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, 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.
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 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.
This document contains the consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft as of March 31, 2016. It includes the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, and consolidated statement of changes in equity. The notes to the consolidated financial statements provide details on the company's accounting policies, consolidation principles, segments, and other financial details. The company manufactures printed circuit boards for industries such as mobile devices, automotive, industrial, medical and others.
This document contains the consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft as of March 31, 2017. It includes the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, and consolidated statement of changes in equity. Notes to the consolidated financial statements provide details on accounting policies, consolidation principles, segment information and other explanatory information. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards and the Austrian Commercial Code.
- 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.
The document provides an overview of AT&S, a leading high-tech printed circuit board company. Some key points:
- AT&S has a global footprint with production facilities in Europe focusing on high mix/low volume and Asia focusing on high volume/low mix.
- Their strategy is focused on high-end technologies like HDI PCBs and IC substrates for applications in growing markets like mobile devices, automotive, medical and more.
- They are making a major investment in a new plant in Chongqing, China to expand their production of IC substrates and a new segment of substrate-like PCBs.
- Financial highlights show continued revenue growth, above industry average EBITDA
- 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 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.
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 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.
This document contains the consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft as of March 31, 2016. It includes the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, and consolidated statement of changes in equity. The notes to the consolidated financial statements provide details on the company's accounting policies, consolidation principles, segments, and other financial details. The company manufactures printed circuit boards for industries such as mobile devices, automotive, industrial, medical and others.
This document contains the consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft as of March 31, 2017. It includes the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, and consolidated statement of changes in equity. Notes to the consolidated financial statements provide details on accounting policies, consolidation principles, segment information and other explanatory information. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards and the Austrian Commercial Code.
- 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.
The document provides an overview of AT&S, a leading high-tech printed circuit board company. Some key points:
- AT&S has a global footprint with production facilities in Europe focusing on high mix/low volume and Asia focusing on high volume/low mix.
- Their strategy is focused on high-end technologies like HDI PCBs and IC substrates for applications in growing markets like mobile devices, automotive, medical and more.
- They are making a major investment in a new plant in Chongqing, China to expand their production of IC substrates and a new segment of substrate-like PCBs.
- Financial highlights show continued revenue growth, above industry average EBITDA
- 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.
- 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
AT&S is a leading high-tech printed circuit board and IC substrate company. It has a global footprint with production facilities in Europe and Asia. AT&S is expanding into new technologies like substrate-like PCBs and IC substrates to position itself for future growth opportunities in advanced applications and markets driven by trends like the Internet of Things. A major investment project underway is a new plant in Chongqing, China dedicated to IC substrates and substrate-like PCBs, which is expected to begin production in 2016. This will expand AT&S' technology portfolio and capabilities in high-end applications.
- 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.
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.
Finmeccanica Full Year 2013 Results PresentationLeonardo
The document summarizes Finmeccanica's FY2013 results presentation. It reports strong order intake but lower revenues due to cuts in defense spending. While most business divisions grew orders and maintained profitability, AnsaldoBreda and some Selex ES sectors faced challenges. Restructuring initiatives improved profitability across many divisions. Overall, the group met guidance but free cash flow was negative due to legacy contracts. The outlook for 2014 is positive if restructuring delivers further efficiency gains.
Portugal requested financial assistance from the EU and IMF in 2011 due to macroeconomic imbalances including low GDP, high household and public debt, and a deteriorating banking sector. The assistance program aimed to restore confidence, consolidate public finances, rebalance the economy, and implement structural reforms to boost growth. Key achievements included reducing borrowing costs, improving competitiveness and the external balance, and undertaking reforms in the labor market, education, housing, and regulated professions. However, challenges remain including weak GDP growth, high unemployment and debt levels, and the need to maintain structural reform momentum.
- Dürr reported strong order intake of €1.989 billion in the first half of 2016, up 10.8% compared to the first half of 2015, with a book-to-bill ratio of 1.2.
- Net profit increased 45.4% to €77.8 million in the first half due to higher gross margins and an improved financial result.
- Cash flow from operating activities was negative €84.6 million in the first half due to an increase in net working capital, particularly work in process balances.
This document provides an overview of AT&S, a leading high-tech printed circuit board company. It discusses AT&S' strategy of focusing on high-end technologies for growth markets like mobile devices and advanced packaging. The company has a global footprint with production facilities in Europe and Asia. It aims to enter new high-end business segments and expand its share of high-end technology markets, which currently make up over 70% of its revenue. A key part of AT&S' strategy is a new plant in Chongqing, China that will produce IC substrates and substrate-like PCBs, addressing growing demand in applications like wearables and the Internet of Things.
The document provides an overview of AT&S, a leading manufacturer of printed circuit boards and IC substrates. Some key points:
- AT&S focuses on high-end technologies for applications in mobile devices, automotive, industrial, and medical sectors.
- They have production facilities in Europe and Asia, with the majority of revenue now coming from Asian production.
- Their strategic focus is on innovative interconnect solutions to support trends like miniaturization and the Internet of Things.
- A new plant in Chongqing, China will allow them to expand into new technologies like IC substrates and substrate-like PCBs.
Dürr Aktiengesellschaft reported financial results for the first half and second quarter of 2015. Sales revenues increased 67.2% in the first half compared to the previous year due to strong growth. Operating profit rose 41.4% in the first half and 49.3% in the second quarter. The integration of HOMAG Group is proceeding as planned, though it negatively impacted financial results. The outlook for 2015 remains unchanged with an expected EBIT margin between 7.0-7.5% despite extraordinary effects from HOMAG.
Dürr reported financial results for the first nine months of 2015. Sales revenues increased 68% year-over-year to €2.76 billion due to strong growth across all regions. Operating profit rose 27% to €189.8 million. Cash flow from operating activities declined due to the expected normalization of net working capital. Dürr increased its sales outlook for 2015 and expects an EBIT margin in the range of 7.0-7.5%.
Ramirent's interim report summarizes their financial performance in Q1 2014. Demand remained mixed across core markets with overall construction activity lower than the previous year. Net sales decreased 10% though were only down 2% when adjusted for divested operations. The EBITA margin of 5.2% was not satisfactory and efficiency improvement measures were intensified. Ramirent continued focusing on strategic priorities like strengthening their customer offering and achieving operational excellence.
Conference Call Fiscal Year 2016 - preliminary figuresDürr
This presentation has been prepared independently by Dürr AG (“Dürr”). The presentation contains statements which address such key issues as Dürr’s strategy, future financial results, market positions and product development. Such statements should be carefully considered, and it should be understood that many factors might cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, physical and environmental risks, legal and legislative issues, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.
This document provides a summary of financial data for MVV Energie for the first nine months of the 2013/14 financial year and the full 2012/13 financial year. Key figures show declines in adjusted EBIT, EBITDA, and net income compared to the previous year. Sales excluding energy taxes also declined. Negative factors influencing financial performance included lower electricity and waste prices, the need to auction CO2 emissions allowances, and low wholesale electricity prices. The company maintains a solid financing profile with a balanced maturity schedule and high proportion of fixed-rate loans.
Dürr Aktiengesellschaft held a conference call to discuss its financial results for January to September 2014. The company reported a book-to-bill ratio of 1.2, record high order backlog, and strong cash generation in Q3. While sales declined 6% year-over-year, earnings before interest and taxes increased 12% due to improved margins. Looking forward, Dürr expects full-year results to meet targets and anticipates positive effects from the recent acquisition of HOMAG, which closed in mid-October.
AT&S Investor and Analyst Presentation March 2017 AT&S_IR
AT&S presented an investor and analyst presentation covering the company's strategy and financials. The presentation included:
1) An overview of AT&S' position as a leading manufacturer of high-end printed circuit boards and IC substrates for applications in mobile devices, automotive, industrial, medical, and semiconductors.
2) Details on AT&S' strategic focus on high-end technologies and applications with above average growth potential and long-term profitability.
3) Financial highlights showing AT&S' track record of revenue growth and margins above industry levels, as well as investments in new production capacity, particularly in Chongqing, China.
- 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.
Ferrovial reported business performance results for January - September 2013. Key highlights include:
- Revenues increased 4.9% to €5,927 million driven by toll road growth and acquisitions in services.
- EBITDA declined 4.1% to €632 million due to provisions in toll roads.
- Net profit was €485 million, up 2% year-on-year.
- Traffic increased slightly on toll roads in Spain but continued to decline elsewhere.
- The services backlog reached a new high with the acquisition of Enterprise in the UK.
- Heathrow airport traffic and EBITDA increased significantly.
Dürr reported strong growth in orders and sales in Q1 2015 compared to the previous year. Earnings were in line with expectations, though margins declined slightly due to purchase price allocation effects from the HOMAG acquisition and a changed sales mix. The cash flow situation remained solid despite an increase in net working capital. While Q1 was impacted by special factors, normalization is expected in the coming quarters. Dürr confirmed its full year outlook with an EBIT margin target of 7.0-7.5%.
- Wärtsilä reported lower order intake, net sales, and operating result for Q3 2019 compared to Q3 2018 due to project-related challenges and low demand for equipment.
- Cost overruns on certain complex marine and energy projects resulted in a one-time €150 million charge to Wärtsilä's full-year 2019 results, of which €84 million was recognized in Q3.
- Corrective actions were taken to strengthen project management processes and controls to prevent issues surrounding new technologies, suppliers, and underestimated costs.
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.
- 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
AT&S is a leading high-tech printed circuit board and IC substrate company. It has a global footprint with production facilities in Europe and Asia. AT&S is expanding into new technologies like substrate-like PCBs and IC substrates to position itself for future growth opportunities in advanced applications and markets driven by trends like the Internet of Things. A major investment project underway is a new plant in Chongqing, China dedicated to IC substrates and substrate-like PCBs, which is expected to begin production in 2016. This will expand AT&S' technology portfolio and capabilities in high-end applications.
- 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.
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.
Finmeccanica Full Year 2013 Results PresentationLeonardo
The document summarizes Finmeccanica's FY2013 results presentation. It reports strong order intake but lower revenues due to cuts in defense spending. While most business divisions grew orders and maintained profitability, AnsaldoBreda and some Selex ES sectors faced challenges. Restructuring initiatives improved profitability across many divisions. Overall, the group met guidance but free cash flow was negative due to legacy contracts. The outlook for 2014 is positive if restructuring delivers further efficiency gains.
Portugal requested financial assistance from the EU and IMF in 2011 due to macroeconomic imbalances including low GDP, high household and public debt, and a deteriorating banking sector. The assistance program aimed to restore confidence, consolidate public finances, rebalance the economy, and implement structural reforms to boost growth. Key achievements included reducing borrowing costs, improving competitiveness and the external balance, and undertaking reforms in the labor market, education, housing, and regulated professions. However, challenges remain including weak GDP growth, high unemployment and debt levels, and the need to maintain structural reform momentum.
- Dürr reported strong order intake of €1.989 billion in the first half of 2016, up 10.8% compared to the first half of 2015, with a book-to-bill ratio of 1.2.
- Net profit increased 45.4% to €77.8 million in the first half due to higher gross margins and an improved financial result.
- Cash flow from operating activities was negative €84.6 million in the first half due to an increase in net working capital, particularly work in process balances.
This document provides an overview of AT&S, a leading high-tech printed circuit board company. It discusses AT&S' strategy of focusing on high-end technologies for growth markets like mobile devices and advanced packaging. The company has a global footprint with production facilities in Europe and Asia. It aims to enter new high-end business segments and expand its share of high-end technology markets, which currently make up over 70% of its revenue. A key part of AT&S' strategy is a new plant in Chongqing, China that will produce IC substrates and substrate-like PCBs, addressing growing demand in applications like wearables and the Internet of Things.
The document provides an overview of AT&S, a leading manufacturer of printed circuit boards and IC substrates. Some key points:
- AT&S focuses on high-end technologies for applications in mobile devices, automotive, industrial, and medical sectors.
- They have production facilities in Europe and Asia, with the majority of revenue now coming from Asian production.
- Their strategic focus is on innovative interconnect solutions to support trends like miniaturization and the Internet of Things.
- A new plant in Chongqing, China will allow them to expand into new technologies like IC substrates and substrate-like PCBs.
Dürr Aktiengesellschaft reported financial results for the first half and second quarter of 2015. Sales revenues increased 67.2% in the first half compared to the previous year due to strong growth. Operating profit rose 41.4% in the first half and 49.3% in the second quarter. The integration of HOMAG Group is proceeding as planned, though it negatively impacted financial results. The outlook for 2015 remains unchanged with an expected EBIT margin between 7.0-7.5% despite extraordinary effects from HOMAG.
Dürr reported financial results for the first nine months of 2015. Sales revenues increased 68% year-over-year to €2.76 billion due to strong growth across all regions. Operating profit rose 27% to €189.8 million. Cash flow from operating activities declined due to the expected normalization of net working capital. Dürr increased its sales outlook for 2015 and expects an EBIT margin in the range of 7.0-7.5%.
Ramirent's interim report summarizes their financial performance in Q1 2014. Demand remained mixed across core markets with overall construction activity lower than the previous year. Net sales decreased 10% though were only down 2% when adjusted for divested operations. The EBITA margin of 5.2% was not satisfactory and efficiency improvement measures were intensified. Ramirent continued focusing on strategic priorities like strengthening their customer offering and achieving operational excellence.
Conference Call Fiscal Year 2016 - preliminary figuresDürr
This presentation has been prepared independently by Dürr AG (“Dürr”). The presentation contains statements which address such key issues as Dürr’s strategy, future financial results, market positions and product development. Such statements should be carefully considered, and it should be understood that many factors might cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, physical and environmental risks, legal and legislative issues, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.
This document provides a summary of financial data for MVV Energie for the first nine months of the 2013/14 financial year and the full 2012/13 financial year. Key figures show declines in adjusted EBIT, EBITDA, and net income compared to the previous year. Sales excluding energy taxes also declined. Negative factors influencing financial performance included lower electricity and waste prices, the need to auction CO2 emissions allowances, and low wholesale electricity prices. The company maintains a solid financing profile with a balanced maturity schedule and high proportion of fixed-rate loans.
Dürr Aktiengesellschaft held a conference call to discuss its financial results for January to September 2014. The company reported a book-to-bill ratio of 1.2, record high order backlog, and strong cash generation in Q3. While sales declined 6% year-over-year, earnings before interest and taxes increased 12% due to improved margins. Looking forward, Dürr expects full-year results to meet targets and anticipates positive effects from the recent acquisition of HOMAG, which closed in mid-October.
AT&S Investor and Analyst Presentation March 2017 AT&S_IR
AT&S presented an investor and analyst presentation covering the company's strategy and financials. The presentation included:
1) An overview of AT&S' position as a leading manufacturer of high-end printed circuit boards and IC substrates for applications in mobile devices, automotive, industrial, medical, and semiconductors.
2) Details on AT&S' strategic focus on high-end technologies and applications with above average growth potential and long-term profitability.
3) Financial highlights showing AT&S' track record of revenue growth and margins above industry levels, as well as investments in new production capacity, particularly in Chongqing, China.
- 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.
Ferrovial reported business performance results for January - September 2013. Key highlights include:
- Revenues increased 4.9% to €5,927 million driven by toll road growth and acquisitions in services.
- EBITDA declined 4.1% to €632 million due to provisions in toll roads.
- Net profit was €485 million, up 2% year-on-year.
- Traffic increased slightly on toll roads in Spain but continued to decline elsewhere.
- The services backlog reached a new high with the acquisition of Enterprise in the UK.
- Heathrow airport traffic and EBITDA increased significantly.
Dürr reported strong growth in orders and sales in Q1 2015 compared to the previous year. Earnings were in line with expectations, though margins declined slightly due to purchase price allocation effects from the HOMAG acquisition and a changed sales mix. The cash flow situation remained solid despite an increase in net working capital. While Q1 was impacted by special factors, normalization is expected in the coming quarters. Dürr confirmed its full year outlook with an EBIT margin target of 7.0-7.5%.
- Wärtsilä reported lower order intake, net sales, and operating result for Q3 2019 compared to Q3 2018 due to project-related challenges and low demand for equipment.
- Cost overruns on certain complex marine and energy projects resulted in a one-time €150 million charge to Wärtsilä's full-year 2019 results, of which €84 million was recognized in Q3.
- Corrective actions were taken to strengthen project management processes and controls to prevent issues surrounding new technologies, suppliers, and underestimated costs.
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.
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
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 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.
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 an overview of AT&S, a leading manufacturer of printed circuit boards. It begins with a disclaimer and agenda setting out the topics to be covered. It then discusses AT&S's product portfolio and technology capabilities. Subsequent sections cover the company's history, management team, business segments, growth strategy, locations, mid-term strategy including plans to enter the IC substrate market, an overview of the Chongqing project, financial results and debt profile. The document aims to present AT&S as a quality leader in its industry with a profitable growth path.
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
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.
AT&S is a leading global producer of printed circuit boards and IC substrates. It has a balanced portfolio serving the mobile devices, industrial/automotive, and medical markets. The company has a global footprint with production facilities in Europe and Asia. It aims to enter the high-end IC substrate business by 2016 with a new facility in China. AT&S has demonstrated a track record of revenue and profitability growth, above industry margins, and strong cash flow generation.
- Revenue increased 25.7% to €485.7 million due to strong customer demand and better than expected ramp-up of new technology.
- EBITDA doubled to €104.4 million, with the margin increasing 8% to 21.5% due to efficiency measures overcoming challenges faster.
- Net profit turned positive to €15.4 million compared to a loss of €14.8 million previously, with earnings per share of €0.40.
This document provides an overview of AT&S, a leading manufacturer of printed circuit boards and IC substrates. It discusses AT&S' strategy of focusing on high-end technology applications, its balanced portfolio and global production footprint. Financial information shows steady revenue growth, above industry EBITDA margins of 18-20%, and strong cash flow generation. The outlook anticipates continued satisfactory business development in the current fiscal year provided macroeconomic stability.
This document provides an overview of AT&S, a leading printed circuit board company. It discusses AT&S' strategy of focusing on high-end market segments with attractive growth potential. The company has a global production footprint and aims to enter the high-end IC substrate segment. Financial information is presented showing revenue growth, above industry EBITDA margins, and increasing cash flow generation.
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.
- 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.
- TELES Group saw a 3% increase in revenue for the first half of 2014 compared to the same period in 2013, but a 34% decrease in EBIT (earnings before interest and taxes) due to higher material costs and one-time effects.
- The Access Solutions business unit remained stable, while the Carrier Solutions and Enterprise Solutions business units saw revenue increases of 7% and 5% respectively.
- For the second half of 2014, TELES expects a slight increase in revenue and improved earnings compared to the first half. Success in the important US market will be key to meeting financial targets.
This document provides an overview of AT&S, a leading high-tech printed circuit board and IC substrate manufacturer. Some key points:
- AT&S has a global footprint with production facilities in Europe and Asia, and a focus on high-end applications.
- They serve growing end markets like mobile devices, automotive, industrial, and
AT&S is a leading high-tech printed circuit board company with a global footprint. It has production facilities in Europe and Asia focused on high mix/low volume and high volume/low mix respectively. In the first half of 2014/15, AT&S continued its sound top-line growth and above industry margins. It is entering a new high-end business segment of IC substrates with a new plant in Chongqing, China starting production in 2016. AT&S aims to leverage its technological leadership to capitalize on growing trends in areas like the Internet of Things.
- 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.
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.
- Suominen Corporation reported their Q3/2018 results, with net sales increasing 2% year-over-year due to price increases, while operating profit declined due to significantly higher raw material, energy, and logistics costs.
- The company is executing their Changemaker strategy and 3P profitability program to improve pricing, performance, and planning, though impacts have been slower than expected.
- For the full year 2018, Suominen expects net sales to be at the 2017 level but operating profit to be significantly lower due to higher costs and competitive market conditions.
AT&S is a leading manufacturer of printed circuit boards and IC substrates with production facilities across Europe and Asia. In its 2017/18 annual report, AT&S reported record revenue of €991.8 million, up 21.7% from the previous year, driven by ramping up new plants in China. EBITDA reached a record €226 million, up 72.6% compared to the prior year. The company also saw increases in profit for the period, equity, and closing stock price while reducing net debt. Employees provided perspectives on how their morning routines help them overcome challenges and achieve success at AT&S.
AT&S is a leading manufacturer of printed circuit boards and IC substrates with production facilities across Europe and Asia. In its 2017/18 annual report, AT&S reported record revenue of €991.8 million, up 21.7% from the previous year, driven by ramping up new plants in China. EBITDA reached a record €226 million, up 72.6% compared to the prior year. The company also saw increases in profit for the period, equity, and closing stock price while reducing net debt.
- Revenues for ACCIONA increased slightly by 0.6% to €4,728 million for the first nine months of 2014 compared to the same period in 2013.
- EBITDA decreased by 8% to €771 million due to higher costs of goods sold and provisions, partially offset by lower personnel and other expenses.
- Net profit increased substantially by 98.5% to €149 million helped by one-time gains from asset sales and extending the useful life of wind assets.
Kemira is restructuring to become a pure-play water company focused on growth markets. It has divested non-water businesses and reorganized operations around key regions. Fit for Growth initiatives have improved profitability and are expected to deliver €60 million in savings by 2014. Kemira is also turning around its Municipal & Industrial segment through a new customer segmentation model, manufacturing optimization, and reduced SKUs. The company aims for an operative EBIT margin of 10% in Municipal & Industrial by 2014.
Finmeccanica First Quarter 2015 Result PresentationLeonardo
1) Finmeccanica reported a good start to 2015 with key metrics heading in the right direction, including revenues increasing above expectations and EBITA rising 11% with an improved ROS of 5.9%. (2) The company confirmed its FY2015 guidance and remains on track to execute its industrial plan and divisionalization process. (3) Focus remains on improving profitability and cash flow generation while reducing group net debt to below €3 billion by end of 2017.
The company presentation provides an overview of Infineon Technologies, including its market position, financial results, business segments, products and technology focus. Infineon achieved revenue growth in the third quarter of fiscal year 2014 compared to the previous quarter and year. The company holds top market positions in various product categories and focuses on meeting the needs of energy efficiency, mobility and security through its segments and technology portfolio.
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 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.
3) The presentation discusses the company's strategic focus on high-end technologies and driving future trends through innovation and expansion to achieve medium-term targets.
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.
- The company is well positioned in high-end technologies through its focus on miniaturization and modularization. Its technology leadership and quality are keys to outperforming the broader
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.
AT&S Investor and Analyst Presentation January 2019AT&S_IR
This document provides an investor and analyst presentation from AT&S, a leading provider of high-end printed circuit boards and IC substrates. The summary is:
1) AT&S has a global footprint with 6 plants in Europe and Asia and provides high-end interconnect solutions for mobile devices, automotive, industrial, and medical applications.
2) The presentation outlines AT&S' strategy to position itself as a leading provider of advanced interconnect solutions through a focus on high-end technologies and applications with growth targets of €1.5 billion in revenue and an EBITDA margin of 20-25%.
3) In the first half of the 2018/19 fiscal year, AT&S strengthened its technology
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This document provides an investor and analyst presentation for AT&S, a leading provider of printed circuit boards and IC substrates.
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2. CONSOLIDATED STATEMENT OF PROFIT OR LOSS Unit Q1-3 2014/15 Q1-3 2013/14
Revenue € in thousands 489,416 450,947
thereof produced in Asia % 79% 76%
thereof produced in Europe % 21% 24%
EBITDA € in thousands 127,284 100,138
EBITDA margin % 26.0% 22.2%
EBIT € in thousands 70,811 43,458
EBIT margin % 14.5% 9.6%
Profit for the period € in thousands 50,338 30,437
Profit for the period attributable to owners of the parent company € in thousands 50,279 30,404
Cash earnings € in thousands 106,751 87,084
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 Dec 2014 31 Mar 2014
Total assets € in thousands 1,097,548 916,059
Total equity € in thousands 502,803 390,680
Equity attributable to owners of the parent company € in thousands 502,733 390,682
Net debt € in thousands 153,716 110,874
Net gearing % 30.6% 28.4%
Net working capital € in thousands 111,432 91,722
Net working capital per revenues % 17.1% 15.6%
Equity ratio % 45.8% 42.7%
CONSOLIDATED STATEMENT OF CASH FLOWS Q1-3 2014/15 Q1-3 2013/14
Net cash generated from operating activities (OCF) € in thousands 95,374 82,070
CAPEX, net € in thousands 130,432 69,717
GENERAL INFORMATION 31 Dec 2014 31 Mar 2014
Employees (incl. leased personnel), end of reporting period – 7,977 7,129
Employees (incl. leased personnel), average – 7,526 7,027
KEY STOCK FIGURES Q1-3 2014/15 Q1-3 2013/14
Shares outstanding, end of reporting period – 38,850,000 38,850,000
Weighted average number of shares outstanding – 38,850,000 28,192,723
Earnings per shares outstanding end of reporting period € 1.29 0.76
Earnings per average number of shares outstanding € 1.29 1.08
Cash earnings per average number of shares € 2.75 3.09
Market capitalisation, end of reporting period € in thousands 347,708 277,778
Market capitalisation per equity1)
% 69.2% 70.1%
KEY FINANCIAL FIGURES Q1-3 2014/15 Q1-3 2013/14
ROE (Return on equity)2)
% 15.0% 11.9%
ROCE (Return on capital employed)2)
% 12.6% 10.4%
ROS (Return on sales) % 10.3% 6.8%
1)
Equity attributable to owners of the parent company.
2)
Calculated on the basis of average values.
Key figures
3. Revenue and earnings in the first nine months strongly influ-
enced by outstanding Christmas business with mobile devices
Increase in revenue of 8.5% to € 489.4 million despite high ca-
pacity utilisation
EBITDA improved by 27.1% to € 127.3 million based on high
capacity utilisation, improved product mix, succesful cost man-
agement program and positive currency translation effects
EBITDA margin of 26.0% on all-time-high
Profit for the period increased by 65.4% to € 50.3 million
Earnings per share up 19.4% to € 1.29 - despite higher amount of
issued shares
Investments in fixed assets in the first three quarters were
€ 130.4 million
Work at IC substrate plant in Chongqing proceeding - negotia-
tions of ramp scenarios started
Outlook for the financial year 2014/15 is improved based on the
positive business development in the first nine months:
revenue of € 623-633 million (previous year: € 589.9 million) and
EBITDA margin in the range of 23% to 24% (previous year: 21.6%)
expected
Highlights
4. 04
Dear shareholders,
In a market environment characterised by strong seasonality, we
presented an outstanding quarterly result in the first nine months of
the financial year 2014/15 and continued to significantly improve
relevant key financial indicators. While the first two quarters were
predominantly marked by positive revenue growth in the Business
Unit Industrial & Automotive (incl. Medical), the Business Unit Mobile
Devices & Substrates saw a sustainable benefit from the numerous
product launches in the third quarter (1 October to 31 December
2014), thus consolidating and expanding its good positioning in the
high-end segment of mobile devices. In the first nine months of
2014/15, AT&S recorded revenue of € 489.4 million, up 8.5% on the
figure of the previous year. Although capacity utilisation was very
high, we managed to significantly increase the output once again by
optimising the planning and management of production and logistics
processes, thus accomplishing the above mentioned increase in reve-
nue.
Low visibility, especially in the Business Unit Mobile Devices & Sub-
strates, and the related challenging balancing of capacity utilisation
are a part of our daily business which has an immediate effect on our
results. Traditionally, this seasonality of mobile devices is very positive
for AT&S in the third quarter; in contrast, the fourth quarter (1 Janu-
ary – 31 March 2015) is a “low season”, which - due to the Chinese
New Year - also includes the temporary closure of the largest AT&S
plant in Shanghai.
Earnings before interest, tax, depreciation and amortisation (EBITDA)
rose by 27.1% to € 127.3 million thanks to high capacity utilisation, the
improved product mix, a successful cost management program and
positive exchange rate effects amounting to € 4.7 million. With an
EBITDA margin of 26.0%, AT&S recorded one of the best quarterly
results to date.
Statement of the
Management Board
5. 05
This exceptionally good performance is the result to the coincidence
of several positive factors, which can, however, not be fully controlled
by AT&S, such as the ideal product mix, the timely occurrence of high
demand, and the effectiveness of internal optimisation programmes.
We still see the future developments in the customer industries posi-
tively: there are many promising developments in total connectivity in
all areas, some of which were also presented at the recently held
global Consumer and Electronics Show CES in Las Vegas. Thanks to its
technology leadership and the proven ability to anticipate and indus-
trialise essential trends for the electronics and PCB industry, AT&S is
already at the forefront of the development.
The establishment of the plant in Chongqing with the strategic orien-
tation towards the production of IC substrates (Integrated Circuit
Substrates) is still going according to plan. The equipment characteri-
sation and certification for the first production line, which has already
been installed, was continued in the third quarter. Moreover, the
project has entered another phase of realisation and the negotiations
about the product mix and the ramp scenarios have begun. The Man-
agement Board expects the negotiations to be concluded in the com-
ing months.
We want to be a reliable partner not only for our customers, but also
for the capital market. Therefore we have established a long-term
EBITDA margin corridor of 18-20% for our guidance. However, based
on the positive business development of the first nine months and
taking into account the seasonality in the Mobile Devices & Substrates
segment in the fourth quarter – and provided that the macroeconom-
ic environment and the current exchange rates remain stable – we will
enhance the outlook for the financial year 2014/15: we expect reve-
nue amounting to € 623-633 million (previous year: € 589.9 million)
and an EBITDA margin between 23% and 24% (previous year: 21.6%).
We would like to thank all our shareholders for their trust and our
employees for their commitment and dedication in the past months.
With best regards
Andreas Gerstenmayer
Chairman of the Board
Karl Asamer
Member of the Board
Heinz Moitzi
Member of the Board
6. 06
MANAGEMENT BOARD REMUNERATION The stock
option based system of Management Board remuneration at AT&S,
which already expired with regard to allocations, is based on the Stock
Option Scheme 2009–2012, which ran from 1 April 2009 to 1 April
2012. Heinz Moitzi, Member of the Management Board (COO), exe-
cuted on 10 December 2014, 30,000 stock options of this Stock Op-
tions Scheme 2009–2012 of the allocation in 2010 with an exercise
price of € 7.45 at an actual price of € 8.88. The transaction was effect-
ed by cash settlement.
DIRECTORS‘ DEALINGS Karl Asamer, Member of the Manage-
ment Board (CFO) of AT & S Austria Technologie & Systemtechnik
Aktiengesellschaft, acquired 4,000 shares at a price of € 9.01 per share
on 1 October 2014. As a result, Karl Asamer holds a total of 4,000
shares in the Company, which represents roughly 0.01% of the
38,850,000 shares in issue.
On 11 November 2014 the Androsch Private Foundation acquired
108,580 shares in AT & S Austria Technologie & Systemtechnik
Aktiengesellschaft from AIC Androsch International Management
Consulting GmbH at a price of € 9.21 per share. Chairman of the
Supervisory Board Hannes Androsch is General Manager of
AIC Androsch International Management Consulting GmbH.
The Members of the Supervisory Board Georg Riedl and Gerhard
Pichler are Members of the Board of Androsch Privatstiftung. It was
noted that the acquisition of the shares by the Androsch Privatstiftung
merely represented a transfer in ownership from its wholly owned
subsidiary AIC Androsch International Management Consulting GmbH
to the Androsch Privatstiftung; the total equity holding of the
Androsch Private Foundation remains unchanged at about 16.32%.
The relevant reports on directors' dealings and other details can be
viewed and downloaded in the FMA Directors’ Dealings Database, at
http://www.fma.gv.at/en/companies/issuers/directors-
dealings/directorsdealings-database.html.
Corporate governance
information
7. 07
SHAREHOLDINGS
SHARE PRICE IN THE FIRST NINE MONTHS OF 2014/15
The first nine months of the AT&S financial year 2014/15 were
characterised by a heterogeneous economic development, uncertain-
ties with regard to the policies of the central banks and a series of
political crises. The growth prospects in Europe fell short of
expectations; in addition, the Ukraine-Russia crisis had a sustainable
negative impact on the economic development. The last calendar
quarter was still marked by a largely negative mood on the stock
markets: disappointing economic data and uncertainties about the
future policy of the central banks led to significant price corrections
worldwide.
Weak national economic data and the ongoing crisis in Ukraine
continued to have an adverse effect on the Vienna Stock Exchange:
the ATX, Vienna’s lead index, declined by 2.0% in the fourth calendar
quarter, thus increasing the loss to 15.2% by 30 December 2014.
The AT&S share was unable to detach itself from the generally
negative mood during this period and fell to € 7.68 in mid-October in
the wake of the international capital markets. The subsequent
recovery led to a closing price of € 8.95. The average daily trade
volume on the Vienna Stock Exchange amounted to 55,230 shares in
the first nine months.
In order to increase the visibility of the AT&S share further and to
sharpen the equity story, AT&S held numerous meetings with analysts
and investors in the period from October to December 2014 – also as
part of road shows and investor conferences, for example in New
York, Boston, Hong Kong, London, Prague, Warsaw and Zurich.
The AT&S share is currently covered by nine analysts; six of them rate
it “buy” and three “hold”.
AT&S AGAINST THE ATX-PRIME
KEY STOCK FIGURES FOR THE FIRST NINE MONTHS (€)
31 December 2014 31 December 2013
Earnings per share 1.291)
1.08
High 10.44 8.40
Low 7.68 6.10
Close 8.95 7.15
1)
Higher earnings despite an increased number of shares resulting from issue of new shares and the sale of treasury shares in
September and October 2013. With the same number of shares as in the comparative period, earnings per share would
amount to € 1.79.
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
07 May 2015 Publication of annual results 2014/15
09 July 2015 21st
Annual General Meeting
28 July 2015 Publication of results for first quarter 2015/16
30 July 2015 Ex-dividend day & dividend payment day
CONTACT INVESTOR RELATIONS
Elke Koch
Phone: +43 (0) 3842 200 5925
e.koch@ats.net
AT&S stock
8. 08
BUSINESS DEVELOPMENTS AND PERFORMANCE We
were able to exceed the positive performance in the first three qua-
ters of last year. Furthermore the group revenue increased despite of
limited production capacities by 8.5% to € 489.4 million. Although
capacity utilisation was very high, we managed to significantly in-
crease the output once again by optimising the planning and man-
agement of production and logistics processes, thus accomplishing the
above mentioned increase in revenue. Due to this action we were able
to cover the strong seasonal demand mainly in the segment Mobile
Devices & Substrates. AT&S was able to increase EBITDA in the first
three quarters of the financial year by 27.1% to € 127.3 million. Beside
the improved capacity utilisation, efficient product mix and positive
effects from currency translation are attributable to the positive re-
sult.
BUSINESS UNIT DEVELOPMENTS Both Business Units Mo-
bile Devices & Substrates and Industrial & Automotive, as well as the
Business Unit Others recorded a significant improvement in the profit
of the period in comparison to the first three quarters of the last
financial year. Withal the utilisation was at a high level in the first nine
months of the current financial year.
The revenue from external customers in the Business Unit Mobile
Devices & Substrates exceeded the expected figure by 10.0% to
€ 277.6 million. The main reason therefore is the high-quality product
mix, as well as the positive currency translation differences. Withal
AT&S was able to launch in the third quarter numerous products and
to expand and to consolidate the good market position in high-end
segment of mobile devices. The consequent and strategic develop-
ment of the customer and product portfolio for the Business Unit
Industrial & Automotive resulted to a revenue increase of 7.5% to
€ 210.2 million in the reporting period. The main drivers behind this is
the increased use of innovative electronics in passenger cars for ex-
ample driver assistance systems. In the business area for industrial
applications AT&S creates ambitious solutions for sensor technology,
which is related to industry 4.0 applications. In the Medical Technolo-
gy the demand of mobile patient monitoring application encourages
the development of revenue.
The break down by customer regions shows continuously increasing
sales in our Asian markets as well as in European markets. Only deliv-
eries in Americas were lower.
The geographic distribution of production volumes – 79% in Asia and
21% in Europe – showed a further shift towards Asia in comparison
with the same period last year, when the split was 76% to 24%.
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 Due to the changes in interest rates we expect actuarial
losses for pension and severance payment obligations, which are
recognised directly in the equity without affecting profit or loss.
In addition there were no material differences in the categories of risk
exposure in the course of the first three quarters 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.
FINANCE AND TREASURY AT&S’s liquidity is excellent. Suffi-
cient long-term funds as well as 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 convertible 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 three quarters of the current financial year there was a
significant positive cash flow of € 95.4 million from operating activi-
ties. Net cash used in investing activities amounted to € 130.4 million.
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 the equity without affecting profit or
loss.
Net gearing of 30.6% at 31 December 2014 was at a slightly higher
level than at the end of the financial year 2013/14. Favourable ex-
change translation differences caused by the weakness of the euro
against the Chinese renminbi, the Hong Kong dollar, the US dollar, the
Indian rupee and the South Korean won 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 The management expects a normal seasonal develop-
ment with reduced, yet good demand for mobile devices for the
fourth quarter and continued strong demand in the Industrial, Auto-
motive and Medical Technology.
Group Interim Management
Report
9. 09
Based on the positive business development of the first nine months
and taking into account the seasonality in the Mobile Devices & Sub-
strates segment in the fourth quarter, provided that the macroeco-
nomic environment and the current exchange rates remain stable, the
Management Board increases the outlook for the financial year
2014/15 and expects revenue amounting to € 623-633 million (previ-
ous year: € 589.9 million). This is equivalent to an increase by 6-7%.
The EBITDA margin is expected to be in the range of 23% to 24%
(previous year: 21.6%), thus significantly exceeding the target corridor
of 18-20%.
Leoben-Hinterberg, 26 January 2015
Management Board
Andreas Gerstenmayer m.p.
Karl Asamer m.p.
Heinz Moitzi m.p.
10. 10
01 October - 31 December 01 April - 31 December
€ in thousands 2014 2013 2014 2013
Revenue 187,339 151,013 489,416 450,947
Cost of sales (136,493) (117,861) (372,349) (357,335)
Gross profit 50,846 33,152 117,067 93,612
Distribution costs (8,362) (8,421) (23,130) (23,458)
General and administrative costs (6,843) (6,153) (20,338) (17,273)
Other operating result (4,758) (5,687) (2,788) (6,419)
Non-recurring items – – – (3,004)
Operating result 30,883 12,891 70,811 43,458
Finance income 1,079 67 4,889 180
Finance costs (3,092) (2,907) (9,265) (9,268)
Finance income/(costs) - net (2,013) (2,840) (4,376) (9,088)
Profit before tax 28,870 10,051 66,435 34,370
Income taxes (6,976) (1,571) (16,097) (3,933)
Profit for the period 21,894 8,480 50,338 30,437
Attributable to owners of the parent company 21,863 8,464 50,279 30,404
Attributable to non-controlling interests 31 16 59 33
Earnings per share attributable to equity holders
of the parent company (in € per share):
- basic 0.56 0.22 1.29 1.08
- diluted 0.56 0.22 1.29 1.04
Weighted average number of shares outstanding
- basic (in thousands) 38,850 37,660 38,850 28,193
Weighted average number of shares outstanding
- diluted (in thousands) 38,850 38,850 38,850 29,251
Consolidated Statement of
Comprehensive Income
01 October - 31 December 01 April - 31 December
€ in thousands 2014 2013 2014 2013
Profit for the period 21,894 8,480 50,338 30,437
Items to be reclassified:
Currency translation differences 16,122 (3,800) 71,875 (30,395)
Gains/(losses) from the fair value measurement of hedging instruments for
cash flow hedges, net of tax (353) 23 (2,320) 78
Other comprehensive income for the period 15,769 (3,777) 69,555 (30,317)
Total comprehensive income for the period 37,663 4,703 119,893 120
Attributable to owners of the parent company 37,632 4,687 119,821 88
Attributable to non-controlling interests 31 16 72 32
Interim Financial Report (IFRS)
Consolidated Statement
of Profit or Loss
11. 11
31 December 31 March
€ in thousands 2014 2014
ASSETS
Non-current assets
Property, plant and equipment 538,393 435,103
Intangible assets 29,412 9,145
Financial assets 96 96
Deferred tax assets 31,234 25,538
Other non-current assets 24,917 13,976
624,052 483,858
Current assets
Inventories 76,748 59,434
Trade and other receivables 145,339 110,999
Financial assets 792 836
Current income tax receivables 892 799
Cash and cash equivalents 249,725 260,133
473,496 432,201
Total assets 1,097,548 916,059
EQUITY
Share capital 141,846 141,846
Other reserves 68,245 (1,297)
Retained earnings 292,642 250,133
Equity attributable to owners of the parent company 502,733 390,682
Non-controlling interests 70 (2)
Total equity 502,803 390,680
LIABILITIES
Non-current liabilities
Financial liabilities 357,327 325,863
Provisions for employee benefits 26,422 24,755
Other provisions 7,704 9,736
Deferred tax liabilities 8,030 6,738
Other liabilities 3,829 3,244
403,312 370,336
Current liabilities
Trade and other payables 127,232 101,908
Financial liabilities 47,003 46,076
Current income tax payables 14,290 3,986
Other provisions 2,908 3,073
191,433 155,043
Total liabilities 594,745 525,379
Total equity and liabilities 1,097,548 916,059
Consolidated Statement
of Financial Position
12. 12
01 April - 31 December
€ in thousands 2014 2013
Cash flows from operating activities
Profit for the period 50,338 30,437
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 56,473 56,680
Changes in non-current provisions (680) 840
Income taxes 16,097 3,933
Finance costs/income 4,376 9,088
Gains/losses from the sale of fixed assets 100 25
Release from government grants (937) (861)
Other non-cash expense/(income), net 3,958 46
Changes in working capital:
- Inventories (11,629) (8,243)
- Trade and other receivables (32,764) (10,103)
- Trade and other payables 24,266 13,016
- Other provisions (279) 2,873
Cash generated from operating activities 109,319 97,731
Interest paid (8,639) (12,710)
Interest and dividends received 1,628 169
Income taxes paid (6,934) (3,120)
Net cash generated from operating activities 95,374 82,070
Cash flows from investing activities
Capital expenditure for property, plant and equipment and intangible assets (130,597) (70,164)
Proceeds from the sale of property, plant and equipment and intangible assets 165 447
Capital expenditure for financial assets (1) (176)
Proceeds from the sale of financial assets – 27
Net cash used in investing activities (130,433) (69,866)
Cash flows from financing activities
Changes in other financial liabilities 23,566 (78,931)
Proceeds from government grants 1,042 846
Dividends paid (7,770) (4,665)
Proceeds from capital increase – 79,179
Sale of treasury shares – 16,753
Net cash generated from financing activities 16,838 13,182
Net increase/(decrease) in cash and cash equivalents (18,221) 25,386
Cash and cash equivalents at beginning of the year 260,133 80,226
Exchange gains/(losses) on cash and cash equivalents 7,813 (3,592)
Cash and cash equivalents at end of the period 249,725 102,020
Consolidated Statement
of Cash Flows
13. 13
€ in thousands
Share
capital
Other
reserves
Retained
earnings
Equity
attributable
to owners
of the parent
company
Non-
controlling
interests
Total
equity
31 March 2013 *)
45,914 42,351 216,630 304,895 (51) 304,844
Profit for the period – – 30,404 30,404 33 30,437
Other comprehensive income for the period – (30,316) – (30,316) (1) (30,317)
thereof currency translation differences – (30,394) – (30,394) (1) (30,395)
thereof change in hedging instruments for
cash flow hedges, net of tax – 78 – 78 – 78
Total comprehensive income for the period – (30,316) 30,404 88 32 120
Dividends paid relating to 2012/13 – – (4,665) (4,665) – (4,665)
Sale of treasury shares, net of tax 16,753 – – 16,753 – 16,753
Capital increase 79,179 – – 79,179 – 79,179
31 December 2013 141,846 12,035 242,369 396,250 (19) 396,231
31 March 2014 141,846 (1,297) 250,133 390,682 (2) 390,680
Profit for the period – – 50,279 50,279 59 50,338
Other comprehensive income for the period – 69,542 – 69,542 13 69,555
thereof currency translation differences – 71,862 – 71,862 13 71,875
thereof change in hedging instruments for
cash flow hedges, net of tax – (2,320) – (2,320) – (2,320)
Total comprehensive income for the period – 69,542 50,279 119,821 72 119,893
Dividends paid relating to 2013/14 – – (7,770) (7,770) – (7,770)
Sale of treasury shares, net of tax – – – – – –
31 December 2014 141,846 68,245 292,642 502,733 70 502,803
*)
Adjusted taking into account IAS 19 revised
Consolidated Statement
of Changes in Equity
14. 14
01 April - 31 December 2014
€ in thousands
Mobile Devices &
Substrates
Industrial &
Automotive Others
Elimination/
Consolidation Group
Segment revenue 331,012 224,074 7,551 (73,221) 489,416
Intersegment revenue (53,412) (13,828) (5,981) 73,221 –
Revenue from external customers 277,600 210,246 1,570 – 489,416
Operating result 46,691 20,799 3,265 56 70,811
Finance costs - net (4,376)
Profit before tax 66,435
Income taxes (16,097)
Profit for the period 50,338
Property, plant and equipment
and intangible assets 491,774 65,142 10,889 – 567,805
Investments 98,701 21,885 1,752 – 122,338
Depreciation/amortisation 49,179 6,392 902 – 56,473
Non-recurring items – – – – –
01 April - 31. December 2013
€ in thousands
Mobile Devices &
Substrates
Industrial &
Automotive Others
Elimination/
Consolidation Group
Segment revenue 294,086 201,745 5,517 (50,401) 450,947
Intersegment revenue (41,815) (6,223) (2,363) 50,401 –
Revenue from external customers 252,271 195,522 3,154 – 450,947
Operating result 38,408 7,451 (2,433) 32 43,458
Finance costs - net (9,088)
Profit before tax 34,370
Income taxes (3,933)
Profit for the period 30,437
Property, plant and equipment
and intangible assets *)
386,319 47,888 10,041 – 444,248
Investments 72,640 5,209 8,258 – 86,107
Depreciation/amortisation 49,476 6,211 993 – 56,680
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 - 31 December
€ in thousands 2014 2013
Austria 16,771 14,947
Germany 99,066 93,718
Other European countries 61,730 52,819
Asia 288,065 234,763
Americas 23,784 54,700
489,416 450,947
Property, plant and equipment and intangible assets broken down by
domicile:
€ in thousands 31 Dec 2014 31 Mar 2014
Austria 48,261 33,473
China 491,736 386,279
Others 27,808 24,496
567,805 444,248
Segment Reporting
15. 15
GENERAL
ACCOUNTING AND MEASUREMENT POLICIES The interim
report for the nine months ended 31 December 2014 has been pre-
pared in accordance with the standards (IFRS and IAS) and interpreta-
tions (IFRIC and SIC) of the International Accounting Standards Board
(IASB), taking IAS 34 into account, as adopted by the European Union.
The interim consolidated financial statements do not include all the
information contained in the annual consolidated 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 interim consolidated statements ended 31 December 2014 are
unaudited and have not been the subject of external audit review.
NOTES TO THE STATEMENT OF PROFIT OR LOSS
REVENUE Group revenue in the nine months of the current financial
year increased by 8.5% from € 450.9 million in the same period last
year up to € 489.4 million.
GROSS PROFIT The gross profit for the first nine months of the
current financial year of € 117.1 million was considerably higher than
the € 93.6 million achieved in the same period last year. This is an
increase of 25.1%. This highly satisfactory outcome results from in-
creased group revenue, efficient capacity utilisation and continuous
efficency improvement programs.
OPERATING RESULT On the basis of the improved gross profit, no
non-recurring items, a one-time profit from a compensation payment
and a permanent impairment for tangible assets of € 5.3 million, AT&S
was able to improve its consolidated operating result to € 70.8 million
or 14.5% of revenue.
FINANCE COSTS - NET Despite of the increased net debt, the
finance costs of € 9.3 million were on last year level. The financial
income from investment of free cash and gains from foreign exchange
were € 4.9 million. As a consequence the net finance costs of
€ -4.4 million decreased by € 4.7 million in comparison to the same
period last year. In the net finance costs € 2.1 million (previous year:
€ 0.2 million) gains for capitalised interest are included.
INCOME TAXES The change of the effective tax rate on consolidat-
ed level compared with the same period last year is resulting from the
expected ending of a tax relief of AT&S (China) Company Limited (we
continue to work on a return to last years tax regime) as well as the
variation of proportions of Group earnings contributed by individual
companies with different tax rates.
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 current financial year
(€ 71.9 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, the Indian rupee and the South Korean won
against the Group reporting currency, the euro.
NOTES TO THE STATEMENT OF FINANCIAL POSITION
ASSETS AND FINANCES Net debt of € 153.7 million increased
versus the € 110.9 million outstanding at 31 March 2014. Main rea-
sons are investments in the new facility in Chongqing and the increase
in net working capital. Net working capital of € 91.7 million as at
31 March 2014 increased to € 111.4 million mainly due to increased
business acitivities as well as due to seasonal impacts. The net gearing
ratio was 30.6% compared to the 28.4% at 31 March 2014.
VALUATION HIERARCHIES FOR FINANCIAL INSTRUMENTS
MEASURED AT FAIR VALUE Three valuation hierarchies have to
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:
Notes to the
Interim Financial Report
16. 16
€ in thousands
31 December 2014 Level 1 Level 2 Level 3 Total
Financial assets
Financial assets at fair value through
profit or loss:
- Bonds 792 – – 792
Available-for-sale financial assets – 96 – 96
Financial liabilities
Derivative financial instruments – 3,513 – 3,513
€ 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 € 400.8 million (31 March 2014: € 371.5 million) are
measured at amortised cost. The fair value of these liabilities was
€ 403.7 million (31 March 2014: € 377.6 million).
OTHER FINANCIAL COMMITMENTS At 31 December 2014 the
Group had other financial commitments amounting to € 34.6 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.
EQUITY Consolidated equity increased from € 390.7 million at
31 March 2014 to € 502.8 million. The good consolidated profit for
the period of € 50.3 million as well as positive impacts from currency
translation differences of € 71.9 million, confronted with a negative
change for hedging instruments of € -2.3 million, contributed mainly
to the consolidated total comprehensive income of € 119.9 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
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-
17. 17
tion for the acquisition of businesses or other assets, or for any other
legally permissible purpose.
On 31 December 2014, the Group held no treasury shares.
NOTES TO THE STATEMENT OF CASH FLOWS Net cash
inflows generated by operating activities amounted to € 95.4 million
compared with € 82.1 million in the same period last year. The in-
crease is mainly due to the increase in the profit of the period.
The net cash used for capital expenditure was € 130.4 million, which is
significantly higher than the € 69.7 million in the same period last
year. This year’s capital expenditures are predominantly in the new
factory in Chongqing as well as technology upgrades in the other
plants.
Cash inflows from financing activities amounted to € 16.8 million.
OTHER INFORMATION
DIVIDENDS The Annual General Meeting of 3 July 2014 resolved on
a dividend payment of € 0.20 per share out of retained earnings as at
31 March 2014. The dividend distribution of € 7.8 million took place
on 24 July 2014.
RELATED PARTY TRANSACTIONS In connection with various
projects, in the first three quarters of the current financial year con-
sultancy fees were payable as follows: € 289,000 to AIC Androsch
International Management Consulting GmbH, € 6,000 to Dörflinger
Management & Beteiligungs GmbH, and € 3,000 to Frotz Riedl
Rechtsanwälte.
Leoben-Hinterberg, 26 January 2015
Management Board
Andreas Gerstenmayer m.p.
Karl Asamer m.p.
Heinz Moitzi m.p.
18. 18
CONTACT
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
Fabriksgasse 13
A-8700 Leoben
Austria
Tel: +43 (0) 3842 200-0
www.ats.net
INVESTOR RELATIONS & COMMUNICATIONS
Elke Koch
Phone +43 (0) 3842 200-5925
e.koch@ats.net
PUBLISHED BY AND RESPONSIBLE FOR CONTENT
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
Fabriksgasse 13
A-8700 Leoben
Austria
www.ats.net
PHOTOS
Helmut Jokesch, Fotostudio Jokesch, Graz
Werbeagentur DMP, Maria Enzersdorf
ILLUSTRATIONS
LULU*/carolineseidler.com
DISCLAIMER
This report contains forward-looking statements which were made on the basis of the information available at the time of publication. These can
be identified by the use of such expressions as “expects”, “plans”, “anticipates”, “intends”, “could”, “will”, “aim” and “estimation” or other simi-
lar words. These statements are based on current expectations and assumptions. Such statements are by their very nature subject to known and
unknown risks and uncertainties. As a result, actual developments may vary significantly from the forward-looking statements made in this re-
port. Recipients of this report are expressly cautioned not to place undue reliance on such statements. Neither AT&S nor any other entity accept
any responsibility for the correctness and completeness of the forward-looking statements contained in this report. AT&S undertakes no obliga-
tion to update or revise any forward-looking statements, whether as a result of changed assumptions or expectations, new information or future
events.
Percentages and individual items presented in this report are rounded which may result in rounding differences.
Formulations attributable to people are to be understood as gender-neutral.
This report in no way represents an invitation or recommendation to buy or sell shares in AT&S.
The report is published in German and English. In case of doubt, the German version is binding.
No responsibility accepted for errors or omissions.
Contact/Publication details