EQS-News: AT&S Austria Technologie & Systemtechnik AG: AT&S starts new financial year with record quarter
EQS-News: AT&S Austria Technologie & Systemtechnik AG / Key word(s):
Quarter Results
AT&S Austria Technologie & Systemtechnik AG: AT&S starts new financial
year with record quarter
02.08.2022 / 07:31
The issuer is solely responsible for the content of this announcement.
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AT&S starts new financial year with record quarter
• Revenue increases by 58% to € 503 million in the first quarter of
2022/23 (PY: € 318 million)
• Adjusted EBITDA at € 145 million, up 183% on the previous year
• Guidance for FY 2022/23 confirmed: revenue of approx. € 2.2 billion,
adjusted EBITDA margin between 27 and 30%
• Medium-term outlook for 2025/26 confirmed
Leoben – AT&S continued its growth course unabated in the first quarter of
the financial year 2022/23. Thanks to the successful implementation of its
strategy, the company achieved record revenue and earnings levels.
“Despite a difficult environment, we demonstrated once again that we have
been focusing on the right markets,” says CEO Andreas Gerstenmayer. “We
are on track to meet our short- and medium-term targets, both in strategic
and in operational terms. We are aiming for revenue of roughly € 2.2
billion in the financial year 2022/23, with an adjusted EBITDA margin of
27 to 30%. If the build-up of additional production capacity in Chongqing,
Kulim and Leoben continues as planned, we will generate revenue of 3.5
billion euros already in the financial year 2025/26, with an EBITDA margin
of 27 to 32%,” Gerstenmayer comments on the further development.
Consolidated revenue improved by 58% to € 503 million in the first quarter
of the financial year 2022/23 (PY: € 318 million). Adjusted for currency
effects, consolidated revenue rose by 44%. It should be noted that the
increase was again supported by all segments. Solid demand for ABF
substrates, which was satisfied to an even greater extent due to the
additional capacities in Chongqing, China, proved to be the key driver of
this positive development. Furthermore, the strategy to broaden the
application portfolio of mobile devices and to drive the module printed
circuit board business also still contributes to the company’s success.
The AIM business unit maintained its positive revenue momentum. All three
segments benefited from the dynamic market environment, with the
Automotive segment recording the strongest growth. Bottlenecks in the
automotive supply industry again prevented an even better development in
this sector.
EBITDA rose by 196% from € 46 million to € 137 million. The improvement in
earnings is primarily attributable to the increase in consolidated
revenue. Currency fluctuations of the US dollar and the Chinese renminbi
had a positive influence of € 32 million on the earnings development.
Start-up costs in Chongqing and Kulim, Malaysia, as well as Leoben,
Austria, and higher material, transport and energy costs had a negative
impact on earnings. Research and development expenditures were further
increased to ensure that AT&S will remain a leading innovation driver
going forward.
Adjusted for the start-up costs, EBITDA amounted to € 145 million (PY:
€ 51 million), which corresponds to an increase by 183%. Without currency
effects, adjusted EBITDA would have grown by 120%.
The EBITDA margin amounted to 27.3% (EBITDA margin adjusted for start-up
costs: 28.8%), thus significantly exceeding the prior year level of 14.6%
(EBITDA margin adjusted for start-up costs: 16.1%). Depreciation and
amortisation increased by € 18 million to € 64 million (13% of revenue)
due to additions to assets and technology upgrades. EBIT rose from
€ -0.4 million to € 73 million. The EBIT margin amounted to 14.5% (PY:
-0.1%). Finance costs – net improved from € -3 million in the previous
year to € 34 million, mainly due to a change in currency effects on the
high level of cash and cash equivalents. Profit for the period soared from
€ -5 million to € 96 million, leading to an increase in earnings per share
by € 2.54 from € -0.19 to € 2.35.
The financial position was characterised by an increase in non-current
assets as of June 30, 2022. Total assets rose to € 4,118 million, up 10%
compared to March 31, 2022, primarily as a result of additions to assets
and technology upgrades as well as the inflow of liquid funds due to
bilateral agreements. Despite the increase in total assets, the equity
ratio rose slightly by 0.1 percentage points to 33.5%, thus exceeding 30%
despite the large-scale investment programme.
Cash and cash equivalents increased to € 1,198 million (March 31, 2022:
€ 1,120 million). In addition, AT&S has financial assets and unused credit
lines of € 272 million to secure the financing of the future investment
programme and short-term repayments.
Key figures
Change
in € million Q1 2022/23 Q1 2021/22 in %
Revenue 503 318 58%
EBITDA 137 46 196%
EBITDA adjusted^1) 145 51 183%
EBITDA margin (in %) 27.3 14.6 –
EBITDA margin adjusted (in %)^1) 28.8 16.1 –
EBIT 73 -0.4 n.a.
EBIT adjusted^1) 81 6 >200%
EBIT margin (in %) 14.5 -0.1 –
EBIT margin adjusted (in %)^1) 16.0 1.8 –
Profit for the period 96 -5 n.a.
Profit for the period attributable to the 91 -7 n.a.
equity holders of the parent company
Net CAPEX 276 153 80%
Cash flow from operating activities 206 31 >200%
Earnings per share (in €) 2.35 -0.19 n.a.
Number of employees^2) 14,891 12,296 21%
1) Adjusted for start-up costs
2) Incl. leased personnel, average. As at June 30, 2022: 15,347
Guidance 2022/23
In the financial year 2022/23, AT&S will continue to concentrate on the
start-up of the new production capacities at plant III in Chongqing, push
ahead the investment project in Kulim and the expansion of the site in
Leoben and implement technology upgrades at other locations.
The expectations for AT&S’s segments are currently as follows: the market
conditions for IC substrates continue to offer significant growth
opportunities in the medium term. The 5G mobile communication standard as
well as the module printed circuit board business will remain positive
drivers in the area of Mobile Devices. In the Automotive segment, the
semiconductor shortage should ease somewhat and the growth trend should
therefore intensify. In the Industrial and Medical segments, AT&S expects
a continued positive development for the current financial year.
As part of the strategic projects, the management is planning investments
totalling up to € 1 billion for the financial year 2022/23 depending on
the progress of projects. Roughly € 150 million are budgeted for basic
investments. Planned investments amounting to € 100 million of the
investment budget for the financial year 2021/22 have been postponed to
the financial year 2022/23. As a result, the planned investment volume
totals € 1,250 million.
In view of the good development of the first quarter, AT&S confirms its
outlook for the financial year 2022/23. Revenue is expected to total
€ 2.2 billion. Taking into account effects of the ramp-up of the new
production capacities in Kulim, Leoben and Chongqing amounting to
approximately € 75 million, the adjusted EBITDA margin should range
between 27 and 30%. The exchange rates expectations for the current years
are based on 1.07 euros/US dollar and 6.9 euros/RMB. AT&S expects
volatility in the market environment to increase in the second half of the
year. The management will carefully monitor such developments and take
appropriate measures as required.
Outlook 2025/26
The progress of the production capacity expansion in Chongqing and in
Kulim, as well as the expansion of the site in Leoben is still positive
despite the challenging global economic and health situation. Therefore,
AT&S assumes that revenue of € 3.5 billion will be generated in the
financial year 2025/26 and expects an EBITDA margin in the range from 27
to 32%.
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft – Advanced
Technologies & Solutions
AT&S is a globally leading manufacturer of high-end printed circuit boards
and IC substrates. AT&S industrialises leading-edge technologies for its
core business segments Mobile Devices & Substrates, Automotive, Industrial
and Medical. AT&S has a global presence with production sites in Austria
(Leoben, Fehring) and plants in India (Nanjangud), China (Shanghai,
Chongqing) and Korea (Ansan near Seoul). A new high-end production site
for IC substrates is currently being established in Kulim, Malaysia. The
company employs roughly 15,000 people. For further information please
visit [1] www.ats.net
Media contact:
Gerald Reischl, Director Communications & Public Relations
Tel: +43 3842 200 4252; Mobile: +43 664 8859 2452; [2]g.reischl@ats.net
Investor Relations contact:
Philipp Gebhardt, Director Investor Relations
Tel: +43 3842 200 2274; Mobil: +43 664 7800 2274; [3]p.gebhardt@ats.net
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
Fabriksgasse 13
8700 Leoben / Austria
[4] www.ats.net
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02.08.2022 This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: AT&S Austria Technologie & Systemtechnik AG
Fabriksgasse 13
8700 Leoben
Austria
Phone: +43 (1) 3842200-0
E-mail: ir@ats.net
Internet: www.ats.net
ISIN: AT0000969985, AT0000A09S02
WKN: 922230
Indices: ATX
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange;
Vienna Stock Exchange (Official Market)
EQS News ID: 1410905
End of News EQS News Service
1410905 02.08.2022
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2. g.reischl@ats.net
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