03.11.2020, 8011 Zeichen

Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement.
Financial Figures/Balance Sheet
Leoben - 3 November 2020
15% with an EBITDA margin in the range of 20% to 22%
AT&S has managed one of the most severe economic crises since the Second World War excellently so far and recorded a 10% increase in both revenue and EBITDA. The diversified business model, which is additionally strengthened by the capacity expansion for IC substrates and the establishment of the module business, is currently robust in terms of profitability.
"AT&S is on track. Although the current pandemic weighs on demand in some areas and has a significant impact on the target markets, we were able to continue our growth course. The automotive market, which was hit particularly hard, is fortunately showing signs of bottoming out from our perspective. Progressing digitalisation thanks to increasing data traffic, the Internet of Things and increased connectivity are currently massively raising the requirements for digital infrastructure and its end devices. Based on the positive development in the first half, we are optimistic for the remaining months of the financial year. However, our business development depends on the further course of the coronavirus pandemic, the extent of the stimulus packages offered and geopolitical factors," CEO Andreas Gerstenmayer comments on the first six months.
AT&S increased consolidated revenue to EUR 537.8 million (PY: EUR 490.3 million) in the first half of the financial year. The successful start-up of the increased production capacity in Chongqing I, which serves the growing demand for ABF substrates, made a significant contribution to revenue growth. The broader customer and application portfolio in the Mobile Devices segment had a positive effect and compensated for revenue shifts due to delays in the launch of new products. In the AIM business unit, the Industrial segment recorded an increase in revenue. The Automotive segment was confronted with lower demand in the first half-year, but recently showed sequential improvement. Although the Medical segment recorded robust demand, a change in product mix caused revenue to decline.
EBITDA rose from EUR 101.1 million to EUR 111.2 million. This increase in earnings are primarily attributable to higher consolidated revenue, taking into account that investments in research and development were intensified in order to prepare for future technology generations and to pursue the modularisation strategy. These expenditures make the company future-proof and increase the earnings potential significantly in the medium term.
The EBITDA margin, at 20.7%, was at the prior-year level of 20.6%. EBIT improved from EUR 29.4 million to EUR 32.8 million. The EBIT margin was 6.1% (previous year: 6.0%). Finance cost - net declined from EUR 2.8 million to EUR -13.0 million due to a lower interest result and negative currency effects. Despite the significantly higher operating result and above all due to the negative finance costs - net, profit for the period decreased from EUR 19.5 million to EUR 14.7 million.
The financial position was solid at the reporting date. Total assets rose by 9.0% to EUR 2.0 billion due to additions to assets and technology upgrades compared with the balance sheet date.
Equity decreased by -3.9% to EUR 730.4 million due to negative exchange rate effects. Based on this decline in equity and the increase in total assets, the equity ratio, at 36.2%, was lower than at 31 March 2020. Net debt rose by 54.0% from EUR 246.7 million to EUR 380.0 million due to the increase in investment activities. Cash and cash equivalents totalled EUR 348.5 million. In addition, AT&S has financial assets of EUR 177.7 million and unused credit lines of EUR 425.5 million to finance the future investment programme and short-term repayments.

Key figures               Unit      H1 2019/20       H1 2020/21           Change
                                                                             in%
Revenue            EUR million           490.3            537.8             9.7%
EBITDA             EUR million           101.1            111.2            10.0%
EBITDA margin                %           20.6%            20.7%                -
EBIT
(operating         EUR million            29.4             32.8            11.8%
result)
EBIT margin                  %            6.0%             6.1%                -
Profit/loss        EUR million            19.5             14.7           -25.0%
for the period
ROCE                         %            3.4%             5.2%                -
Net CAPEX          EUR million            92.0            195.7            >100%
Cash flow from
operating          EUR million            62.2             83.6            34.4%
activities
Net debt           EUR million        246.7 *)        380.0 **)            54.0%
Earnings per               EUR            0.40             0.27           -31.7%
share
Number of                    -          10,126           10,855             7.2%
employees1)




*) As of 31.03.2020 **) As of 30.09.2020


Outlook 2020/21
Thanks to its strategic orientation, AT&S considers itself in a good position to
manage the current crisis successfully and to continue to positively participate
in the intact trends in the market.


The current expectations of the market development for the coming months of the
current financial year are as follows:


According to current forecasts, the demand for IC substrates will continue to be strong.\nDue to delayed product launches, demand for mobile devices shifted into the third quarter of the financial year; the usual seasonality is expected for the fourth quarter.\nAfter bottoming out, the Automotive segment shows a slightly positive trend.\nThe Industrial segment will remain at the level of the previous year.\nSlight growth is expected for medical applications for the full year.\nOperationally, AT&S will concentrate on optimally utilising existing and
building new capacities, especially for IC substrates and module printed circuit
boards in Chongqing in the current year, and above all continue to drive the
expansion of its business performance.


The strong results in the first half of the year, the good order situation in
the third quarter of the financial year, the successful start-up of the
additional capacity in Chongqing I and the excellent market positioning reassure
the Management Board in giving an outlook for the year despite the uncertainties
in the global markets. Assuming that there is no massive negative impact on the
relevant key markets, the production sites and the supply chain due to the
Covid-19 pandemic, the Management Board expects a significant boost for the
financial year 2020/21 with revenue growth of roughly 15% and an EBITDA margin
in the range of 20% to 22%.


Investment activities in the financial year 2020/21
"The capacity expansion in Chongqing strengthens our global market position for
IC substrates and modules; therefore we continue to drive our investment
projects. They are the basis for the company's further growth," CEO Andreas
Gerstenmayer comments on the current investment programme. In line with spending
discipline, a reduced budget of up to EUR 80 million is planned for basic
investments (maintenance and technology upgrades) depending on the market
development. As part of the strategic projects, the management plans investments
totalling up to EUR 410 million for the financial year 2020/21 - depending on
the progress of projects - plus EUR 30 million due to period shifts between the
financial years.


end of announcement                         euro adhoc


issuer:       AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
              Fabriksgasse  13
              A-8700 Leoben
phone:        03842 200-0
FAX:
mail:         ir@ats.net
WWW:          www.ats.net
ISIN:         AT0000969985
indexes:      VÖNIX, ATX, ATX GP, WBI
stockmarkets: Wien
language:     English


Digital press kit: http://www.ots.at/pressemappe/18136/aom



  
  



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