Corporate communication for the capital market
Leoben (pta034 / 06.05.2015 / 20: 35) – compared to FY 2013/14:
* Record sales of EUR 667 million (+ 13.1%) * EBITDA improved increased by 31.8% to EUR 167.6 million * EBITDA margin from 21.6% to 25.1% * Consolidated net income increases by 81.5% to EUR 69.3 million * Earnings per share: EUR 1.78 (vs. EUR 1.24 in FY 13/14)
The leading PCB manufacturer could the positive business development of the previous year on the basis of the above expectations lying, extremely positive development in Q4 again significantly exceed, and backed by the preliminary results for the full year 2014/15 new highs in sales and earnings before.
“We could disproportionately from the strong growth in the application areas of mobile devices, especially smartphones, and the increasingly . profit rising share of electronics in the automotive sector throughout the year, this led to the highest turnover in the company’s history, “says Andreas Gerstenmayer, CEO AT & S AG
.” were with the very high utilization, more quality products and continuous efficiency improvement measures we continue to increase our high level of profitability. We are thus one of the most profitable circuit board manufacturers in the world, “adds Gerstenmayer.” We want to make sure in the future: with the expansion of our under construction site in Chongqing, China, we can in addition to the new business segment IC substrates with a new generation of PCBs exploit further potential area for the long-term growth in the high-end. “
Development of Financial Condition and Results of Operations Sales were increased in the past financial year by 13.1% to EUR 667 million be and showed extremely low seasonal effects: in particular, sales in the fourth quarter, normally influenced by the Chinese New Year and the temporary interruption of production at the Shanghai plant, due to the continuous positive development in the segment Mobile Devices & exceeded; substrate significantly its own expectations, the increase in sales compared to. the previous year includes positive currency effects of EUR 21.4 million, 65.1% of the turnover was not charged in Euro. The proportion of sales of products produced in Asia rose to 79.0% (after 75.9% in the previous year) on.
The result before interest, taxes, depreciation and amortization (EBITDA) rose by 31.8% to EUR 167.6 million after EUR 127.2 million in fiscal year 2013/14. This was mainly due in addition to the continuously high utilization especially a further improved product mix, improvements in materials, administrative and selling expenses in relation to sales and positive currency translation effects of EUR 5.6 million impacted the EBITDA in the reporting period by start-up costs Height EUR 4.7 million for the new IC substrates plant in Chongqing (FY 13/14: EUR 4.9 million). In the previous year, EBITDA was additionally burdened still by closing costs of the site Klagenfurt in the amount of EUR 3.0 million. The EBITDA margin increased year on year from 21.6% to 25.1%.
The consolidated profit reached EUR 69.3 million or an increase of 81.5%, a new record ( FY 2013/14: 38.2 million). Earnings per share increased by EUR 0.54 or 43.5% to EUR 1.78, despite a higher average number of shares outstanding of a total 38.9 million pieces (FY 2013/14: 30.8 million weighted piece ).
Cash flow and balance sheet Based on the very positive earnings performance was achieved a significant increase in cash flow from operating activities of EUR 104.8 million to EUR 143.9 million.
The cash outflow from investing activities increased due to the plant under construction in Chongqing and technology investments at other locations to EUR 164.8 million (FY 13/14:. EUR 90.3 million)
The Group’s equity increased the balance sheet date 31.3.2015 by 54.7% to 604.4 million This increase compared to the balance sheet date of the previous year is due both to the increase in consolidated net income but also on exceptionally positive exchange rate differences in the amount of EUR 161.4 million, mainly from the strong appreciation of the Chinese yuan, the Indian rupee and the South Korean won against the euro in the second half. The equity ratio improved by 31.3.2015 to 49.5% after 42.7% on 31.03.2014.
Net debt increased the balance sheet date 31.3.2015 compared to 31.3.2014 to EUR 130.5 million compared to EUR 110.9 million at 31.03.2014. This increase is based on the high level of investment activity. The net debt ratio declined due to increased equity to 21.6% and was thus significantly below the previous year’s level of 28.4%.
“Gem. IFRS in million EUR”, FY 2014/15, FY 2013 / 14, change, 01.04.2014-31.03.2015, 01.04.2013-31.03.2014, in% Sales, 667.0, 589.9, + 13.1% Gross profit, 155.4, 118.8, +30, 8% EBITDA, 167.6, 127.2, + 31.8% EBITDA margin (in%), 25.1%, 21.6%, – EBIT, 90.1, 53.9, 67.0 +% EBIT margin (in%), 13.5%, 9.1%, – earnings before taxes, 84.9, 42.8, + 98.4% Net income, 69.3, 38.2, + 81.5% Earnings per weighted average number of shares (in EUR) 1), 1.78, 1.24, + 43.5% Number of shares, weighted average (in 1,000 units), 38,850, 30,820, + 26.1% 1) number weighted shares in FY 13/14: 30820545
Business Unit Mobile Devices & amp; Substrate with further sales and earnings growth at a high Nivau In the Business Unit Mobile Devices & amp; Substrate scored AT & S in fiscal year revenues of EUR 455.2 million, representing an increase of 20.3% over the 2013/14 financial year. This development is mainly due to the continued strong demand in the second, third and fourth quarters with a higher-value product mix and simultaneously positive foreign currency effects. EBITDA, at EUR 127.5 million by 19.4% on the previous year of EUR 106.8 million, the EBITDA margin came to 28.0% at a similar level as last year (28.2%) are to .
Business Unit Industrial & amp; Automotive (incl. Medical) with further improved profitability With sales growth to EUR 28.9 million to EUR 301.8 million (FY 2013/14: EUR 272.9 million) was the Business Unit Industrial & amp; Automotive (incl. Medical) recorded an increase of 10.6%. The positive development was based primarily on the rising still demand for electronic components in cars, such as for advanced driver assistance systems as well as for applications in industry, for example, for Machine-to-machine communication or in the area of online patient monitoring. One also further improved utilization and efficiency-enhancing measures and the absence of non-recurring charges resulted in an increase in EBITDA of 61.7% to EUR 34.8 million, the EBITDA margin improved to 11.5% (FY 13/14: 7, 9%).
Location Chongqing is next to IC substrates for new generation PCB expanded The construction of the plant in Chongqing with the strategic focus on the production of IC substrates (integrated circuit substrate) is proceeding as planned. In fiscal year 2014/15, the first production line was installed and the equipment characterization and certification begins and continues. The ramp-up starts in the calendar year 2016 and the first sales are also expected in calendar 2016. Negotiations on the product mix and the ramp scenarios run, the Management Board expects the conclusion of the talks in the coming months. As at 31.3.2015 has AT &. S invested EUR 167.1m in Chongqing
After the balance sheet date, on 04.28.2015, gave AT & S, the expansion of the site Chongqing with an investment of EUR 350 million to around EUR 480 million as at mid-2017. AT & S is positioning itself for the next PCB generation and in addition connect to the IC substrates from 2016 substrate-like PCBs in Chongqing. AT & S is thus exploit potentials that result from the progressive miniaturization and increasing modularisation in order to ensure the long-term profitable growth
Outlook for the fiscal year 2015/16 Management expects for the upcoming fiscal year under the. requirement of a stable macroeconomic environment and sustained customer demand a continued good utilization of. Based on the limited available capacity growth in revenues is forecast similar to the 2014/15 financial year. The EBITDA margin will be based on the expected loads for starting Chongqing at 18-20%, the EBITDA margin in the core business, however, at a comparable level as in the 2014/15 financial year.
Released by: AT & S Austria Technologie & amp; Systemtechnik AG Address: Fabriksgasse 13, 8700 Leoben Country: Austria Contact person: Elke Koch Tel .: +43 200 3842 5925 Email: firstname.lastname@example.org site: www.ats.net
ISIN (s): AT0000969985 (share) stock exchanges: official trade in Vienna