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AT & S Austria Technologie und Systemtechnik Aktiengesellschaft / Financial year 2016/17: AT&S with increased revenue in the first nine months and operational improvements at the new plant in China (with document) - Seite 2

for these start-up effects, EBITDA amounted to EUR 153.7 million, up
8.5% on the high prior-year value, based on running cost savings and
positive currency effects. The EBITDA margin was at 16.6%, down -7.4
percentage points on the very high prior-year level of 24.0%.
Adjusted for the Chongqing project, the margin, at 26.0%,
significantly exceeds the high adjusted level of 24.4% in the
previous year.

Depreciation of property, plant and equipment and amortisation of
intangible assets increased to EUR 90.3 million (prior-year period:
EUR 64.2 million) based on the Chongqing project. Consequently, EBIT
decreased by EUR 64.3 million from EUR 76.1 million to EUR 11.8
million. Adjusted for the Chongqing project, EBIT amounted to EUR
97.2 million, thus exceeding the adjusted prior-year value by EUR
13.4 million. The EBIT margin was 1.9% (prior-year period: 13.0%).
The adjusted margin amounted to 16.4%, and was 1.9 percentage points
higher than the adjusted prior-year level of 14.5%.

Finance costs dropped from EUR -2.7 million to EUR -18.6 million,
which was among other things due to higher gross interest expenses
and negative currency effects. The estimates for feasibility of
deferred taxes were adjusted and led to increased tax expenses of
total EUR 13.0 million in the first nine months of 2016/17.

The profit for the period decreased by EUR 79.9 million from EUR 60.2
million in the prior-year period to a loss for the period of EUR
-19.7 million due to the start-up effects of the Chongqing project
and the significantly higher negative financial result. This resulted
in a decline in earnings per share from EUR 1.55 in the prior-year
period to EUR -0.51.

Cash flow and statement of financial position Cash flow from
operating activities before changes in working capital amounted to
EUR 74.5 million vs EUR 123.4 million in the previous year. Cash flow
from investing activities - investments in the plants under
construction in Chongqing, technology investments in other locations
and investments in financial assets - amounted to EUR -108.7 million
(prior-year period: EUR - 175.7 million).

Equity decreased by 3.9% from EUR 568.9 million to EUR 546.8 million
due to the loss for the period and the dividend paid of EUR 14.0
million. The resulting equity ratio, at 38.1%, was -4.2 percentage
points lower than the value at 31 March 2016 as expected.

Net debt rose by EUR 188.6 million from EUR 263.2 million at 31 March
2016 to EUR 451.8 million. This expected increase resulted from the
high investment activities and the increase in working capital, which