02.11.2016,
11468 Zeichen
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
quarterly report/6-month report
Good customer demand and capacity utilisation - especially in the second quarter of 2016/17\nRevenue close to the strong level of the previous year - despite stronger seasonality in the first quarter 2016/17\nStart-up effects from the new plants in Chongqing influence earnings\nRamp-up of plant 1 in Chongqing still flatter than expected due to necessary process optimisations; effects of delay included in the adjusted guidance\nAT&S, one of the global technology leaders for high-end printed circuit boards,
recorded a stable development in the core business in the first six months of
the financial year compared with the first half of the previous year, with
start-up effects from the new plants in Chongqing, China.
Andreas Gerstenmayer, CEO of AT&S, commented: "We showed a stable development
in the core business in the first half of 2016/17 and profitability is still
high. In relation to the very high prior-year level, we came close to matching
the level of last year despite stronger seasonality in the first quarter and
higher price pressure. Customer demand is very good at present: We could take
in significantly more orders if we had more capacity. However, the new plants
in Chongqing still have an impact on our results in the ramp-up phase, and the
start-up curve for IC substrates is still flatter. Because of that and the fact
that we have to temporarily reduce capacity at our existing plant in Shanghai
due to the adaption to a new technology, we had to adjust our outlook for the
year as part of the quarterly forecasting process. We still see growing markets
in all customer segments, but as a result of these factors, we expect slightly
slower growth and lower profitability than originally assumed."
Asset, financial and earnings position AT&S matched the strong revenue figures
of the previous year in the first half of 2016/17. At EUR 386.5 million,
revenue maintained the high level of EUR 387.1 million in the previous year.
First revenues from IC substrates nearly fully compensated the stronger
seasonality in the first quarter in the Mobile Devices & Substrates segment.
Based on the start-up effects for the Chongqing project (EUR 37.3 million),
EBITDA declined by EUR 41.1 million or -44.1% from EUR 93.2 million to EUR 52.1
million in the first half of the year. Adjusted for these start-up effects,
EBITDA amounted to EUR 89.4 million, down 4.6% on the high level of the
previous year. This slight decline results from a price/product mix effect in
the Mobile Devices & Substrates segment and could not be fully compensated even
though cost-saving measures were implemented.
The EBITDA margin was 13.5% in the first half of the year and thus - 10.6
percentage points below the very high level of 24.1% in the previous year.
Adjusted for the Chongqing project, the margin of 23.8% nearly matches the
high, adjusted prior-year level of 24.3%. In the core business, AT&S maintained
its relative profitability stable at the very high prior-year level despite the
challenging market environment.
Depreciation of property, plant and equipment and amortisation of intangible
assets amounted to EUR 57.9 million (prior-year period: EUR 42.5 million). This
higher depreciation and amortisation, which is predominantly related to the
Chongqing project, reduced EBIT by EUR 56.5 million to EUR -5.8 million.
Adjusted for the Chongqing project, EBIT totalled EUR 51.7 million, down EUR
3.7 million on the adjusted prior-year value. The EBIT margin amounted to -1.5%
(prior-year period: 13.1%). The adjusted margin was 13.8% and thus -0.6
percentage points below the adjusted prior-year level of 14.4%.
Finance costs dropped significantly from EUR 0.0 million in the prior-year
period to EUR -10.0 million, which was among other things due to negative
currency effects and a higher net interest result. The tax rate amounted to
6.5%.
The profit for the period fell by EUR -56.9 million from EUR 42.1 million in
the prior-year period to EUR -14.8 million due to the start-up effects of the
Chongqing project and significantly higher negative finance costs. As a result,
earnings per share declined from EUR 1.08 in the prior-year period to EUR
-0.38.
Cash flow and statement of financial position Cash flows from operating
activities before changes in working capital amounted to EUR 36.9 million vs.
EUR 85.4 million in the previous year. Cash flow from investing activities -
investments in the plants under construction in Chongqing, technology
investments in other locations and investments in financial assets - totalled
EUR -155.1 million (prior-year period: EUR - 97.5 million).
Equity decreased from EUR 568.9 million to EUR 531.9 million due to the loss
for the period, the dividend paid of EUR 14.0 million and negative currency
differences of EUR 8.2 million. The resulting equity ratio, at 36.4%, was -5.9
percentage points lower than at 31 March 2016 as expected, also because of the
increase in total assets.
Net debt rose by EUR 176.0 million from EUR 263.2 million at 31 March 2016 to
EUR 439.2 million. This expected increase resulted from the high investment
activities and the increase in working capital, which cannot be financed from
the operating result. Consequently, the net gearing ratio, at 82.6% at 30
September 2016, was substantially higher than at 31 March 2016 (46.3%).
Key financials:
According to IFRS; H1 2015/16 H1 2016/17 Change
in EUR million 01.04.-30.09.2015 01.04.-30.09.2016
Revenue 387.1 386.5 -0.2%
EBITDA 93.2 52.1 -44.1%
EBITDA margin (in 24.1 13.5 -
%)
EBITDA adjusted1) 93.7 89.4 -4.6%
EBITDA margin 24.3 23.8 -
adjusted (in %)1)
EBIT 50.7 -5.8 > -100%
EBIT margin (in %) 13.1 -1.5 -
EBIT adjusted1) 55.4 51.7 -6.7%
EBIT marginadjusted 14.4 13.8 -
(in %)1)
Profit/loss for the 42.1 -14.8 > -100%
year
Cash flows from 85.4 36.9 > -100%
operating
activities before
changes in working
capital
Net CAPEX 98.2 142.5 45.1%
Equity ratio 42.3 % 36.4 % -
Net debt 263.3 439.2 66.9%
Earnings per 1.08 -0.38 > -100%
average number of
shares outstanding
(in EUR)
1) Adjusted for the Chongqing project
Segment Mobile Devices & Substrates with stronger seasonality, earnings
influenced by Chongqing start-up effects Demand for high-end printed circuit
boards for mobile devices was good in the first half of the year; however, it
was characterised by considerably stronger seasonality in the first quarter in
comparison with the prior-year period. Revenue from IC substrates compensated
this development, but this segment recorded negative currency effects. Revenue
therefore amounted to EUR 269.7 million in the first half of 2016/17, down
-1.1% on the prior-year figure. EBITDA was significantly influenced by start-up
effects from the new plants in Chongqing and therefore decreased by EUR 43.1
million or -63.8% to EUR 24.5 million in comparison with the prior-year period.
Adjusted for the Chongqing effect, EBITDA amounted to EUR 58.5 million,
resulting in an adjusted EBITDA margin of 22.7%, which is lower than the
adjusted prior-year value of 25.3%. This is attributable to price and product
mix effects.
Automotive, Industrial, Medical segment with increases in revenue and earnings
With revenue growth of 2.9%, this segment increased the prior-year figure from
EUR 169.5 million to EUR 174.4 million. The main drivers were continued strong
revenue from high-end printed circuit boards in the Automotive segment, which
reflect the trend towards more electronic components in cars, and very strong
growing revenue in the Medical sector. Revenue in the Industrial sector
remained at the high level of the previous year. EBITDA rose by 19.9% from EUR
19.2 million to EUR 23.0 million. With an increase by 1.9 percentage points
from 11.3% to 13.2%, the EBITDA margin clearly exceeded the prior-year level.
Adjusted for the segment's share in the start-up effects of the Chongqing
project, EBITDA amounts to EUR 26.3 million and the adjusted EBITDA margin to
15.4% (prior-year period, adjusted: 11.0 %). The segment also benefited from
the reversal of a provision for unused space as this space is now used again.
Status Chongqing: still flatter ramp-up phase in plant 1 for IC substrates,
ramp plant 2 for substrate-like printed circuit boards is proceeding well As at
30 September 2016, AT&S invested EUR 392.9 million in the Chongqing project.
However, the optimisation of the highly complex production facilities for IC
substrates is still causing a flatter ramp-up. The production line is running
at full capacity, but the volume output and yield are not yet satisfactory. The
effects resulting from this delay were taken into account in the adjusted
guidance for the year. The ramp-up for the first production line for
substrate-like printed circuit boards is proceeding well.
Investment in new technology generation at the Shanghai plant Based on customer
demand, AT&S is preparing the new technology generation in the core business
for the Mobile Devices & Substrates segment at the Shanghai plant earlier than
originally planned. Serial production of this technology is scheduled to start
at the beginning of the second half of the calendar year
2017. The resulting technological adaptations of the production facilities
cause a temporary capacity reduction at the Shanghai plant. With this
technology, AT&S positions itself as a high-end supplier in continuously
growing customer segments.
Outlook for the financial year 2016/17 adjusted Provided that the macroeconomic
environment remains stable, the USD-EUR currency relation stays at a similar
level as in the past financial year 2015/16 and demand is stable in the core
business, AT&S expects an increase in revenue of 4-6% for the financial year
2016/17. The EBITDA margin should range between 15- 16% primarily due to the
start-up effects in Chongqing. However, the EBITDA margin in the core business
should be at a similar level as in the financial year 2015/16. Higher
depreciation and amortisation of an additional approx. EUR 40 million for the
Chongqing project in the financial year 2016/17 will have a significant
influence on EBIT.
end of announcement euro adhoc
Attachments with Announcement:
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http://resources.euroadhoc.com/us/mAIdTj0I
http://resources.euroadhoc.com/us/bbbwrbzJ
company: AT & S Austria Technologie und Systemtechnik Aktiengesellschaft
Fabriksgasse 13
A-8700 Leoben
phone: 03842 200-0
mail: info@ats.net
WWW: www.ats.net
sector: Technology
ISIN: AT0000969985
indexes: WBI, Prime Market, VÖNIX, ATX GP
stockmarkets: official market: Wien
language: English
Digital press kit: http://www.ots.at/pressemappe/18136/aom
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