-1 of 2- 26 Oct 2015 17:00:00 UTC DJ PTA News: AT & S Austria Technologie & amp; Systemtechnik AG: AT & S in the 1st half of 2015/16 continues to grow and increase in earnings: – raised sales forecast for the second half of the year
Corporate Communication for the Capital Market
Leoben (pta016 / 26.10 .2015 / 18: 00) – compared to H1 2014/15: * increase in revenues by 28.2% to EUR 387.1 million * EBITDA of EUR 93.2 million by 29% over previous year / EBITDA margin to 24, improved 1% * Net income increased by 48.1% to EUR 42.1 million * Sales forecast for 2015/16 to EUR 740 million raised * Scheduled course of work construction in Chongqing, China * promissory notes in the amount of EUR 220 million was issued
AT & S, a global technology leader for high-end printed circuit boards, continued to grow in the first six months of fiscal 2015/16 strongly by 28.2%, significantly above the market average, which gained just under one digit. “We recorded in the first half of the year a very high demand for sophisticated PCB solutions in the customer segments – clearly a result of our high-end positioning,” says CEO Andreas Gerstenmayer and adds: “The usual seasonal movements in the next six months remained from currency effects, sales growth. additionally positively affected, while positive and negative exchange rate effects have largely offset in the result. ”
Content Gerstenmayer shows up with the advancement in Chongqing: “The work of construction in Chongqing remains on track with – we expect the end of this year the certification This is the start of the gradual start-up. serial production early next year. ” Based on organic growth in the first half, an expected positive business development in the next six months and an exchange rate of 1.16 EUR-USD, the Executive Board raises the sales outlook of EUR 725 million to EUR 740 million. Andreas Gerstenmayer recalls in this context once again that, “are that the expected start-up costs into account our fourth quarter and thus the full-year result, as in our view affect.”
Increased sales – increase in all reporting categories in the first six months of fiscal year 2015/16, sales increased by organic growth 28.2% from EUR 302.1 million to EUR 387.1 million was EUR 43.8 million or 14.5%. The higher year on year exchange rates contributed EUR 41.2 million or 13.7% to the increase. 73.0% of sales were not invoiced in euros. The proportion of sales of products produced in Asia rose 80.0% to (76.0% last year).
The result before interest, taxes, depreciation and amortization (EBITDA) in the first six months by 29.0% from EUR 72.3 million to EUR 93.2 million be increased.. Apart from the very high for a first half of utilization also a good product mix, continuous cost and efficiency improvement measures as well as positive exchange rate effects of EUR 5.8 million contributed to this increase. Negative currency effects of Euro revenues and related cost of production in the Indian rupee, the Korean won and the Chinese renminbi were more than offset by the positive impact of the USD against the EUR.
The EBITDA margin increased year on year by 0.2 percentage points from 23.9% to 24.1% and was thus slightly above the previous year’s level.
Net income increased due to the positive business development, the very good financial result and the lower tax rate to EUR 13.7 million or 48.1% from EUR 28.4 million . to EUR 42.1 million. This results in an improvement of earnings per share from EUR 0.73 to EUR 1.08.
Cash flow and balance sheet Based on the very positive development of earnings was higher by 65.3% Cash flow from operating activities of EUR 55.6 million compared to EUR 33.6 million . (H1 2014/15) can be achieved.
The cash flow from investing activities – Investments in the under construction plant in Chongqing and technology investments at other locations – amounted to EUR 97.5 million (H1 2014/15: EUR 88.7 million)
The equity decreased despite a higher net income due to negative exchange rate differences by 4.8% to EUR 575.1 million back. Consequently, the equity ratio was 47.2% by 2.3 percentage points below the figure as of 31 March 2015.
Net debt expected way increased due to the high investment activity in Chongqing, the paid dividend and higher working capital (due to the higher revenues) in the first six months of fiscal year 2015/16 by 49.0% from EUR 130.5 million to EUR 194.4 million The net debt ratio was therefore the 30th September 2015 with 33.8% to a level higher than at 31 March 2015. <- sh_cad_12 ->
The figures in detail:
Gem. IFRS; in H1 2015/16 H1 2014/15 Change EUR million 01.04.2015-30.09.2015 01.04.2014-30.09.2014 in% Revenues 387.1 302.1 28.2% Gross profit 84.9 66.2 28.2 % EBITDA 93.2 72.3 29.0% EBITDA margin 24.1% 23.9% – (in%) EBIT 50.7 39.9 27.1% EBIT margin (in 13.1% 13, 2% -%) 50.8 37.6 Profit before tax 35.1% Consolidated net income 42.1 28.4 48.1% Earnings per 1.08 0.73 48.0% weighted average number of shares (in EUR) Number of 38,850 38,850 – shares, weighted average (in 1,000 units)
Business Unit Mobile Devices & <- - sh_cad_13!>; Substrate with further sales growth The continued strong demand for high-end HDI printed circuit boards for smartphones continued in the first half of 2015/16. Had a positive impact also from the Euro perspective remains favorable exchange rates against the USD. Overall, this resulted in a considerable increase in sales to EUR 78.0 million or 40.0% from EUR 194.8 million to EUR 272.8 million compared to the corresponding period of the previous year. EBITDA increased based on a very good utilization of the capacity cap and an efficient cost management by 30.2% to EUR 67.6 million, the EBITDA margin stood at 24.8% at a lower level than in the reporting period of the previous year (26 , 7%) as a result of negative exchange rate effects from sales to the Automotive, Industrial, Medical in EUR and production in Renminbi segment.
Business Unit Automotive, Industrial, Medical and increases revenue remains on level of profitability, with revenue growth of 11.6%, this segment was the previous year’s EUR 151.9 million to EUR increase 169.5 million. The main driver was the continuously rising demand from the automotive sector, reflecting the trend towards more electronic components in vehicles and the medical sector. Demand in the Industrial sector was slightly below the previous year’s high level. Based on a very good capacity utilization, EBITDA rose by 8.2% to EUR 19.2 million compared to the previous year. The EBITDA margin remained on the basis of constant currency increase in production in India and Korea with 11.3% at a similar level as in the comparable period last year (11.7%). <- sh_cad_15 ->
construction site in Chongqing still plan – Certification at the end of AT & S has invested in the first six months EUR 98.2 million in capital expenditures – mainly in the construction of two plants in Chongqing, which is proceeding on schedule. The work for IC substrates is in the final stages of qualification: we assume that the certification will take place as planned later this year. Beginning of the year 2016, the start of series production is expected. The fixed product mix, IC substrates for the product segment Computing (Laptops, PCs, etc.) for the initial customer – a leading semiconductor manufacturers – corresponds to the original plan. The construction of the plant II for substrate-like PCBs is progressing rapidly. From the second half of 2016, the start of series production is expected. On September 30, 2015, AT & S invested EUR 196.3 million in the Chongqing project. Both provided at this location technologies are the leading technology position and the long-term profitable growth of AT & S to make sure.
issuing promissory notes in the amount of EUR 220 million successfully completed on 23 October 2015 debenture transaction was successfully completed with a total volume of around EUR 220 million. The original target issue volume of EUR 100 million, which should ensure the early refinancing of the bond due to the favorable interest rate environment at the moment has been increased to around EUR 220 million due to high demand. The additional funds will be used to further optimize the financial liabilities. AT & S is thus able to increase the average funding maturities and reduce the average cost of financing. The promissory note loan consists of tranches with maturities of five and seven years at fixed and variable interest rates in the euro and US dollar.
Outlook for the fiscal year 2015/16 is raised for fiscal year 2015/16, the Management expects a very satisfactory utilization under the condition of a stable macroeconomic environment and continued strong customer demand. Based on the organic growth from the first half of the year and an expected positive development of business in the next six months at a similar level as in the (MORE TO FOLLOW) Dow Jones Newswires
October 26, 2015 13:00 ET (17:00 GMT) – – 01 00 PM EDT 10-26-15
-2 of 2- 26 Oct 2015 17:00:00 UTC DJ PTA News : AT & S Austria Technologie & amp; -2 –
previous year and an assumed average exchange rate EUR-USD in the fiscal year of 1.16, the management increased the sales guidance of EUR 725 million to EUR 740 million, the EBITDA margin is influenced by the expected costs for the start-up of new plants in Chongqing, more than 19% are (Guidance at the beginning of the fiscal year 18-20%). This includes an EBITDA margin in the core business at the same level.
Released by: AT & S Austria Technologie & amp; Systemtechnik AG Address: Fabriksgasse 13, 8700 Leoben Country: Austria Contact person: Elke Koch Tel .: +43 3842 200 5925 E-mail: email@example.com site: www.ats.net <- sh_cad_20 ->
ISIN (s): AT0000969985 (share) stock exchanges: official trade in Vienna
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October 26, 2015 13:00 ET (17:00 GMT) – – 01 00 PM EDT 10 26-15