Outlook & Key Figures

Decision regarding the further expansion of the plants in Chongqing: AT&S has made significant progress in overcoming the technical challenges. For the time being, plant 1 will supply semiconductor customers with IC substrates for servers and computing applications (desktop, notebooks) with these two production lines. At the beginning of 2018, AT&S expects the gradual introduction of the product generation originally designed for this plant. The first products are currently undergoing qualification. Based on the current technology evaluation, AT&S has decided not to start the expansion in the current financial year. The start of the next technology generation in the core business (mSAP for mobile devices) at the plant in Shanghai and Chongqing plant 2 was successful. Serial production was launched in July. A further expansion plan for plant 2 in Chongqing is currently under evaluation. AT&S thus expects CAPEX for the financial year 2017/18 to range between € 160-200 million, which will essentially consist of the remaining investments in the first phase in Chongqing, the investments in the next technology generation in the core business, mSAP, at the plants in Shanghai and Chongqing, plant 2, as well as in maintenance and the usual technology upgrades at other existing sites. The investment volume of roughly € 160-200 million planned for 2017/18 is secured with the existing financing structure.

Provided that the macroeconomic environment remains stable and the USD/EUR currency relation stays at a similar level as in the past financial year, AT&S expects an increase in revenue of 10-16% for the financial year 2017/18. The EBITDA margin should range between 16-18% based on the market developments for IC substrates and the launch of the next technology generation (mSAP). Higher depreciation for predominantly new production lines of roughly € 25.0 million in the financial year 2017/18 will have an influence on EBIT.

According to IFRS;Q1 2016/17Q1 2017/18Change
in EUR million01.04.-30.06.201601.04.-30.06.2017
EBITDA margin (in %)10.514.9-
EBIT margin (in %)-5.1-1.7-
Loss for the period-13.6-11.217.6%
Cash flows from operating activities before changes in working capital8.617.5104.6%
Net CAPEX66.369.75.1%
Equity ratio (in %)37.6*37.2-
Net debt380.5*496.730.5%
Earnings per average number of shares outstanding (in EUR)-0.35-0.2917.6%
* As of 31/03/2017

According to IFRS; € in millions2015/162016/17Change
01.04.2015 - 31.03.201601.04.2016 - 31.03.2017
EBITDA margin (%)22.016.1-
EBITDA adjusted*180.2194.88.1%
EBITDA margin adjusted (%)*23.725.4-
EBIT margin (%)10.10.8-
EBIT adjusted*103.2119.015.3%
EBIT margin adjusted (%)*13.615.5-
Profit/loss for the year56.0-22.9> -100%
Cash flow from operating activities before changes in working capital145.990.5-38.0%
Net CAPEX254.3240.7-5.3%
Equity ratio (%)42.337.6-
Net debt263.2380.544.6%
Earnings per average number of shares outstanding (EUR)1.44-0.59> -100%
Number of shares, weighted average (thousands of shares)38,85038,850-
* Adjusted for Chongqing effects and release of provision for restructuring