AT & S Austria Technologie & Systemtechnik AG

Q12016/17 results influenced by start-up effects of the new plants in China guidance 16/17 confirmed - Seite 2

Asset, financial and earnings position
AT&S maintained the high revenue level of the fourth quarter of 2015/16. This was attributable to the stable revenue development in the Mobile Devices & Substrates segment and growth in the Automotive, Industrial, Medical segment.

Revenue of the first quarter of 2016/17 amounted to EUR 178.9 million and was lower than the value of EUR 194.4 million in the same period of the previous year, which hardly showed any seasonality due to the exceptionally strong demand for mobile devices, and maintained the level of the fourth quarter of 2015/16 (EUR 178.5 million).

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 18.8 million vs. EUR 45.5 million in the comparative period of the previous year and were primarily based on start-up effects of the Chongqing project (Q1 2016/17: EUR 19.3 million). Adjusted for the start-up effects of the Chongqing project, EBITDA amounted to EUR 38.1 million

Consequently, the EBITDA margin dropped 12.9 percentage points compared with the prior-year period to 10.5%. Adjusted for the Chongqing effects, the EBITDA margin amounts to 21.9%, thus remaining at a very high level (comparative period of the previous year: 23.3%).

Depreciation of property, plant and equipment and amortisation of intangible assets amounted to EUR 28.0 million (prior-year period: EUR 21.7 million). EBIT reduced from EUR 23.8 million in the comparative period of the previous year to EUR -9.2 million. Adjusted for the Chongqing project, AT&S achieved EBIT of EUR 19.1 million.

The EBIT margin was -5.1% in the first quarter of 2016/17 and thus lower than in the comparative period, at 12.3%; the adjusted margin amounted to 11.0% (Q1 2015/16: 13.2%).

Finance costs dropped to EUR -5.7 million compared with EUR -0.2 million in the comparative period, due to currency valuation effects. The interest result remained at the level of the previous year despite higher net debt due to the optimisation measures implemented. The tax rate was 8.4%.

The net profit of EUR 19.6 million in the prior-year period fell to a loss for the current period of EUR -13.6 million due to the start-up effects of the Chongqing project and significantly higher negative finance costs. Earnings per share consequently decreased to EUR -0.35 vs. EUR 0.50 in the comparative period of the previous year.

Cash flow and statement of financial position
Cash flows from operating activities before changes in working capital amounted to EUR 8.6 million vs. EUR 44.7 million in the previous year. Cash flow from investing activities - investments in the plant under construction in Chongqing, technology investments in other locations and investments in financial assets - totalled EUR -101.5 million (prior-year period: EUR -40.3 million).