AT & S Austria Technologie & Systemtechnik AG

AT&S reports exceptionally positive annual results with significant increases in revenue & earnings - Seite 2

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 31.8% to EUR 167.6 million, compared with EUR 127.2 million in the financial year 2013/14. In addition to the continued high capacity utilisation, this was primarily attributable to further improvements in product mix, improvements in material, administration and distribution costs in relation to revenue as well as positive currency translation effects amounting to EUR 5.6 million. In the reporting period EBITDA was adversely affected by start-up costs of EUR 4.7 million for the new IC substrate facility in Chongqing (FY 13/14: EUR 4.9 million). In the previous year, EBITDA had been additionally burdened by costs of EUR 3.0 million related to the closure of the site in Klagenfurt.

The EBITDA margin rose from 21.6% in the previous year to 25.1%. Profit for the period, at EUR 69.3 million and an increase by 81.5%, reached a new peak level (FY 2013/14: EUR 38.2 million). Earnings per share rose by EUR 0.54, or 43.5%, to EUR 1.78 although the average number of shares outstanding increased and totalled 38.9 million shares (FY 2013/14: weighted 30.8 million shares).

Cash flow and statement of financial position Based on the very positive earnings development, a significant increase in cash flow from operating activities from EUR 104.8 million to EUR 143.9 million was accomplished.

Net cash used in investing activities rose to EUR 164.8 million (FY 13/14: EUR 90.3 million) because of the Chongqing plant, which is currently under construction, and technology investments at other sites.

Consolidated equity rose by 54.7% and amounted to EUR 604.4 million at 31 March 2015. This increase compared with 31 March 2014 is attributable to both the increase in profit for the year and the above-average positive currency differences of EUR 161.4 million, which primarily resulted from a massive strengthening of the Chinese renminbi, the Indian rupee and the South Korean won against the euro in the second half of the year. The equity ratio at 31 March 2015 improved to 49.5%, versus 42.7% at 31 March 2014.

Net debt rose from EUR 110.9 million at 31 March 2014 to EUR 130.5 million at 31 March 2015. This increase is based on the high level of investment activities. The net gearing ratio declined to 21.6% due to the increase in equity and was thus substantially lower than the level of 28.4% in the previous year.