areas of the company and implemented corresponding measures beyond 
its continuous cost optimization efforts. These measures will result 
in operating cost savings of over EUR 10m in 2009. In this context, 
the company announced worldwide staff cuts of approximately 70 
employees (around 6% of its total), to be completed in Q1 2009. 
Should the market situation turn even more negative as the year 
progresses, austriamicrosystems has the ability to implement further 
cost savings for 2009.
Outlook
Despite the current economic downturn, austriamicrosystems remains 
well positioned in its target markets Communications, Industry & 
Medical and Automotive for the longer term, based on a solid business
model, excellent products and high quality customers. A strong 
portfolio of high performance analog solutions and continuing 
research and development into innovative products offer 
differentiation in a fast-changing marketplace.
austriamicrosystems nevertheless expects the difficult current 
environment with extremely limited visibility across markets to 
persist through 2009. Consequently, austriamicrosystems is not in a 
position to provide revenue or earnings expectations for full year 
2009. austriamicrosystems expects a negative business trend for at 
least the first quarter and first half of 2009, resulting in a 
meaningful decline in revenues compared to last year´s first quarter 
and first half and a negative result on the EBIT and net level.
Additional financial information is available on the 
austriamicrosystems website at 
http://www.austriamicrosystems.com/eng/Investor
end of announcement                               euro adhoc

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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