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PCB |

AT&S with record revenue of EUR 667.0 million (+ 13.1%)

PCB manufacturer AT&S significantly exceeded the positive business development of the previous year, presenting a new all-time high in revenue and earnings in the preliminary results for financial year 2014/15.

“We saw a disproportional high benefit from the strong growth in the area of mobile devices, especially smartphones, and from the constantly increasing share of electronics in the automotive sector throughout the year. This led to the highest revenue in the company’s history to date“, says Andreas Gerstenmayer, Chairman of the Management Board of AT&S AG. Development of the asset, financial and earnings position Revenue was increased by 13.1 percent to EUR 667.0 million in the past financial year: especially revenue in the fourth quarter, which is usually affected by the Chinese New Year and temporary production downtimes at the plant in Shanghai, significantly exceeded the company’s own expectations. The contribution of products manufactured in Asia to revenue rose to 79.0% (vs. 75.9% in the previous year). Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 31.8 percent to EUR 167.6 million, compared with EUR 127.2 million in the financial year 2013/14. In the reporting period EBITDA was adversely affected by start-up costs of EUR 4.7 million for the new IC substrate facility in Chongqing (FY 13/14: EUR 4.9 million). In the previous year, EBITDA had been additionally burdened by costs of EUR 3.0 million related to the closure of the site in Klagenfurt. The EBITDA margin rose from 21.6 percent in the previous year to 25.1percent. Profit for the period, at EUR 69.3 million and an increase by 81.5 percent, reached a new peak level (FY 2013/14: EUR 38.2 million). Earnings per share rose by EUR 0.54, or 43.5 percent, to EUR 1.78 although the average number of shares outstanding increased and totalled 38.9 million shares (FY 2013/14: weighted 30.8 million shares). Business Unit Mobile Devices & Substrates with continued revenue and earnings growth at high level In the Business Unit Mobile Devices & Substrates, AT&S recorded revenue of EUR 455.2 million in the reporting year, which corresponds to an increase by 20.3 percent compared with the financial year 2013/14. This development is primarily attributable to the continued strong demand in the second, third and fourth quarters, with a concurrent high-end product mix and positive currency translation effects. EBITDA, at EUR 127.5 million, exceeded the prior-year figure of EUR 106.8 million by 19.4 percent. The EBITDA margin, at 28.0 percent, remained similar to the level of the previous year (28.2 percent). Business Unit Industrial & Automotive (incl. Medical) with further improvement in profitability With an increase in revenue by EUR 28.9 million to EUR 301.8 million (FY 2013/14: EUR 272.9 million), the Business Unit Industrial & Automotive (incl. Medical) achieved growth of 10.6 percent. The positive development was predominantly based on the ongoing growing demand for electronic components in cars, for example for Advanced Driver Assistance Systems, but also for applications in industry, for example for machine-to-machine communication or in online patient monitoring. As capacity utilisation continued to improve, efficiency-enhancing measures were implemented and there were no negative one-off effects, EBITDA rose by 61.7 percent to EUR 34.8 million. The EBITDA margin improved to 11.5 percent (FY 13/14: 7.9 percent). Outlook for the financial year 2015/16 The management expects ongoing good capacity utilisation provided that the macroeconomic environment remains stable and customer demand continues. On the basis of limited availability of capacities, a development of revenue similar to the financial year 2014/15 is forecast. The EBITDA margin will be in the range of 18-20 percent based on the start-up costs to be expected in the context of the ramp-up in Chongqing; in contrast, the EBITDA margin in the core business will remain at a level comparable to the financial year 2014/15.

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March 28 2024 10:16 am V22.4.20-1
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