AT & S Austria Technologie & Systemtechnik AG

AT&S with increases in revenue and earnings in the first quarter of 2015/16

Progress report according to article 87 section 6 BörseG

Leoben (pta019/27.07.2015/19:19) - Comparison with Q1 2014/15:

* Revenue up 37.6% to EUR 194.4 million * EBITDA increased by 56.3% to EUR 45.5 million * EBITDA margin improved from 20.6% to 23.4% * Profit for the period rose by 159.3% to EUR 19.6 million * Earnings per share: EUR 0.50 (vs. EUR 0.19 in Q1 2014/15) * Outlook for revenue increased to EUR 725 million for FY 2015/16

The manufacturer of printed circuit boards (PCBs) continues its successful business development of the financial year 2014/15 in the first quarter of 2015/16: "We again recorded unabated strong demand by all customer segments, above all mobile devices, in the first quarter, which is usually marked by a weaker seasonal demand", says CEO Andreas Gerstenmayer and adds: "Positive currency effects have supported our revenue development noticeable, while earnings were characterised exclusively by high capacity utilisation, a very good product mix and further cost and efficiency programmes. Based on the favourable first quarter and provided that the USD-EUR exchange rate continues to be positive for us, we therefore expect higher total revenues for the financial year 2015/16 than originally assumed."

Development of the asset, financial and earnings position On the basis of very strong sales in the segment Mobile Devices & Substrates and positive exchange rate effects of EUR 23.5 million, revenue increased by EUR 53.1 million or 37.6%, from EUR 141.3 million in the prior-year period to EUR 194.4 million. 73.0% of revenue were not invoiced in euros. The share of products manufactured in Asia rose to 80.0% (vs. 75.0% in the previous year).

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 56.3% to EUR 45.5 million, compared with EUR 29.1 million in the first quarter of 2014/15. The EBITDA margin rose by 2.8 percentage points compared with the prior-year period, from 20.6% to 23.4%.

Due to the positive business development, the excellent net finance costs and the lower tax rate (16.9% vs. 28.9% in Q1 2014/15), the profit for the period rose by EUR 12.0 million or 159.3%, from EUR 7.6 million to EUR 19.6 million. This also results in a significant improvement of earnings per share from EUR 0.19 to EUR 0.50.

Cash flow and statement of financial position Based on the very positive earnings development, a significant increase in cash flow from operating activities by 51.3% from EUR 24.9 million in the prior-year period to EUR 37.7 million was achieved.