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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 3

cannot be financed from the cash flow from operating result.
Consequently, the net gearing ratio, at 82.6% at 31 December 2016,
was clearly higher than at 31 March 2016 (46.3%). In total, AT&S has
cash and cash equivalents of EUR 166.0 million available or available
in the short term to continue financing the start-up phase of the
Chongqing projects as well as other necessary investments in the
current financial year. In addition, AT&S has EUR 223.8 million of
unused credit lines as a financing reserve.

Key financials:

According to IFRS; Q1-3 2015/16 Q1-3 2016/17 Change
in EUR million 01.04.-31.12.2015 01.04.-31.12.2016
Revenue 584.3 615.1 5.3%
EBITDA 140.2 102.1 -27.2%
EBITDA margin (in 24.0 16.6 -
%)
EBITDA adjusted*) 141.6 153.7 8.5%
EBITDA margin 24.4 26.0 -
adjusted (in %)*)
EBIT 76.1 11.8 -84.4%
EBIT margin (in %) 13.0 1.9 -
EBIT adjusted*) 83.8 97.2 16.0%
EBIT marginadjusted 14.5 16.4 -
(in %)*)
Profit/loss for the 60.2 -19.7 > -100%
year
Cash flows from 123.4 74.5 -39.6%
operating
activities before
changes in working
capital
Net CAPEX 176.9 192.3 8.7%
Equity ratio 42.3**) 38.1 -
Net debt 263.2**) 451.8 71.7%
Earnings per 1.55 -0.51 > -100%
average number of
shares outstanding
(in EUR)

*) Adjusted for the Chongqing project.
**) At 31.03.2016.

Mobile Devices & Substrates segment with revenue growth; earnings
still influenced by Chongqing start-up effects Demand for high-end
printed circuit boards for mobile devices was very good in the first
nine months, but characterised by significantly stronger seasonality
in the first quarter compared with the same period of the previous
year. Revenue from IC substrates overcompensated this development.
Consequently, revenue amounted to EUR 438.6 million in the first nine
months of 2016/17, up 4.5% on the figure of the previous year,
slightly influenced by negative currency translation effects. Due to
the start-up effects of the Chongqing project and the significantly
increased price pressure for IC substrates, due to major technology
and product mix changes, EBITDA declined by EUR 53.0 million or -
48.6% compared with the prior-year period and amounted to EUR 56.1
million. Adjusted for the Chongqing effect, EBITDA amounted to EUR
103.7 million (prior- year period: EUR 111.5 million). This results
in an adjusted EBITDA margin of 25.0%, which is lower than the 26.7%
in the previous year.

Automotive, Industrial, Medical segment with increases in revenue and
earnings Revenue in this segment rose by 6.2% from EUR 246.7 million