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PCB | May 10, 2007

AT&S sales up 25%, half comes from Asia

AT&S expect demand for complex printed circuit boards to continue to rise in line with the trend towards more slimline handsets and an increased proportion of 3G mobile telephones.
In the financial year ended March 31, 2007, AT&S posted a 25% increase in revenues to EUR 467m. Fourth quarter revenues were up 14% to EUR 110m. Gross profit for the year increased to EUR 71.5m (up 16%), EBIT reached EUR 32.6m, 24% up year on year. This gives an EBIT margin for the year of 7%. Fourth quarter gross profit was some EUR 14.7m (up 5%) and EBIT for the quarter was EUR 4.4m (down 11%).

Profit before tax for the year was EUR 32.1m (up 55%), with a fourth quarter pre-tax profit of EUR 4.2m (up 5%). Net income for the year climbed to EUR 31.3m (up 11%). Earnings per share were EUR 1.28, an increase of 18%. In the fourth quarter, net income was EUR 4.8m and earnings per share were EUR 0.21. AT&S's effective tax rate for financial 2006/07 was 2.5%. AT&S's net debt at March 31, 2006 amounted to EUR 110.6m (EUR 34.7m a year earlier), giving a gearing ratio of 50.1%. Management will recommend an increase in the dividend per share from EUR 0.29 to EUR 0.31 to the Annual General Meeting on July 3, 2007.

In financial 2006/07 AT&S continued to grow as planned. The second plant in China began operations with an good performance, both financially and in terms of quality; the acquisition of Tofic in Korea paved the way for entry to the market for flexible circuit boards. Their full effects will however only be felt in the coming months and years, as rising profits cease to be impacted by start-up costs.

“We have invested major amounts in China and Korea to maintain growth in the future," explains Harald Sommerer, Chairman of AT&S's Board of Management. “and the positive effects are now being reflected in the figures for the first time. In the next few years over half of Group sales will be produced in Asia, increasing profitability still further."

For financial 2007/08 – the year beginning on 1 April 2007 – AT&S is forecasting further increases in sales and profit: sales revenues are budgeted to reach EUR 540–550m. “We have doubled sales from their 2002/03 level of EUR 277m. In the same period we have increased profits five fold from about EUR 8m to roughly EUR 40m," says Harald Sommerer of AT&S's impressive performance.

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