This document provides financial information for AT&S Group for the first quarter of 2014/15 compared to the same period the previous year. Key points:
- Revenue was €141.3 million, similar to the previous year.
- EBITDA increased 3.6% to €29.1 million.
- Consolidated net income rose 14.6% to €7.6 million.
- The Mobile Devices segment saw a 9% decline in revenue due to different project timelines versus the previous year, but current revenue levels are viewed positively.
- The Industrial & Automotive segment grew revenue by 9% due to increased electronics in cars and steady growth in industrial applications.
- Sopra Group reported revenue growth of 9.3% and operating margin improvement for the first half of 2014, allowing it to confirm full-year targets.
- Revenue was €722.3 million, with operating margin on business activity at 7.2%, up from 6.2% in first half of 2013.
- By business segment, Consulting & Services grew revenue 3.2% in France and 5.7% in Europe, while Solutions saw stronger growth, led by a 12% increase at Sopra Banking Software and 59% growth in Other Solutions.
- Deutsche EuroShop's revenue increased 12% to €99.7 million in H1 2014, driven by the full consolidation of Altmarkt-Galerie Dresden.
- EBIT rose 14% to €88.3 million and consolidated profit increased 23% to €46.3 million.
- Funds from operations per share grew 16% to €1.09.
- The company expects results to be positive for the full year 2014 and plans to pay a dividend of €1.30 per share.
- Revenue for Deutsche EuroShop increased slightly by 0.8% to €152.3 million in the first three quarters of 2016. EBIT also increased modestly by 0.3% to €131.5 million.
- Consolidated profit was down 1.9% to €72.2 million due to higher investment costs, however EPRA earnings per share rose 2.1% to €1.44. Funds from operations improved by 3.6% to €1.74 per share.
- Deutsche EuroShop acquired a 50% stake in the Saarpark-Center in Neunkirchen in early October and expects revenue and FFO per share to increase slightly in 2017 from this
- The company reported a 10.5% increase in revenue for the first quarter of 2018 compared to the previous year, driven by the acquisition of the Olympia Center in Brno.
- Earnings before interest and taxes (EBIT) grew by 10.7% to €49.0 million, in line with revenue growth.
- Consolidated profit increased by 10.4% to €30.4 million, though earnings per share declined slightly to €0.49 due to an increase in the number of shares outstanding.
- The company reaffirmed its full-year guidance and dividend policy, planning to increase dividends paid per share by €0.05 for both 2018 and 2019.
- Sopra's 2013 annual results exceeded targets, with revenue of €1,349.0 million, a 10.9% increase over 2012, and operating profit margin of 8.1%, exceeding projections.
- Net profit was €71.4 million, a 5.3% margin, up from €55.6 million and 4.6% in 2012.
- The Board will propose a dividend of €1.90 per share, totaling €22.6 million, distributed from 2013 net profit.
Snam reported its 2013 results and outlined its 2014-2017 strategic plan. Key points include:
- 2013 EBIT exceeded 2 billion euro despite an 8.9% decrease in transported gas volumes. Reported net profit increased 17.7% to 917 million euro.
- The strategic plan outlines 6 billion euro in investments over 2014-2017 to strengthen Italy's gas infrastructure and increase transport capacity.
- Financial targets for the period include a 3.3% annual RAB growth rate and maintaining a debt to assets ratio around 55%.
- The annual dividend will be 0.25 euro per share in 2014 and 2015.
Metka is a leading contractor of power plants in the MENA region. It has a strong backlog of €1.1 billion providing visibility until 2015. Over 90% of the backlog is located in growing markets like Algeria, Iraq, and Jordan with energy demand increasing over 50% in the past decade. The analyst maintains an Overweight rating and €13.30 price target, expecting 39% upside, citing the company's consolidation phase with stable earnings and dividends over 2013-2015. Risks are to the upside from further contract wins to fuel growth in the region.
- Deutsche EuroShop AG reported a 1% increase in revenue and EBIT for Q1 2015 compared to the same period last year. Net profit increased 12% year-over-year.
- The expansion of the Phoenix-Center shopping center in Hamburg is progressing on schedule, with parts opening in Q3 and Q4 2015 and the full completion expected in spring 2016.
- Deutsche EuroShop confirms its full-year forecasts published in March, expecting revenue between €201-€204 million and FFO per share between €2.24-€2.28. The company plans to pay a dividend of €1.35 per share for 2015.
- Sopra Group reported revenue growth of 9.3% and operating margin improvement for the first half of 2014, allowing it to confirm full-year targets.
- Revenue was €722.3 million, with operating margin on business activity at 7.2%, up from 6.2% in first half of 2013.
- By business segment, Consulting & Services grew revenue 3.2% in France and 5.7% in Europe, while Solutions saw stronger growth, led by a 12% increase at Sopra Banking Software and 59% growth in Other Solutions.
- Deutsche EuroShop's revenue increased 12% to €99.7 million in H1 2014, driven by the full consolidation of Altmarkt-Galerie Dresden.
- EBIT rose 14% to €88.3 million and consolidated profit increased 23% to €46.3 million.
- Funds from operations per share grew 16% to €1.09.
- The company expects results to be positive for the full year 2014 and plans to pay a dividend of €1.30 per share.
- Revenue for Deutsche EuroShop increased slightly by 0.8% to €152.3 million in the first three quarters of 2016. EBIT also increased modestly by 0.3% to €131.5 million.
- Consolidated profit was down 1.9% to €72.2 million due to higher investment costs, however EPRA earnings per share rose 2.1% to €1.44. Funds from operations improved by 3.6% to €1.74 per share.
- Deutsche EuroShop acquired a 50% stake in the Saarpark-Center in Neunkirchen in early October and expects revenue and FFO per share to increase slightly in 2017 from this
- The company reported a 10.5% increase in revenue for the first quarter of 2018 compared to the previous year, driven by the acquisition of the Olympia Center in Brno.
- Earnings before interest and taxes (EBIT) grew by 10.7% to €49.0 million, in line with revenue growth.
- Consolidated profit increased by 10.4% to €30.4 million, though earnings per share declined slightly to €0.49 due to an increase in the number of shares outstanding.
- The company reaffirmed its full-year guidance and dividend policy, planning to increase dividends paid per share by €0.05 for both 2018 and 2019.
- Sopra's 2013 annual results exceeded targets, with revenue of €1,349.0 million, a 10.9% increase over 2012, and operating profit margin of 8.1%, exceeding projections.
- Net profit was €71.4 million, a 5.3% margin, up from €55.6 million and 4.6% in 2012.
- The Board will propose a dividend of €1.90 per share, totaling €22.6 million, distributed from 2013 net profit.
Snam reported its 2013 results and outlined its 2014-2017 strategic plan. Key points include:
- 2013 EBIT exceeded 2 billion euro despite an 8.9% decrease in transported gas volumes. Reported net profit increased 17.7% to 917 million euro.
- The strategic plan outlines 6 billion euro in investments over 2014-2017 to strengthen Italy's gas infrastructure and increase transport capacity.
- Financial targets for the period include a 3.3% annual RAB growth rate and maintaining a debt to assets ratio around 55%.
- The annual dividend will be 0.25 euro per share in 2014 and 2015.
Metka is a leading contractor of power plants in the MENA region. It has a strong backlog of €1.1 billion providing visibility until 2015. Over 90% of the backlog is located in growing markets like Algeria, Iraq, and Jordan with energy demand increasing over 50% in the past decade. The analyst maintains an Overweight rating and €13.30 price target, expecting 39% upside, citing the company's consolidation phase with stable earnings and dividends over 2013-2015. Risks are to the upside from further contract wins to fuel growth in the region.
- Deutsche EuroShop AG reported a 1% increase in revenue and EBIT for Q1 2015 compared to the same period last year. Net profit increased 12% year-over-year.
- The expansion of the Phoenix-Center shopping center in Hamburg is progressing on schedule, with parts opening in Q3 and Q4 2015 and the full completion expected in spring 2016.
- Deutsche EuroShop confirms its full-year forecasts published in March, expecting revenue between €201-€204 million and FFO per share between €2.24-€2.28. The company plans to pay a dividend of €1.35 per share for 2015.
- Finmeccanica reported strong financial results for the first 9 months of 2015, with a 44.7% increase in EBITA to €745 million and a positive net result of €122 million compared to a net loss in the prior year.
- Most sectors performed well with improvements in orders, revenues, and profitability compared to the previous year. Notably, Selex ES and DRS showed significant increases in EBITA.
- The company reaffirmed its guidance for the full year with expectations to meet or exceed targets for orders, revenues, EBITA, free operating cash flow, and net debt.
Sopra Steria Group reported 2014 pro forma revenue of €3,370.1 million and net profit of €92.8 million. Revenue grew organically by 4.7% for Sopra and 6.0% for Steria. Operating profit on business activity was €231.2 million, or 6.9% of revenue. The combined company is well positioned for digital transformation with 36,000 employees across 20 countries. Targets for 2015 were not provided but opportunities from the merger were described as promising.
This document discusses the due diligence process for Volkswagen's takeover of Scania AB. It provides an overview of the parties and business logic for the takeover, focusing on synergies in the European heavy truck market. A financial valuation of Scania is presented using a discounted cash flow model, yielding a net present value of $10.978 billion. The document then outlines Volkswagen's bid strategy, including gradually acquiring shares and eventually launching a mandatory offer. It analyzes the financing, implementation, and regulatory approval of the deal. Learning outcomes and references are presented at the end.
The document is a half-year financial report from Deutsche EuroShop, a German real estate investment company that invests solely in shopping centers. It summarizes that in the first six months of 2019:
- Revenue grew slightly to €111.9 million, in line with expectations. Net operating income was practically unchanged at €100.4 million.
- Earnings before interest and taxes improved to €98.2 million, while earnings before taxes rose 3.8% to €81.9 million due to a one-time tax refund.
- Consolidated profit increased significantly by 19.8% to €66.2 million, and EPRA earnings rose 14.5% to €84.
This document provides financial information for Deutsche EuroShop for the first quarter of 2016. Key points include:
- Revenue increased slightly by 0.3% to €50.7 million compared to the previous year. Net operating income fell by 0.3% to €46 million. EBIT and EBT were unchanged at €44.6 million and €31 million respectively.
- Consolidated profit fell 2% to €24.9 million due to increased investments impacting measurement gains/losses. Earnings per share fell to €0.46. FFO per share rose 2% to €0.58.
- Total assets increased 1% to €3.873 billion primarily due to higher cash
TomTom reported its Q4 and full year 2014 results. Key highlights include:
- Q4 revenue of €258 million, down slightly year-over-year. Full year revenue of €950 million, also down slightly.
- Gross margin of 51% for Q4 and 55% for the full year.
- Adjusted earnings per share of €0.27 for the full year.
- Revenue expected to grow to around €1 billion in 2015 with adjusted EPS of around €0.20.
This document provides information about the European Mid Cap Event in Paris from June 28-29, 2017. It discusses the benefits of guiding capital from successful businesses and families towards growing companies. It then summarizes Tamburi Investment Partners' portfolio, including key investment facts, portfolio breakdown by industry, group structure, stock performance, and recent deals involving Amplifon, Interpump, and Prysmian. Finally, it discusses TIP's approach of being a long-term partner through governance, team, processes, advisory services, network, and support of aggregation processes like M&A.
This document provides a summary of Snam's quarterly newsletter. It discusses Snam's 2015-2018 strategic plan which will see €5.1 billion invested in Italy, including €1.3 billion in 2015. Over 60% of investments will go to transport infrastructure to support increasing gas flows toward European markets. International assets like TIGF and TAG are also seen as strategic. The 2014 financial results showed a 30.6% increase in net profit despite a 3% decline in EBIT. Snam will propose a dividend of €0.25 per share for 2015.
Aviva's 2014 interim results showed:
1) Operating profit increased 4% to £1,052 million due to lower restructuring costs and positive investment variances.
2) Cash remittances to the Group were up 7% at £612 million.
3) The value of new business increased 9% to £453 million, with growth in Poland, Turkey and Asia contributing 25% of the total.
Deutsche EuroShop | Update on Business Activities | Presentation | 17 June 2020Deutsche EuroShop AG
- Most shops in Germany and abroad have reopened since mid-May, but gastronomy and entertainment face restrictions. Safety measures like distancing and masks are required.
- Footfall at centers is around 73% of normal levels, with variations between 55-100% depending on region. Shop turnover remains substantially below normal.
- Rent collection was 33% in April and 38% in May. Negotiations continue over relief measures like rent deferrals or holidays for tenants.
- The company has €183 million in cash and recently secured new credit lines, but 2020 forecasts are not possible due to unpredictability from the pandemic.
Anite plc reported its annual results for the year ended 30 April 2009. Key highlights included:
- Adjusted revenue from continuing operations was £90.1m, operating profit was £20m and operating margin was 22.2%
- Profit for the year, including profit from discontinued operations, was £36.3m
- Net cash of £27.3m at year-end following the sale of the Public Sector Division for £56.8m
- A final dividend of 0.65p per share was declared, making a total dividend for the year of 0.95p
This document summarizes a public meeting held by CTEEP in 2014. It discusses CTEEP's principal challenges, growth opportunities, and 3Q14 financial results. CTEEP aims to improve efficiency through optimization of O&M costs and investments, while pursuing indemnification from ANEEL. It also seeks to strengthen governance over its subsidiaries and capitalize on increased energy demand in Brazil through 2022. CTEEP's 3Q14 results show growth in net income, EBITDA, and RAP compared to the previous year.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Mediobanca reported solid results for the first quarter of fiscal year 2016, with revenues in line with previous best quarters and a 53% increase in net profit to €244 million. Asset quality continued to improve with non-performing loans decreasing 2% and the CET1 ratio increasing 50 basis points to 12.5%. Looking ahead, Mediobanca expects continued growth driven by its retail and consumer banking divisions while corporate and investment banking transitions to an event-driven model focused on higher returns.
Bourbon reported strong financial results for the first half of 2012, with revenues increasing 17.7% and EBITDA rising 27.2% compared to the same period in 2011. The CEO attributed the growth to higher average daily rates and an expanding fleet. While results were positive, the CEO noted a focus on safety, operational excellence and cost control going forward as new vessel commissioning slows. Segment results were positive across Marine Services and Subsea Services.
- Revenue for the first quarter of 2020 was €55.8 million, down 0.9% from the previous year due to rent losses from coronavirus closures in foreign centers starting in mid-March. EBIT was €48.3 million, down 2% year-over-year.
- EBT excluding measurement gains/losses was €40.8 million, down 3.7% from the previous year partly due to a one-time interest refund in 2019 that positively impacted the prior year results.
- FFO for the quarter was €38.6 million, down 1.3% from the previous year, as the same quarter in 2019 had included the one-time tax refund. The
- The coronavirus pandemic significantly impacted the company's results in the first half of 2020. Revenue declined 2.2% due to rent relief provided to tenants.
- Center operating costs rose substantially by €17.9 million primarily due to higher write-downs of rent receivables totaling €19 million resulting from expected rent defaults and tenant insolvencies caused by the pandemic.
- Earnings before interest and taxes (EBIT) fell 20.1% to €78.5 million mainly due to the increase in rent receivable write-downs and lower revenue amid the pandemic.
- AT&S reported revenues of EUR 126 million for Q1 2012/13, up 14% from the same period a year earlier. However, EBIT fell to EUR 3.7 million due to lower-than-expected capacity utilization at its Shanghai plant from delays in new mobile device models.
- Industrial and automotive business grew steadily but demand from major industrial customers remained weak.
- Net profit was EUR 0.52 million, below expectations due to the issues faced in mobile devices. AT&S reaffirmed its guidance for sales and profit growth in 2012/13.
The document provides financial information for AT&S for Q1-Q3 2014/15 compared to the same period the previous year. It shows that revenue increased 8.5% to €489 million despite high capacity utilization. EBITDA improved 27.1% to €127 million due to high utilization, improved product mix, and cost management. The outlook for the full year was improved with expected revenue of €623-633 million and an EBITDA margin of 23-24%.
This document contains the consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S) as of March 31, 2014. It includes the consolidated statement of financial position, consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of cash flows, and notes to the consolidated financial statements. The notes provide information on AT&S' accounting policies, group structure and consolidation methods, financial performance and position.
The consolidated financial statements are presented in euros and were prepared in accordance with International Financial Reporting Standards and related interpretations as adopted in the European Union.
This document contains the consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S) as of March 31, 2015, including notes to the consolidated financial statements. It provides details on AT&S' consolidated statement of profit or loss, statement of financial position, statement of cash flows, statement of changes in equity, accounting policies, and group of consolidated entities. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards and applicable Austrian law.
- Finmeccanica reported strong financial results for the first 9 months of 2015, with a 44.7% increase in EBITA to €745 million and a positive net result of €122 million compared to a net loss in the prior year.
- Most sectors performed well with improvements in orders, revenues, and profitability compared to the previous year. Notably, Selex ES and DRS showed significant increases in EBITA.
- The company reaffirmed its guidance for the full year with expectations to meet or exceed targets for orders, revenues, EBITA, free operating cash flow, and net debt.
Sopra Steria Group reported 2014 pro forma revenue of €3,370.1 million and net profit of €92.8 million. Revenue grew organically by 4.7% for Sopra and 6.0% for Steria. Operating profit on business activity was €231.2 million, or 6.9% of revenue. The combined company is well positioned for digital transformation with 36,000 employees across 20 countries. Targets for 2015 were not provided but opportunities from the merger were described as promising.
This document discusses the due diligence process for Volkswagen's takeover of Scania AB. It provides an overview of the parties and business logic for the takeover, focusing on synergies in the European heavy truck market. A financial valuation of Scania is presented using a discounted cash flow model, yielding a net present value of $10.978 billion. The document then outlines Volkswagen's bid strategy, including gradually acquiring shares and eventually launching a mandatory offer. It analyzes the financing, implementation, and regulatory approval of the deal. Learning outcomes and references are presented at the end.
The document is a half-year financial report from Deutsche EuroShop, a German real estate investment company that invests solely in shopping centers. It summarizes that in the first six months of 2019:
- Revenue grew slightly to €111.9 million, in line with expectations. Net operating income was practically unchanged at €100.4 million.
- Earnings before interest and taxes improved to €98.2 million, while earnings before taxes rose 3.8% to €81.9 million due to a one-time tax refund.
- Consolidated profit increased significantly by 19.8% to €66.2 million, and EPRA earnings rose 14.5% to €84.
This document provides financial information for Deutsche EuroShop for the first quarter of 2016. Key points include:
- Revenue increased slightly by 0.3% to €50.7 million compared to the previous year. Net operating income fell by 0.3% to €46 million. EBIT and EBT were unchanged at €44.6 million and €31 million respectively.
- Consolidated profit fell 2% to €24.9 million due to increased investments impacting measurement gains/losses. Earnings per share fell to €0.46. FFO per share rose 2% to €0.58.
- Total assets increased 1% to €3.873 billion primarily due to higher cash
TomTom reported its Q4 and full year 2014 results. Key highlights include:
- Q4 revenue of €258 million, down slightly year-over-year. Full year revenue of €950 million, also down slightly.
- Gross margin of 51% for Q4 and 55% for the full year.
- Adjusted earnings per share of €0.27 for the full year.
- Revenue expected to grow to around €1 billion in 2015 with adjusted EPS of around €0.20.
This document provides information about the European Mid Cap Event in Paris from June 28-29, 2017. It discusses the benefits of guiding capital from successful businesses and families towards growing companies. It then summarizes Tamburi Investment Partners' portfolio, including key investment facts, portfolio breakdown by industry, group structure, stock performance, and recent deals involving Amplifon, Interpump, and Prysmian. Finally, it discusses TIP's approach of being a long-term partner through governance, team, processes, advisory services, network, and support of aggregation processes like M&A.
This document provides a summary of Snam's quarterly newsletter. It discusses Snam's 2015-2018 strategic plan which will see €5.1 billion invested in Italy, including €1.3 billion in 2015. Over 60% of investments will go to transport infrastructure to support increasing gas flows toward European markets. International assets like TIGF and TAG are also seen as strategic. The 2014 financial results showed a 30.6% increase in net profit despite a 3% decline in EBIT. Snam will propose a dividend of €0.25 per share for 2015.
Aviva's 2014 interim results showed:
1) Operating profit increased 4% to £1,052 million due to lower restructuring costs and positive investment variances.
2) Cash remittances to the Group were up 7% at £612 million.
3) The value of new business increased 9% to £453 million, with growth in Poland, Turkey and Asia contributing 25% of the total.
Deutsche EuroShop | Update on Business Activities | Presentation | 17 June 2020Deutsche EuroShop AG
- Most shops in Germany and abroad have reopened since mid-May, but gastronomy and entertainment face restrictions. Safety measures like distancing and masks are required.
- Footfall at centers is around 73% of normal levels, with variations between 55-100% depending on region. Shop turnover remains substantially below normal.
- Rent collection was 33% in April and 38% in May. Negotiations continue over relief measures like rent deferrals or holidays for tenants.
- The company has €183 million in cash and recently secured new credit lines, but 2020 forecasts are not possible due to unpredictability from the pandemic.
Anite plc reported its annual results for the year ended 30 April 2009. Key highlights included:
- Adjusted revenue from continuing operations was £90.1m, operating profit was £20m and operating margin was 22.2%
- Profit for the year, including profit from discontinued operations, was £36.3m
- Net cash of £27.3m at year-end following the sale of the Public Sector Division for £56.8m
- A final dividend of 0.65p per share was declared, making a total dividend for the year of 0.95p
This document summarizes a public meeting held by CTEEP in 2014. It discusses CTEEP's principal challenges, growth opportunities, and 3Q14 financial results. CTEEP aims to improve efficiency through optimization of O&M costs and investments, while pursuing indemnification from ANEEL. It also seeks to strengthen governance over its subsidiaries and capitalize on increased energy demand in Brazil through 2022. CTEEP's 3Q14 results show growth in net income, EBITDA, and RAP compared to the previous year.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Mediobanca reported solid results for the first quarter of fiscal year 2016, with revenues in line with previous best quarters and a 53% increase in net profit to €244 million. Asset quality continued to improve with non-performing loans decreasing 2% and the CET1 ratio increasing 50 basis points to 12.5%. Looking ahead, Mediobanca expects continued growth driven by its retail and consumer banking divisions while corporate and investment banking transitions to an event-driven model focused on higher returns.
Bourbon reported strong financial results for the first half of 2012, with revenues increasing 17.7% and EBITDA rising 27.2% compared to the same period in 2011. The CEO attributed the growth to higher average daily rates and an expanding fleet. While results were positive, the CEO noted a focus on safety, operational excellence and cost control going forward as new vessel commissioning slows. Segment results were positive across Marine Services and Subsea Services.
- Revenue for the first quarter of 2020 was €55.8 million, down 0.9% from the previous year due to rent losses from coronavirus closures in foreign centers starting in mid-March. EBIT was €48.3 million, down 2% year-over-year.
- EBT excluding measurement gains/losses was €40.8 million, down 3.7% from the previous year partly due to a one-time interest refund in 2019 that positively impacted the prior year results.
- FFO for the quarter was €38.6 million, down 1.3% from the previous year, as the same quarter in 2019 had included the one-time tax refund. The
- The coronavirus pandemic significantly impacted the company's results in the first half of 2020. Revenue declined 2.2% due to rent relief provided to tenants.
- Center operating costs rose substantially by €17.9 million primarily due to higher write-downs of rent receivables totaling €19 million resulting from expected rent defaults and tenant insolvencies caused by the pandemic.
- Earnings before interest and taxes (EBIT) fell 20.1% to €78.5 million mainly due to the increase in rent receivable write-downs and lower revenue amid the pandemic.
- AT&S reported revenues of EUR 126 million for Q1 2012/13, up 14% from the same period a year earlier. However, EBIT fell to EUR 3.7 million due to lower-than-expected capacity utilization at its Shanghai plant from delays in new mobile device models.
- Industrial and automotive business grew steadily but demand from major industrial customers remained weak.
- Net profit was EUR 0.52 million, below expectations due to the issues faced in mobile devices. AT&S reaffirmed its guidance for sales and profit growth in 2012/13.
The document provides financial information for AT&S for Q1-Q3 2014/15 compared to the same period the previous year. It shows that revenue increased 8.5% to €489 million despite high capacity utilization. EBITDA improved 27.1% to €127 million due to high utilization, improved product mix, and cost management. The outlook for the full year was improved with expected revenue of €623-633 million and an EBITDA margin of 23-24%.
This document contains the consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S) as of March 31, 2014. It includes the consolidated statement of financial position, consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of cash flows, and notes to the consolidated financial statements. The notes provide information on AT&S' accounting policies, group structure and consolidation methods, financial performance and position.
The consolidated financial statements are presented in euros and were prepared in accordance with International Financial Reporting Standards and related interpretations as adopted in the European Union.
This document contains the consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S) as of March 31, 2015, including notes to the consolidated financial statements. It provides details on AT&S' consolidated statement of profit or loss, statement of financial position, statement of cash flows, statement of changes in equity, accounting policies, and group of consolidated entities. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards and applicable Austrian law.
- AT&S finished the 2011/12 financial year with record sales of around EUR 514m, about 5% higher than the previous year. EBITDA increased to over EUR 103m, however EBIT and net income declined slightly.
- External factors such as the earthquake in Japan and European financial crisis impacted demand in the first half of the year but the business stabilized in the second half.
- Innovation and technological leadership remain strategic focuses as AT&S anticipates future market needs. Several new partnerships and technologies were developed over the year.
- The outlook for the printed circuit board industry is positive and AT&S sees opportunities to expand in mobile devices, automotive, and recovering industrial segments. Maint
The annual report summarizes the company's financial performance in 2014/15. Some key points:
- Revenue grew 13.1% to €667 million, with strong growth in mobile devices and automotive electronics.
- Earnings also increased substantially, with EBITDA up 31.8% and profit for the period rising 81.5% to €69.3 million.
- The balance sheet remains solid, with an equity ratio of 49.5% and reduced net gearing of 21.6%, allowing continued investment in expanding production capacity.
- Revenue declined 8% to €178.9 million in Q1 2017 compared to Q1 2016, due to the expected seasonal downturn in demand for mobile device PCBs.
- EBITDA was €18.8 million versus €45.5 million in the previous year, influenced by start-up effects of the new Chongqing plant. Excluding these effects, EBITDA was €38.1 million.
- Net loss was €13.6 million compared to a €19.6 million profit in the previous year, due to start-up costs and higher financing costs.
This document is the annual financial report of AT&S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S) as of March 31, 2012. It includes the consolidated financial statements of AT&S and its subsidiaries, prepared according to IFRS, as well as the separate financial statements of AT&S. The report provides the consolidated income statement, balance sheet, cash flow statement, statement of changes in equity and notes to the financial statements for the 2012 fiscal year, as certified by auditors.
This document provides an annual report for AT&S, a leading supplier of printed circuit boards, for the 2013/14 fiscal year. It includes consolidated statements of profit/loss, financial position, and cash flows. Key highlights include revenue increasing to €589.9 million, EBITDA of €130.2 million, and total assets of €916.1 million. AT&S operates facilities in Europe, Asia, and India that focus on producing high-density interconnect boards and other advanced circuitry solutions for applications such as mobile devices, industrial electronics, automotive, and medical.
A global enterprise like AT&S must be able to see the big picture
if it is to overcome the challenges presented by the market, and
the social and physical environment in which it operates. Sustainability
has always been one of our guiding principles, and it
is integral to our culture at all of our sites. To us, sustainability
is less about following trends than setting them. Our outstanding
environmental performance has made us a benchmark in
China, and our entire industry regards AT&S as a trailblazer.
We believe that
The document provides financial and operational information for AT&S for the first half of the 2014/15 fiscal year. Key points include:
- Revenue was stable at €302.1 million while EBITDA increased 10.5% to €72.3 million and profit for the period rose 29.5% to €28.4 million.
- The Mobile Devices & Substrates business unit achieved stable revenue while the Industrial & Automotive unit grew revenue by 8.8%.
- Construction of the new IC substrate plant in Chongqing is proceeding on schedule.
The document discusses trials to address the challenge of applying solder paste into recessed cavities on printed circuit boards (PCBs) using stencil printing. Test vehicles were created with cavities of varying depths (0-750um) containing different component footprints. Two types of solder paste were printed into the cavities using a customized step stencil and squeegee. The solder paste application and coverage was analyzed using automated optical inspection. Type 4 solder paste showed better transfer efficiency and coverage than Type 3. Printing with periodic stencil cleaning produced more consistent results compared to no cleaning, though with slightly lower paste volumes. The trials helped clarify the challenges of solder paste application into cavities using stencil printing and
- Revenue increased 5.3% to €615.1 million due to first revenues from new IC substrate and circuit board plants in China, though profitability declined.
- EBITDA fell 27.2% to €102.1 million due to €51.6 million in start-up costs for the new China plants, while adjusted EBITDA rose 8.5% as cost cuts offset price pressure.
- Net loss of €19.7 million compared to €60.2 million profit last year primarily from start-up effects and higher financing costs, though core business profitability improved.
- Revenue remained stable at €386.5 million, matching the previous year's strong level. However, profitability declined due to start-up costs associated with the new Chongqing plant.
- EBITDA decreased 44% to €52.1 million due to €37.3 million in start-up costs for Chongqing. Excluding this, EBITDA declined 5% and the margin was nearly unchanged at 23.8%.
- Net loss was €14.8 million compared to €42.1 million profit in the previous year, due to the Chongqing start-up costs and higher financing expenses. Outlook for the year remains cautious due to ongoing ramp-up
This document provides a summary of financial information for AT&S for the first three quarters of the 2013/14 fiscal year. It reports that revenue increased 11% to €451 million and EBITDA grew 34% to €100 million. Earnings per share rose from €0.24 to €1.08. It also announces management board and supervisory board changes, including a capital increase that raised over €12 million.
This document provides key financial figures and performance highlights for AT&S, a leading manufacturer of printed circuit boards, for the years 2012/13 through 2015/16. Some key points:
- Revenue increased 14.4% in 2015/16 to €762.9 million, with growth primarily from the Mobile Devices & Substrates segment.
- EBITDA remained flat at €167.5 million while EBIT declined 14.6% due to higher depreciation from a new production line in China.
- ROCE declined from 12.0% to 8.2% due to investments in a new plant in Chongqing, China.
- Headcount increased 12.3% to 9
- Revenue increased 11.2% to €222.1 million due to additional capacities in Chongqing and strong demand for IC substrates.
- EBITDA rose 75.4% to €52 million thanks to higher earnings from Chongqing and positive valuation effects. The EBITDA margin increased to 23.4%.
- Profit for the period improved to €13.5 million compared to a loss of €11.2 million in the prior year, as investments in recent years increased productivity.
- Deutsche EuroShop recorded revenue growth of 28.1% in the first half of 2023 compared to the same period in 2022, driven by acquisitions of additional shares in shopping centers.
- Net operating income increased by 27.8% due to higher revenue and lower write-downs on rent receivables.
- Earnings before interest and taxes grew substantially by 49.3% helped by income from reversal of provisions and lower write-downs, however consolidated profit fell due to negative valuation effects.
- While business recovery supported results, one-off income also contributed to improved performance compared to previous year.
- Revenue increased 11.6% to €199.6 million due to stable demand and good capacity utilization. EBITDA rose to €29.7 million compared to €18.8 million in the same quarter last year.
- Loss for the period improved to €-11.2 million from €-13.6 million in the prior year quarter. Loss per share declined from €-0.35 to €-0.29.
- Net debt increased to €496.7 million from €380.5 million due to investments of €69.7 million in tangible and intangible assets. The company decided not to further expand its IC substrate plant in China in the current financial year.
Bolsas y Mercados Españoles (BME) reported a 16.2% increase in net profit for the first nine months of 2014 to €122.2 million, with €38.5 million in net profit for the third quarter alone. Revenues for the third quarter rose 9.6% year-over-year to €79.5 million, while revenues for the first nine months increased 10.2% to €249 million. Operating costs for the third quarter grew 2.5% to €24.2 million and remained relatively flat at €74.2 million for the nine month period. EBITDA increased 13.1% in the third quarter to €55.3 million and 15
- AT&S, a manufacturer of high-end printed circuit boards and IC substrates, increased revenue and profits in the first half of the 2018/19 fiscal year compared to the same period last year. Revenue grew 6.4% to €516.9 million driven by additional capacity from new Chinese plants and strong demand for IC substrates.
- EBITDA improved 32.5% to €138.3 million due to the positive contributions from the Chinese plants, and the EBITDA margin increased to 26.8%. Net profit more than tripled to €55.4 million.
- The company upgraded its full-year guidance, now expecting 6-8% revenue growth and an EBITDA margin of
In December 2013, Ackermans & van Haaren acquired a 60.39% stake in CFE, gaining exclusive control over DEME. This was an important strategic transaction for AvH that highlighted the significance of the dredging activity, which was central to the founding of the group in 1876. The acquisition enabled AvH to support the profitable development of all of CFE's activities, including DEME, to strengthen their long-term resilience through economic fluctuations and fully utilize synergy opportunities.
The document summarizes the results of a frequency auction and plans for infrastructure expansion in Austria.
1) A spectrum auction in Austria resulted in the most expensive auction in Europe, lacking transparency.
2) Telekom Austria plans to expand its LTE network coverage in Austria to 45% of the population by upgrading to LTE 800 technology in April 2014.
3) The company aims to meet growing demand for high-speed services through the launch of a new 100 Gigabit fiber network in Central and Eastern Europe, with the first part of the network already in operation in Croatia.
- Revenue increased 3.8% to €167 million due to the addition of a new property in the portfolio.
- Net operating income rose 3.9% to €150 million and EBIT increased 4.4% to €146.5 million.
- Funds from operations grew 2.9% to €110.7 million, though FFO per share fell due to an increase in shares outstanding.
Elringklinger - Conference Call Q1 2014 Presentation Company Spotlight
Group sales were up 15.3% in Q1 2014 compared to Q1 2013, with organic growth of 13.4%. EBIT increased 28.4% to EUR 42.1 million despite higher expenses. The exhaust abatement division performed strongly with sales up 9.7% and EBIT increasing to EUR 7.7 million. For 2014, the company expects overall car production to increase 2-3% worldwide and guides for sales growth of 5-7% and adjusted EBIT of EUR 160-165 million.
The document provides key financial figures for Deutsche Euroshop AG for the periods ending September 30, 2017 and September 30, 2016. It shows that revenue, net operating income, EBIT, EBT, consolidated profit, and earnings per share all increased between 5.7-18.1% in the first nine months of 2017 compared to the same period in 2016. Funds from operations per share grew 8% to €1.88. Total assets increased 10.9% to €4,563.5 million due mainly to the acquisition of the Olympia Center in Brno. The company reaffirmed its full-year forecast and expects to propose a dividend of €1.45 per share.
Snam reported positive results for the first nine months of 2019, with earnings before interest and taxes (EBIT) increasing 3.2% compared to the same period in 2018. Regulated revenues excluding pass-through items grew 4.1% due to higher tariffs. Net income increased 9.3% to 867 million euros. Snam also continued progressing on international expansion and optimization of its financial structure. Full-year 2019 guidance was confirmed.
Hans-Peter Kneip introduces himself as the new member of the Executive Board of Deutsche EuroShop AG. The company's operations proceeded according to plan in the first nine months of 2022, with revenue increasing slightly to €158.7 million and net operating income rising 8.9% to €123.9 million. Earnings before interest and taxes were unchanged at €111.5 million, while earnings before tax increased 4.3% to €94.4 million excluding measurement gains and losses. Consolidated profit rose significantly by 46.6% to €64.6 million, driven mainly by lower measurement gains compared to the previous year.
The document reports on CIR Group's 9M 2014 results. It provides details on the company's subsidiaries, including Espresso Group, Sogefi, and KOS. It summarizes that CIR Group had a net income of €5.4 million for 9M 2014, down from €10.7 million in 9M 2013. It also notes that CIR signed an agreement in July 2014 to restructure the debt of its subsidiary Sorgenia, which will result in CIR no longer holding shares in Sorgenia.
Generali Group reported its 2014 first half results. The key highlights included:
- Operating profit increased 9.5% to €2.5 billion driven by strong performances across business segments.
- Net income was stable at €1.075 billion despite some one-off effects from discontinued operations.
- Solvency I ratio improved significantly to 162% due to successful debt placements and financial market performance.
- Life insurance saw increases in new business, net inflows, APE and operating result due to lower expenses and improved investment returns. P&C insurance also performed well with a lower combined ratio.
- The group has made great progress towards its cost savings and capital management goals under its
Ageas reported solid full year 2013 results with an insurance net profit of EUR 654 million, up 5% from 2012. The group net profit of EUR 570 million was down 23% due to a weaker non-life quarter 4 result and losses in the general account. Key executive Kurt De Schepper will retire and be replaced by Filip Coremans. Ageas proposes a 17% increase in gross cash dividend to EUR 1.40 per share.
Similar to AT&S Quarterly Financial Report 01 2014/2015 (20)
1) The document is an annual report from AT&S, a leading manufacturer of printed circuit boards and IC substrates, reporting on the 2019/20 fiscal year.
2) It highlights key figures such as revenue declining 2.7% year-over-year to €1 billion, EBITDA falling 22.2% to €195 million, and profit for the period declining 75.9% to €21.5 million.
3) AT&S discusses major trends in the industry like 5G mobile networks, increasing data volumes, and growing markets for IC substrates that the company is positioned to capture through expansion.
- AT&S is a leading provider of printed circuit boards and IC substrates for applications such as mobile devices, automotive, industrial, medical, and more.
- In fiscal year 2019/20, AT&S achieved over €1 billion in revenue but saw declines in EBITDA and earnings per share due to lower sales volume, unfavorable product mix, and impacts of COVID-19.
- However, AT&S remained profitable with an EBITDA margin within its guided range of 18-20% and continues investing in expanding IC substrate capacities for future growth opportunities in high-performance computing.
This document provides an investor and analyst presentation for AT&S, a leading producer of printed circuit boards and IC substrates. It summarizes that AT&S has a unique market position as a provider of high-end PCBs and substrates for growth applications in mobile devices, automotive, industrial, and medical industries. It also outlines AT&S' global production footprint and technology leadership through continuous R&D efforts. The presentation discusses the company's growth strategy through incremental investments to capture opportunities in megatrend markets and its goal of sustainable profitability above industry averages.
- AT&S reported lower revenue and earnings for the first nine months of the 2019/20 financial year compared to the same period last year, due to market upheavals and the economic climate. Revenue was down 4.7% and EBITDA declined 29.1%.
- While some segments like IC substrates and medical saw increases, declines were seen in the mobile devices and industrial segments due to changes in product mix and price pressure.
- AT&S adjusted its outlook for the full financial year due to the effects of the coronavirus, and now expects revenue of €960 million and an EBITDA margin of 18-20%. Medium-term growth targets were maintained.
AT&S presented financial results for Q1-3 2019/20. Revenue declined slightly to €753.2 million from challenging market conditions, though remained within target margins. EBITDA fell to €156.4 million due to higher R&D and preparation costs for future applications. The automotive segment performed steadily despite difficulties, while industrial was weaker. Ongoing investments in IC substrate capacity will support long-term growth opportunities in high-performance computing.
AT&S Investor and Analyst Presentation September 2019 AT&S_IR
This document provides an investor and analyst presentation for AT&S, a leading provider of printed circuit boards and IC substrates. The summary is:
1) AT&S provides an overview of the company, its global footprint, investment highlights including its technology leadership position and financial results for Q1 2019/20.
2) Revenue was flat for Q1 2019/20 at €222.7 million due to diversified products compensating for market fluctuations, though EBITDA declined due to seasonal effects and a challenging market environment.
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AT&S Investor and Analyst Presentation August 2019 von AT&S_IRAT&S_IR
AT&S presented its investor and analyst presentation for August 2019. Some key points:
- AT&S is a leading provider of high-end printed circuit boards and IC substrates.
- In Q1 2019/20, revenue was flat at €222.7 million but EBITDA declined due to challenging market conditions and higher R&D costs.
- Growth opportunities exist across all segments due to trends like 5G, AI, and electric vehicles. However, some segments like automotive currently face temporary slowdowns.
- AT&S is initiating its next growth step with a planned €1 billion investment over 5 years in a new IC substrate plant in China and expansion in Austria to capture demand for high
- Revenue for AT&S was stable at €222.7 million for the quarter, though earnings declined as expected due to market factors and investments in strategic expansion. EBITDA was €34.9 million, down 32.9%.
- Demand was weaker in the Mobile Devices, Automotive and Industrial segments, leading to underutilization of production capacity. The IC Substrates and Medical & Healthcare segments saw sales increases.
- AT&S initiated an investment project of up to €1 billion to significantly increase IC substrate capacity, with production starting in 2021. This is expected to double revenue to €2 billion in the next 5 years and improve margins long-term.
This document contains the consolidated financial statements of AT&S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S) for the fiscal year ending March 31, 2019. It includes the consolidated statement of profit or loss, consolidated statement of financial position, notes to the consolidated financial statements, and independent auditor's reports on the consolidated and standalone financial statements. AT&S manufactures printed circuit boards and provides related services for industries including mobile devices, automotive, industrial, medical, and others.
AT&S is a leading manufacturer of high-end printed circuit boards and IC substrates. In the past fiscal year, AT&S achieved over €1 billion in revenue with approximately 9,800 employees worldwide. The company focuses on providing solutions for mobile devices, automotive, industrial, medical and other applications. Looking ahead, AT&S expects growth to continue driven by digital megatrends and increasing demand for its solutions to support areas like mobility, autonomous driving, industrial automation and more.
AT&S Investor and Analyst Presentation January 2019AT&S_IR
This document provides an investor and analyst presentation for AT&S Austria Technologie & Systemtechnik Aktiengesellschaft. Some key points:
- AT&S is a leading global provider of printed circuit boards and IC substrates, serving growing end markets like mobile devices, automotive, industrial, and medical.
- In the first nine months of FY 2018/19, AT&S achieved revenue growth to €790.1 million and an increase in EBITDA to €220.5 million, demonstrating strong financial performance.
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AT&S Investor and Analyst Presentation February 2019AT&S_IR
The document is an investor and analyst presentation from AT&S, a leading provider of printed circuit boards and IC substrates.
In the first 3 sentences:
AT&S reported revenue growth of 3.2% to €790.1 million for the first nine months of the fiscal year, with strong demand for IC substrates and in medical applications. EBITDA increased 15.9% to €220.5 million due to efficiency improvements and the absence of start-up costs in Chongqing. The presentation discusses AT&S' financial results, markets, strategy to become a leading high-end interconnect solutions provider, and outlook.
- Revenue for AT&S grew slightly to €790.1 million in the first three quarters of 2018/19, while EBITDA increased significantly by 15.9% to €220.5 million.
- Improved profitability was driven by efficiency gains, the absence of startup costs, and a better product mix, despite weaker demand in mobile devices and automotive.
- Earnings per share jumped 83.2% to €2.21, reflecting higher profits and stable number of shares outstanding.
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Moreover, having well-defined career goals fosters a sense of purpose and direction, enhancing job satisfaction and overall productivity. It encourages continuous learning and adaptation, as professionals remain attuned to industry trends and evolving job market demands. Career goals also facilitate better time management and resource allocation, as individuals prioritize tasks and opportunities that advance their professional growth. In addition, articulating career goals can aid in networking and mentorship, as it allows individuals to communicate their aspirations clearly to potential mentors, colleagues, and employers, thereby opening doors to valuable guidance and support. Ultimately, career goals are integral to personal and professional development, driving individuals toward sustained success and fulfillment in their chosen fields.
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This presentation was uploaded with the author’s consent.
2. CONSOLIDATED STATEMENT OF PROFIT OR LOSS Unit Q1 2014/15 Q1 2013/14
Revenue € in thousands 141,310 142,541
thereof produced in Asia % 75% 74%
thereof produced in Europe % 25% 26%
EBITDA € in thousands 29,131 28,112
EBITDA margin % 20.6% 19.7%
EBIT € in thousands 13,324 10,440
EBIT margin % 9.4% 7.3%
Profit for the period € in thousands 7,579 6,612
attributable to owners of the parent company € in thousands 7,569 6,606
Cash earnings € in thousands 23,377 24,278
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 Jun 2014 31 Mar 2014
Total assets € in thousands 971,864 916,059
Total equity € in thousands 402,609 390,680
Equity attributable to owners of the parent company € in thousands 402,594 390,682
Net debt € in thousands 132,481 110,874
Net gearing % 32.9% 28.4%
Net working capital € in thousands 88,247 91,722
Net working capital per revenues % 15.6% 15.6%
Equity ratio % 41.4% 42.7%
CONSOLIDATED STATEMENT OF CASH FLOWS Q1 2014/15 Q1 2013/14
Net cash generated from operating activities (OCF) € in thousands 24,907 27,523
CAPEX, net € in thousands 42,937 10,863
GENERAL INFORMATION 30 Jun 2014 31 Mar 2014
Employees (incl. leased personnel), end of reporting period – 7,291 7,129
Employees (incl. leased personnel), average – 7,189 7,027
KEY STOCK FIGURES Q1 2014/15 Q1 2013/14
Weighted average number of shares outstanding – 38,850,000 23,322,588
Earnings per average number of shares outstanding 1)
€ 0.19 0.28
Cash earnings per average number of shares 1)
€ 0.60 1.04
Market capitalisation, end of reporting period € in thousands 380,730 150,197
Market capitalisation per equity 2)
% 94.6% 49.0%
KEY FINANCIAL FIGURES Q1 2014/15 Q1 2013/14
ROE (Return on equity)3)
% 7.6% 11.6%
ROCE (Return on capital employed) 3)
% 7.9% 9.5%
ROS (Return on sales) % 5.4% 4.6%
1)
2014/15: Lower result substantially due to issue of new shares.
2)
Equity attributable to owners of the parent company.
3)
Calculated on the basis of average values.
Key figures
3. AT&S Group’s revenue for the first quarter 2014/15 reached
€ 141.3 million, at almost the same level as the same period a year
earlier
EBITDA increased by 3.6% to € 29.1 million
Consolidated net income rose by 14.6% to € 7.6 million
AT&S is well on track with its Chongqing implementation plan
Highlights
4. 04
Dear shareholders,
Like last year, the new financial year has got off to a successful start.
We reported further increases in profitability in the first quarter of
2014/15, while holding revenue at a constant level. This was largely
made possible by increased revenue in the automotive, industrial and
medical technology segments. At this point we would like to empha-
sise that we were able to make up for a decline in demand - which
was considerable in the case of certain customers. Capacity utilisation
was strong and reaffirmed AT&S’s strong standing on the market. We
expect this positive performance to continue, particularly in light of
the traditionally strong demand for mobile end user devices in the
second half of the current financial year.
RESULTS FOR FIRST QUARTER OF THE FINANCIAL
YEAR 2014/15 The AT&S Group generated revenue of
€ 141.3 million in the first three months of the financial year 2014/15,
which was in line with the previous year’s total (Q1 2013/14:
€ 142.5 million). Earnings before interest, tax, depreciation and amor-
tisation (EBITDA) amounted to € 29.1 million, a 3.6% improvement on
the same period a year earlier. Consolidated net income for the first
quarter rose by 14.6% to € 7.6 million.
Statement of the
Management Board
5. 05
Key indicators for the first three months of the financial year 2014/15
are as follows:
Revenue: € 141.3 million
Gross profit: € 28.5 million
for a margin of 20.2%
EBITDA: € 29.1 million
for a margin of 20.6%
Operating result: € 13.3 million
for a margin of 9.4%
Profit before tax: € 10.7 million
for a margin of 7.5%
Profit for the period: € 7.6 million
for a margin of 5.4%
Earnings per share: € 0.19
No. of shares outstanding (average)*: 38,850
* Thousands of shares
FINANCING The maturities of the total financial liabilities of
€ 396.1 million were as follows:
Less than 1 year: € 48.3 million
1–5 years: € 304.2 million
More than 5 years: € 43.6 million
MOBILE DEVICES PERFORMING WELL Mobile Devices’
sales reached € 68.0 million, down by around 9% on the previous
year’s total (Q1 2013/14: € 74.5 million). Comparatively low volumes
resulted from different time periods for the ramp-up of new projects.
While the same period of 2013/14 was characterised by the introduc-
tion of the BB10 platform, this year reflects normal seasonal patterns
with new product ramp-ups taking effect a quarter later. However, in
our view current revenue is encouraging and we are already in a
highly attractive position after the first quarter in a long-term compar-
ison.
INDUSTRIAL & AUTOMOTIVE GROWTH CONTINUES
Industrial & Automotive’s sales for the first quarter of 2014/15
reached € 72.6 million, an increase of around 9% on the comparative
period (Q1 2013/14: € 66.4 million). Increased use of innovative elec-
tronics in cars has led to a rising demand for high-value printed circuit
boards. The growth in industrial applications remains steady, primarily
due to positive demand for applications used in machine-to-machine
(M2M) communication, industrial automation and LEDs.
CHONGQING Development of the Chongqing plant with a strate-
gic focus on the new integrated circuit (IC) substrates business is
progressing according to plan. The installation and qualification pro-
cess has been launched for production equipment and machinery.
Thanks to its Chongqing facility, AT&S is among the first companies to
enter high-volume IC substrate production in China.
With best regards
Andreas Gerstenmayer
Chairman of the Board
Karl Asamer
Member of the Board
Heinz Moitzi
Member of the Board
6. 06
20TH ANNUAL GENERAL MEETING At the Ordinary Gen-
eral Meeting of AT & S Austria Technologie & Systemtechnik Aktien-
gesellschaft the resolution to pay a dividend of € 0.20 per participating
no-par value share for the business year 2013/14 has been resolved.
The dividend will be paid on 24 July 2014. Ex-Day is also 24 July 2014.
In the course of the Annual General Meeting the members of the
Management and Supervisory Board have been granted discharge for
the business year 2013/14.
In accordance with the proposal of the Management and Supervisory
Boards, the total remuneration of the Supervisory Board for the finan-
cial year 2013/14 was fixed at € 283,450. This amount will be paid out
in the financial year 2014/15 in respect of the previous financial year.
PwC Wirtschaftsprüfung GmbH, Vienna, has been elected as the audi-
tor and group auditor for the business year 2014/15.
Furthermore, in the course of the Annual General Meeting
Mr. Gerhard Pichler has been re-elected to the Supervisory Board of
the Company.
The Management Board has been authorised to increase, until 2 July
2019 and with the consent of the Supervisory Board, the nominal
capital of the Company by up to € 21,367,500, by issuing up to
19,425,000 new individual no-par-value bearer shares in exchange for
cash payment or contribution in kind, in one or several tranches, also
by way of indirect offer for subscription after taking over by one or
several credit institutions according to section 153 para 6 Stock Cor-
poration Act. The Management Board was authorised to determine
the details of the issue terms (including without limitation issue price,
nature of the contribution in kind, contents of share rights, exclusion
of pre-emptive rights) with the consent of the Supervisory Board
(authorised capital). The Supervisory Board was authorised to resolve
amendments to the Articles of Association resulting from the issue of
shares from authorised capital. The General Meeting has also resolved
to amend the Articles of Association in Section 4 (Nominal Capital) in
accordance with this resolution.
In addition, the authorisation of the Management Board to issue
convertible bonds, granted by a resolution in the General Meeting of
7 July 2010, was revoked and the Management Board was authorised
to issue until 2 July 2019 and with the consent of the Supervisory
Board, once or repeatedly, convertible bonds in bearer form in a total
nominal of up to € 150,000,000 and to grant the holders of converti-
ble bonds rights of conversion and/or subscription of up to
19,425,000 new no-par-value bearer shares of the Company in ac-
cordance with the terms and conditions for the convertible bonds to
be defined by the Management Board. The fulfilment of the conver-
sion and/or subscription rights can be effected through conditional
capital, authorised capital, out of treasury shares or by way of delivery
from third parties or a combination thereof.
Further, the Management Board was authorised to determine with
the consent of the Supervisory Board and under consideration of the
regulations under stock corporation law the emission and configura-
tion features, the bond terms of the convertible bonds (in particular
the interest rate, issue price, maturity and denomination, dilution
protection provisions, conversion period, conversion rights and obliga-
tions, conversion ratio and conversion price).
The price of the convertible bonds shall be calculated under consider-
ation of calculation methods customary in the market.
The issuing price of the shares issued upon conversion (exercise of the
conversion and/or subscription right) and the conversion and/or
subscription ratio shall be determined with regard to market standard
calculation and the stock market price of the shares of the company
(basis of the calculation of the issuing price); the issuing price must
not be below the pro-rata amount of the share capital.
The statutory subscription right may also be granted in such way that
the convertible bonds are underwritten by a bank or a banking syndi-
cate with the obligation to offer them to the shareholders for sub-
scription (indirect subscription right). However, the Management
Board shall be authorised to exclude the shareholders subscription
rights to convertible bonds in whole or in part.
The convertible bonds can also be issued by a direct or indirect whol-
ly-owned subsidiary of AT & S Austria Technologie & Systemtechnik
Aktiengesellschaft; in this event, the Management Board shall be
authorised, with the consent of the Supervisory Board, to assume a
guarantee for the company for the convertible bonds and to grant the
holders of the convertible bonds conversion rights to bearer shares of
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft.
Furthermore, the nominal capital of the Company was conditionally
increased pursuant to section 159 para 2 item 1 Stock Corporation Act
by an amount of up to € 21,367,500 by the issue of up to 19,425,000
new no-par-value bearer shares. The conditional increase of the nom-
inal capital will only be executed to the extent that holders of the
convertible bonds issued based on the authorisation by the General
Meeting on 3 July 2014 exercise the subscription or exchange right for
shares in the Company granted to them.
Corporate governance
information
7. 07
The Management Board was also authorised to determine further
details concerning the execution of the conditional increase of capital
upon approval of the Supervisory Board (including, without limitation,
issue price, contents of share rights). As to the issue price of the con-
vertible bonds and the conversion and/or subscription ratio, see al-
ready above.
The newly issued shares shall participate in the profits in the same
way as the shares traded at the stock exchange at the time of issu-
ance.
The Supervisory Board was authorised to resolve on amendments to
the Articles of Association which result from the issuance of the
shares from the conditional capital. The same shall apply in case the
authorisation to issue convertible bonds has not been exercised by
the expiration of the period of authorisation and in case the condi-
tional capital has not been utilised by the expiration of the periods in
accordance with the terms and conditions for convertible bonds.
Section 4 (Nominal Capital) of the Articles of Association was amend-
ed to reflect this resolution.
The above powers are subject to the following limits and restrictions
as to amounts: the total of (i) the number of new shares actually
issued or potentially issuable out of conditional capital under the
terms and conditions of the convertible bonds, and (ii) the number of
shares issued out of authorised capital may not exceed 19,425,000,
(the maximum number authorised).
SUPERVISORY BOARD As already disclosed under “20th Annual
General Meeting”, the Annual General Meeting resolved to re-elect
Gerhard Pichler to the Company’s Supervisory Board. The appoint-
ment runs until the end of the Annual General Meeting responsible
for approving the financial statements for the financial year 2018/19,
i.e., in principle until the end of the 25th Annual General Meeting,
which takes place in 2019.
Georg Riedl reported in the first quarter of the financial year 2014/15
that with effect from 6 June 2014 he was elected to the Supervisory
Board of VIENNA INSURANCE GROUP AG Wiener Versicherung
Gruppe, a company listed on the Vienna Stock Exchange. Supervisory
board or similar positions held by Mr. Riedl in listed companies are
now:
bwin.party digital entertainment plc
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe
DIRECTORS’ DEALINGS Andreas Gerstenmayer, Chairman of
the Management Board of AT & S Austria Technologie & Systemtech-
nik Aktiengesellschaft, on 25 June 2014 bought 10,000 shares in the
Company for € 9.749 per share. Since that date, Andreas Gerstenmay-
er holds a total of 10,000 shares in the Company, which represents
roughly 0.03% of the 38,850,000 shares in issue.
The relevant directors’ dealings notifications can be viewed and down-
loaded in the FMA Directors’ Dealings Database, at
www.fma.gv.at/de/unternehmen/emittenten/directors-
dealings/directors-dealings-datenbank.html.
8. 08
SHAREHOLDINGS
SHARE PRICE IN THE FIRST THREE MONTHS OF
2014/15 Over the past three months, the performance of AT&S
stock was mainly a reflection of the following factors:
Positive trading environment for high-end printed circuit board
industry
Good capacity utilisation at all plants
Increased coverage and access to new investor groups
The price of AT&S stock rose over the first three months to close at
€ 9.80, resulting in a market capitalisation of approximately
€ 381 million at the end of the period.
As of 30 June 2014 the AT&S share was being followed by eight ana-
lyst houses, of which seven rated the share “buy” and one rated it
“hold”.
The Management Board started the financial year with an intensive
roadshow programme to inform the capital market of the latest de-
velopments in the Group’s core business, and of the risks and oppor-
tunities associated with its entry to the IC substrates business. The
investor relations effort started in Amsterdam before moving on to
Frankfurt and Vienna. The Asian Capital Markets Day in Shanghai was
very well received. At the event, around 30 institutional investors
from Asia and Europe were given the chance to find out more about
the latest developments and production techniques at AT&S. May
brought another investors day at Hinterberg. Organised in coopera-
tion with the Vienna Stock Exchange, the event was fully booked. In
early June the Management Board took part in the 21st Austria Initia-
tive in New York where it met selected funds managers.
AT&S AGAINST THE ATX-PRIME
KEY STOCK FIGURES FOR THE FIRST THREE MONTHS (€)
30 Jun 2014 30 Jun 2013
Earnings per share 0.19 0.28
High 9.95 7.14
Low 7.84 6.15
Close 9.80 6.44
AT&S SHARE
Vienna Stock Exchange
Security ID number 969985
ISIN-Code AT0000969985
Symbol ATS
Reuters RIC ATSV.VI
Bloomberg ATS AV
Indexes ATX Prime, WBI SME
FINANCIAL CALENDER
28 October 2014 Publication of results for second quarter 2014/15
27 January 2015 Publication of results for third quarter 2014/15
07 May 2015 Publication of annual results 2014/15
CONTACT INVESTOR RELATIONS
Andreas Gerstenmayer
Phone +43 (0) 3842 200-0
ir@ats.net
AT&S stock
9. 09
01 April - 30 June
€ in thousands 2014 2013
Revenue 141,310 142,541
Cost of sales (112,766) (115,781)
Gross Profit 28,544 26,760
Distribution costs (7,137) (7,390)
General and administrative costs (6,862) (5,155)
Other operating result (1,221) (771)
Non-recurring items – (3,004)
Operating result 13,324 10,440
Finance income 825 44
Finance costs (3,490) (3,385)
Finance costs - net (2,665) (3,341)
Profit before tax 10,659 7,099
Income taxes (3,080) (487)
Profit for the period 7,579 6,612
Attributable to owners of the parent company 7,569 6,606
Attributable to non-controlling interests 10 6
Earnings per share attributable to equity holders of the parent company (in € per share):
- basic 0.19 0.28
- diluted 0.19 0.28
Weighted average number of shares outstanding
- basic (in thousands) 38,850 23,323
Weighted average number of shares outstanding
- diluted (in thousands) 38,850 23,339
Consolidated Statement of
Comprehensive Income 01 April - 30 June
€ in thousands 2014 2013
Profit for the period 7,579 6,612
Items to be reclassified:
Currency translation differences 5,649 (4,762)
Gains/(losses) from the fair value measurement of hedging instruments for cash flow hedges, net of tax (1,299) 33
Other comprehensive income for the period 4,350 (4,729)
Total comprehensive income for the period 11,929 1,883
Attributable to owners of the parent company 11,912 1,879
Attributable to non-controlling interests 17 4
Interim Financial Report (IFRS)
Consolidated Statement
of Profit or Loss
10. 10
30 June 31 March
€ in thousands 2014 2014
ASSETS
Non-current assets
Property, plant and equipment 461,809 435,103
Intangible assets 12,930 9,145
Financial assets 96 96
Deferred tax assets 26,552 25,538
Other non-current assets 18,962 13,976
520,349 483,858
Current assets
Inventories 65,091 59,434
Trade and other receivables 122,098 110,999
Financial assets 822 836
Current income tax receivables 808 799
Cash and cash equivalents 262,696 260,133
451,515 432,201
Total assets 971,864 916,059
EQUITY
Share capital 141,846 141,846
Other reserves 3,046 (1,297)
Retained earnings 257,702 250,133
Equity attributable to owners of the parent company 402,594 390,682
Non-controlling interests 15 (2)
Total equity 402,609 390,680
LIABILITIES
Non-current liabilities
Financial liabilities 347,763 325,863
Provisions for employee benefits 25,430 24,755
Other provisions 9,550 9,736
Deferred tax liabilities 6,966 6,738
Other liabilities 3,312 3,244
393,021 370,336
Current liabilities
Trade and other payables 121,275 101,908
Financial liabilities 48,333 46,076
Current income tax payables 3,520 3,986
Other provisions 3,106 3,073
176,234 155,043
Total liabilities 569,255 525,379
Total equity and liabilities 971,864 916,059
Consolidated Statement
of Financial Position
11. 11
01 April - 30 June
€ in thousands 2014 2013
Cash flows from operating activities
Profit for the period 7,579 6,612
Adjustments to reconcile profit for the period to cash generated from operating activities:
Depreciation, amortisation and impairment of property, plant and equipment and intangible assets 15,807 17,672
Changes in non-current provisions 406 307
Income taxes 3,080 486
Finance costs/income 2,665 3,341
Gains/losses from the sale of fixed assets (24) 23
Release from government grants (336) (103)
Other non-cash expense/(income), net 303 391
Changes in working capital:
- Inventories (5,197) (7,979)
- Trade and other receivables (15,324) 807
- Trade and other payables 19,412 9,286
- Other provisions 21 2,928
Cash generated from operating activities 28,392 33,771
Interest paid (704) (5,524)
Interest and dividends received 796 39
Income taxes paid (3,577) (763)
Net cash generated from operating activities 24,907 27,523
Cash flows from investing activities
Capital expenditure for property, plant and equipment and intangible assets (42,975) (10,902)
Proceeds from the sale of property, plant and equipment and intangible assets 38 38
Capital expenditure for financial assets – (114)
Proceeds from the sale of financial assets – 2
Net cash used in investing activities (42,937) (10,976)
Cash flows from financing activities
Changes in other financial liabilities 19,729 1,866
Proceeds from government grants 222 103
Net cash generated from financing activities 19,951 1,969
Net increase in cash and cash equivalents 1,921 18,516
Cash and cash equivalents at beginning of the year 260,133 80,226
Exchange gains/(losses) on cash and cash equivalents 642 (363)
Cash and cash equivalents at end of the period 262,696 98,379
Consolidated Statement
of Cash Flows
12. 12
€ in thousands
Share
capital
Other
reserves
Retained
earnings
Equity
attributable
to owners
of the parent
company
Non-
controlling
interests
Total
equity
31 March 2013 1)
45,914 42,351 216,630 304,895 (51) 304,844
Profit for the period – – 6,606 6,606 6 6,612
Other comprehensive income for the period – (4,727) – (4,727) (2) (4,729)
thereof currency translation differences – (4,760) – (4,760) (2) (4,762)
thereof change in hedging instruments for cash flow hedges,
net of tax – 33 – 33 – 33
Total comprehensive income for the period – (4,727) 6,606 1,879 4 1,883
30 June 2013 45,914 37,624 223,236 306,774 (47) 306,727
31 March 2014 141,846 (1,297) 250,133 390,682 (2) 390,680
Profit for the period – – 7,569 7,569 10 7,579
Other comprehensive income for the period – 4,343 – 4,343 7 4,350
thereof currency translation differences – 5,642 – 5,642 7 5,649
thereof change in hedging instruments for cash flow hedges,
net of tax – (1,299) – (1,299) – (1,299)
Total comprehensive income for the period – 4,343 7,569 11,912 17 11,929
30 June 2014 141,846 3,046 257,702 402,594 15 402,609
1)
Adjusted taking into account IAS 19 revised
Consolidated Statement
of Changes in Equity
13. 13
01 April - 30 June 2014
€ in thousands
Mobile Devices &
Substrates
Industrial &
Automotive Others
Elimination/
Consolidation Group
Segment revenue 86,846 74,890 1,970 (22,396) 141,310
Intersegment revenue (18,808) (2,262) (1,326) 22,396 –
Revenue from external customers 68,038 72,628 644 – 141,310
Operating result 8,123 6,367 (1,189) 23 13,324
Finance costs - net (2,665)
Profit before tax 10,659
Income taxes (3,080)
Profit for the period 7,579
Property, plant and equipment
and intangible assets 416,675 47,827 10,237 – 474,739
Investments 39,801 1,489 598 – 41,888
Depreciation/amortisation 13,389 2,016 402 – 15,807
Non-recurring items – – – – –
01 April - 30 June 2013
€ in thousands
Mobile Devices &
Substrates
Industrial &
Automotive Others
Elimination/
Consolidation Group
Segment revenue 87,434 66,772 1,910 (13,575) 142,541
Intersegment revenue (12,947) (414) (214) 13,575 –
Revenue from external customers 74,487 66,358 1,696 – 142,541
Operating result 9,688 366 384 2 10,440
Finance costs - net (3,341)
Profit before tax 7,099
Income taxes (487)
Profit for the period 6,612
Property, plant and equipment
and intangible assets *)
386,319 47,888 10,041 – 444,248
Investments 10,895 1,540 58 – 12,493
Depreciation/amortisation 15,289 2,115 268 – 17,672
Non-recurring items – 3,004 – – 3,004
*)
Value as of 31 March 2014
Information by geographic region
Revenues broken down by customer region, based on ship-to-region:
01 April - 30 June
€ in thousands 2014 2013
Austria 5,920 4,829
Germany 34,416 32,183
Other European countries 21,697 18,326
Asia 74,227 58,489
Americas 5,050 28,714
141,310 142,541
Property, plant and equipment and intangible assets broken down by
domicile:
€ in thousands 30 Jun 2014 31 Mar 2014
Austria 33,488 33,473
China 416,637 386,279
Others 24,614 24,496
474,739 444,248
Segment Reporting
14. 14
GENERAL
ACCOUNTING AND MEASUREMENT POLICIES The interim
report for the quarter ended 30 June 2014 has been prepared in
accordance with the standards (IFRS and IAS) and interpretations
(IFRIC and SIC) of the International Accounting Standards Board (IASB),
taking IAS 34 into account, as adopted by the European Union.
The consolidated interim financial statements do not include all the
information contained in the consolidated annual financial statements
and should be read in conjunction with the consolidated annual finan-
cial statements for the year ended 31 March 2014.
Following AT&S’s entry into IC substrate manufacturing and allocation
of the new business to the Mobile Devices Business Unit, that unit has
been renamed as the Mobile Devices & Substrates Business Unit. Both
mobile applications and substrates have an appropriate organisational
structure, but the management reporting continues to be for the
Mobile Devices & Substrates segment as a whole.
The consolidated interim statements for the three months ended
30 June 2014 are unaudited and have not been the subject of external
audit review.
NOTES TO THE STATEMENT OF PROFIT OR LOSS
REVENUE Sales in the first quarter of the current financial year of
€ 141.3 million were almost exactly the same as the € 142.5 million
achieved in the same period last year.
The Mobile Devices & Substrates Business Unit was largely able to
make up for the marked decline in Blackberry business. Sales to exter-
nal customers of € 68.0 million were 9% down on the same period last
year. The first quarter of the last financial year was very heavily influ-
enced by the introduction of the new BB10 platform. This year, Mo-
bile Devices reflects normal seasonal patterns with new product
ramp-ups taking effect a quarter later. The external sales of
€ 72.6 million by the Industrial & Automotive Business Unit were up
by 9%. The increasing innovative use of electronics in vehicles resulted
in this segment in stronger demand in this quarter as well. Industrial
applications, in particular innovations in machine to machine commu-
nication, automation and LEDs also generate a steady demand for
AT&S printed circuit boards. In medical technology, the growth in
therapeutic applications resulted in increased sales.
Broken down by customer regions, we again recorded increasing sales
particularly in our Asian markets, but also in Europe. Only deliveries in
America were lower.
The geographic distribution of production volumes – 75% in Asia and
25% in Europe – showed a slight shift towards Asia in comparison with
the same period last year, when the split was 74% to 26%.
GROSS PROFIT The gross profit for the first quarter of the current
financial year of € 28.5 million was slightly higher than the
€ 26.8 million achieved in the same period last year. This highly satis-
factory outcome is attributable to good capacity utilisation and to the
unrelenting pursuit of increased efficiency.
From the segment perspective, Industrial & Automotive increased its
last year’s gross margin from 16% to 18%, while Mobile Devices &
Substrates maintained its gross margin at the same level of 18%.
OPERATING RESULT On the basis of the highly satisfactory gross
profit, the consolidated operating result of € 13.3 million or 9.4% was
also highly satisfactory.
FINANCE COSTS - NET Financial expenses of € 3.5 million were at
the same level as last year. The investment of liquid funds produced
financial income of € 0.8 million, so that the net finance cost of
€ 2.7 million was € 0.6 million lower than in the same period last year.
INCOME TAXES The change – as compared with the same period
last year – in the effective rate of tax on a consolidated basis is princi-
pally a consequence of the varying proportions of Group earnings
contributed by individual companies with different tax rates and
subject to different tax regulations.
Income taxes are also significantly affected by the measurement of
deferred taxation: for a large part of the tax loss carryforwards arising,
no deferred tax assets have been recognised, since the likelihood of
their being realisable in the foreseeable future is low.
NOTES TO THE STATEMENT OF COMPREHENSIVE
INCOME
CURRENCY TRANSLATION DIFFERENCES The increase in the
foreign currency translation reserve in the first quarter of the current
financial year (€ 5.6 million) was the result of the changes in exchange
rates of the Group’s functional currencies, the Chinese renminbi, the
Hong Kong dollar, the US dollar and the Indian rupee against the
Group reporting currency, the euro.
NOTES TO THE STATEMENT OF FINANCIAL POSITION
ASSETS AND FINANCES Net debt of € 132.5 million was higher
than the € 110.9 million outstanding at 31 March 2014. Net current
assets of € 91.7 million as at 31 March 2014 fell to € 88.2 million. The
net gearing ratio of 33% was slightly higher than the 28% at 31 March
2014, but sill far lower than the target long-term ratio of 80%.
VALUATION HIERARCHIES FOR FINANCIAL INSTRUMENTS
MEASURED AT FAIR VALUE Three valuation hierarchies have to
Notes to the
Interim Financial Report
15. 15
be distinguished in the valuation of financial instruments measured at
fair value.
Level 1: fair values are determined on the basis of publicly quoted
prices in active markets for identical financial instruments.
Level 2: if no publicly quoted prices in active markets exist, then fair
values are determined on the basis of valuation methods based to
the greatest possible extent on market prices.
Level 3: in this case, the models used to determine fair value are
based on inputs not observable in the market.
The financial instruments valued at fair value at the end of the report-
ing period at the three valuation levels were as follows:
€ in thousands
30 June 2014 Level 1 Level 2 Level 3 Total
Financial assets
Financial assets at fair value through
profit or loss:
- Bonds 822 – – 822
Available-for-sale financial assets – 96 – 96
Financial liabilities
Derivative financial instruments – 2,153 – 2,153
€ in thousands
31 March 2014 Level 1 Level 2 Level 3 Total
Financial assets
Financial assets at fair value through
profit or loss:
- Bonds 836 – – 836
Available-for-sale financial assets – 96 – 96
Financial liabilities
Derivative financial instruments – 420 – 420
Bonds, export loans, government loans and other bank borrowings
amounting to € 393.9 million (31 March 2014: € 371,5 million) are
measured at amortised cost. The fair value of these liabilities was
€ 397.5 million (31 March 2014: € 377.6 million).
OTHER FINANCIAL COMMITMENTS At 30 June 2014 the
Group had other financial commitments amounting to € 65.8 million,
in connection with contractually binding investment commitments,
the greater part of which related to the continuing construction of the
new factory in Chongqing and investments in the Shanghai and Leo-
ben plants. As at 31 March 2014 other financial commitments stood
at € 59.5 million.
SHARE CAPITAL Consolidated equity increased from
€ 390.7 million at 31 March 2014 to € 402.6 million. There were posi-
tive exchange differences to add to the consolidated profit of
€ 7.6 million for the period, so that consolidated total comprehensive
income came out at € 11.9 million.
In the 20th Annual General Meeting on 3 July 2014 the Management
Board was authorised until 2 July 2019, and subject to the approval of
the Supervisory Board, to increase the share capital of the Company
by up to € 21,367,500 by the issue of up to 19,425,000 no par value
bearer shares, for contributions in cash or kind, in one or more
tranches, including issue by means of an indirect share offering via
banks in accordance with section 153 para 6 Austrian Companies Act
(AktG). The Management Board was authorised, subject to the ap-
proval of the Supervisory Board, to determine the detailed terms and
conditions of issue (in particular, issue price, nature of contributions in
kind, rights attaching to shares, exclusion of subscription rights, etc.).
The Supervisory Board was authorised to approve changes in the
Articles of Association required by the issue of shares out of author-
ised capital. The Annual General Meeting approved a resolution
amending Section 4 (Nominal Capital) of the Articles of Association to
reflect this change.
In addition, in the 20th Annual General Meeting of 3 July 2014 the
resolution of the Annual General Meeting of 7 July 2010 authorising
the issue of convertible loan stock was rescinded and at the same
time the Management Board was authorised until 2 July 2019, and
with the approval of the Supervisory Board, to issue up to a maximum
nominal value of € 150,000,000 of bearer convertible loan stock in
one or more tranches, and to grant the holders of the loan stock
subscription and/or conversion rights for up to 19,425,000 new no par
value bearer shares in the Company in accordance with the terms and
conditions of the convertible loan stock to be determined by the
Management Board. For this purpose, in accordance with section 159
para 2 item 1 AktG, the share capital of the Company was also condi-
tionally increased by up to € 21,367,500 in the form of up to
19,425,000 new no par value bearer shares. This capital increase will
only take place to the extent that holders of convertible loan stock
exercise their conversion or subscription rights in accordance with the
resolution of the Annual General Meeting of 3 July 2014. The Man-
agement Board was also authorised, subject to the approval of the
Supervisory Board, to determine further details of the conditional
capital increase (in particular, the amount of the issue and the rights
attaching to shares).
With respect to the authorised share capital increase and/or the
conditional capital increase, the following restrictions on the amounts
of the increases are to be observed, as required under the resolutions
of the Annual General Meeting of 3 July 2014: The total of (i) the
number of new shares actually issued or potentially issuable out of
conditional capital under the terms and conditions of the convertible
16. 16
bonds, and (ii) the number of shares issued out of authorised capital
may not exceed 19,425,000.
TREASURY SHARES In the 19th Annual General Meeting of 4 July
2013 the Management Board was again authorised for a period of
30 months from the date of the resolution to acquire and retire the
Company’s own shares up to a maximum amount of 10% of the share
capital. The Management Board was also again authorised – for a
period of five years (i.e., until 3 July 2018) and subject to the approval
of the Supervisory Board – to dispose of treasury shares otherwise
than through the stock exchange or by means of public offerings, and
in particular for the purpose of enabling the exercise of employee
stock options or the conversion of convertible bonds, or as considera-
tion for the acquisition of businesses or other assets, or for any other
legally permissible purpose.
On 30 June 2014, the Group held no treasury shares.
NOTES TO THE STATEMENT OF CASH FLOWS Net cash
inflows generated by operating activities amounted to € 24.9 million,
as compared with € 27.5 million in the same period last year.
The net cash used in investing activities amounted to € 42.9 million,
significantly higher than the € 11.0 million outflow in the same period
last year. The current financial year’s investments are predominantly
in the new factory in Chongqing, together with replacement invest-
ments for the Shanghai plant.
Cash inflows from financing activities amounted to € 20.0 million.
OTHER INFORMATION
DIVIDENDS After the end of the first quarter of the current financial
year, the Annual General Meeting of 3 July 2014 resolved on a divi-
dend of € 0.20 per share out of retained earnings as at 31 March
2014.
RELATED PARTY TRANSACTIONS In connection with various
projects, in the first quarter of the current financial year consultancy
fees were payable as follows: € 98,000 to AIC Androsch International
Management Consulting GmbH, € 3,000 to Dörflinger Management &
Beteiligungs GmbH, and € 3,000 to Frotz Riedl Rechtsanwälte. As at
30 June 2014 the Group had obligations of € 9,000 to AIC Androsch
International Management Consulting GmbH.
Leoben-Hinterberg, 24 July 2014
Management Board
Andreas Gerstenmayer m.p.
Karl Asamer m.p.
Heinz Moitzi m.p.
17. 17
BUSINESS DEVELOPMENTS AND PERFORMANCE As
with the last financial year, the first quarter of 2014/15 got off to a
successful start. Automotive, Industrial and Medical Technology re-
ported higher sales, and Mobile Devices was largely able to make up
for a sharp drop in demand from one particular customer.
All AT&S plants reported good capacity utilisation in the first quarter
of the current financial year.
MATERIAL EVENTS AFTER THE END OF THE REPORT-
ING PERIOD There were no material events after the end of the
interim reporting period.
SIGNIFICANT RISKS, UNCERTAINTIES AND OPPOR-
TUNITIES There were no material differences in the categories of
risk exposure in the course of the first quarter of the financial year
2014/15 compared with those described in detail in section 5, “Risk
and opportunities management”, of the Group Management Report
of the 2013/14 consolidated financial statements.
AT&S’s liquidity is excellent. The issue of a five-year € 100 million bond
in November 2011, the provision of a long-term loan by Oester-
reichische Kontrollbank in April 2012, and the issue of a € 158 million
promissory loan note in January 2014 mean that ample long-term
funds are available. Sufficient short-term credit facilities are also
available to cover working capital requirements. In addition to this, on
the basis of the authorisation conferred in the Annual General Meet-
ing of 3 July 2014, the Management Board, with the agreement of the
Supervisory Board, also has the option of issuing up to
19,425,000 new shares out of authorised capital and issuing converti-
ble bonds up to a nominal value of € 150 million. All opportunities to
optimise the financing of the investment in Chongqing are under
constant review.
In the first quarter of the current financial year there was a significant
positive cash flow from operating activities. On the basis of expected
continuing net cash inflows from operating activities and the extensive
financing options, enough liquidity is available to cover all currently
planned investments.
For more information on the use of financial instruments, please refer
to note 20 in the notes to the consolidated annual financial state-
ments for the financial year 2013/14. Changes in the exchange rates
of functional currencies against the reporting currency, the euro, are
mainly recognised directly in equity without affecting profit or loss.
Net gearing of 33% at 30 June 2014 was at a slightly higher level than
at the end of the financial year 2013/14. Favourable exchange transla-
tion differences caused by the weakness of the euro against the Chi-
nese renminbi, the Hong Kong dollar, the US dollar and the Indian
rupee led to an increase in equity.
With respect to the opportunities and risks related to developments in
the external environment for the financial year 2014/15 as a whole,
the assumption is still that total sales of the printed circuit board
industry worldwide will increase.
OUTLOOK On the basis of the typically strong demand in the indus-
try in the second half of the calendar year – particularly in the mobile
end user devices segment – we are assuming that, provided the mac-
roeconomic environment remains stable, business development will
continue to be satisfactory.
Leoben-Hinterberg, 24 July 2014
Management Board
Andreas Gerstenmayer m.p.
Karl Asamer m.p.
Heinz Moitzi m.p.
Group Interim Management
Report
18. 18
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