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02.02.2021 – 07:12

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

EANS-News: AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
AT&S records robust growth and significant increase in revenue and EBITDA

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Quarterly Report

Leoben - AT&S records robust growth and significant increase in revenue and
EBITDA


* Demand for ABF substrates continues unabated
* Successful ramp-up in Chongqing I contributes significantly to revenue and
  earnings growth
* Demand for module printed circuit boards supports positive business
  development
* 9M revenue with EUR 883.8 million on record level, EBITDA margin improves from
  20.8 % to 21.1%.
* Outlook 2020/21: Revenue increase of +17 to 19% (previously 15%), EBITDA
  margin in the range from 20 to 22%


Leoben, 2 February 2021 - Defying the current crisis, AT&S reported the highest
quarterly revenue ever generated in the third quarter. This development was
promoted by the acceleration of digitalisation due to the pandemic, which is
boosting demand for high-end interconnect solutions. This applies in particular
to devices, which are crucial to mobile and connected working, such as
notebooks, or to infrastructure, for example broadband. AT&S is also actively
involved in 5G solutions for end devices as well as base stations. Industry 4.0,
with its connected machines, the Internet of Things and autonomous driving also
require high-end technologies offered by AT&S. The transfer, processing and
storage of growing data volumes and processes require powerful printed circuit
boards and IC substrates.

"The corona pandemic has caused a digitalisation boost in many areas of life. In
nearly all countries, data traffic has massively increased, strengthening, among
other things, demand for ABF substrates. Due to these developments, we assume
that the markets in all our business segments will continue to grow in the
future. We are currently massively expanding capacities and have thus created
the basis for participating even more strongly in this growth and for a
significant expansion of our market position in the area of ABF substrates. In
addition, we successfully delivered the first orders for module printed circuit
boards and generated revenue in the double-digit million range," says CEO
Andreas Gerstenmayer.

AT&S increased consolidated revenue by 17.3% to EUR 883.8 million in the first
three quarters of the financial year (PY: EUR 753.2 million). The successful
start-up of the increased production capacity in Chongqing I, which serves the
growing demand for ABF substrates, made a significant contribution to revenue
growth. The broader customer and application portfolio in the Mobile Devices
segment and the demand for module printed circuit boards also had a positive
effect. In the AIM business unit, the Medical segment recorded revenue at the
level of the previous year, while revenue in the Industrial segment increased
slightly. After a weak first half of the financial year, revenue in the
Automotive segment reached the level of the previous year again in the third
quarter.

EBITDA rose by 19.4% to EUR 187.6 million (PY: EUR 156.4 million). This increase
in earnings is primarily attributable to the higher consolidated revenue.
Currency effects, in particular due to the weaker US dollar, had a negative
impact on the revenue and earnings development. To make the company future-
proof, AT&S has intensified investments in research and development in order to
be prepared for future requirements with technical solutions.
The EBITDA margin amounted to 21.1%, thus exceeding the prior-year level of
20.8%. EBIT improved from EUR 47.7 million to EUR 65.8 million. The EBIT margin
was 7.4% (previous year: 6.3%).

Finance cost - net declined from EUR-3.3 million to EUR -19.3 million, primarily
due to currency effects. Profit for the period rose by EUR 12.1 million from EUR
25.2 million to EUR 37.3 million due to the significant increase in the
operating result.

The financial position remained solid at the reporting date. Total assets rose
by 8.1% compared with the balance sheet date and amounted to EUR 2.0 billion due
to additions to assets and technology upgrades in the first nine months.

Equity decreased by -3.1% to EUR 736.8 million, primarily due to negative
exchange rate effects. Based on this decline in equity and the increase in total
assets, the equity ratio, at 36.8%, was 4.2 percentage points lower than at 31
March 2020.

Cash and cash equivalents totalled EUR 393.9 million. In addition, AT&S has
financial assets of EUR 38.6 million and unused credit lines of EUR 421.6
million to finance the future investment programme and short-term repayments.


Key figures               Unit    Q1-3 2019/20     Q1-3 2020/21           Change
                                                                            in %
Revenue            EUR million           753.2            883.8            17.3%

EBITDA             EUR million           156.4            186.7            19.4%
EBITDA margin                %           20.8%            21.1%                -
EBIT
(operating         EUR million            47.7             65.8            38.0%
result)
EBIT margin                  %            6.3%             7.4%                -
Profit for the     EUR million            25.2             37.3            47.8%
period
ROCE                         %            4.0%             7.0%                -
Net CAPEX          EUR million           145.5            304.0            >100%
Cash flow from
operating          EUR million           176.7            176.5           (0.1%)
activities
Net debt           EUR million          246.7*         401.62**            62.8%
Earnings per               EUR            0.49             0.80            63.8%
share
Number of                    -          10,223           11,167             9.2%
employees

*As of 31.03.2020, **As of 31.12.2020

Outlook 2020/21

AT&S adheres to its growth plans. Even in a highly challenging environment, the
investment programme, which aims at capacity expansion and technological
progress, will be continued and advanced further.

The current expectations for the coming months of the financial year are as
follows:

* Based on current forecasts, demand for ABF substrates will continue to be
  strong.
* The usual seasonality is expected for mobile devices in the fourth quarter.
* The positive trend in the Automotive segment should continue. In the fourth
  quarter of the financial year, a flat development is assumed in comparison
  with the previous year.
* Slight growth is expected in the Industrial and Medical segments for the full
  year.


Based on the strong results of the first nine months, improved visibility and
the successful ramp-up of the new capacity at Chongqing I, the Management Board
is increasing the guidance for the financial year 2020/21 and now expects
revenue growth of 17 to 19% (previously 15%) and an EBITDA margin in the range
of 20 to 22%.

Investment activities in the financial year 2020/21
"Operationally, AT&S will continue to build up new capacities, in particular for
ABF substrates and module printed circuit boards. The capacity expansion in
Chongqing strengthens our global market position and forms the basis for the
company's further growth," CEO Andreas Gerstenmayer comments on the current
investment programme. In line with spending discipline, a reduced budget of up
to EUR 80 million is planned for basic investments (maintenance and technology
upgrades) depending on the market development. As part of the strategic
projects, the management plans investments totalling up to EUR 410 million for
the financial year 2020/21 - depending on the progress of projects - plus EUR 30
million due to period shifts between the financial years.



Further inquiry note:
Gerald Reischl, Director Communications & Public Relations
Mobile: +43 664 8859 2452; g.reischl@ats.net

Gerda Königstorfer, Director Investor Relations
Mobile: +43 676 8955 5925; g.koenigstorfer@ats.net

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
Fabriksgasse 13
8700 Leoben / Österreich

end of announcement                         euro adhoc
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issuer:       AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
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