AT&S reports further increase in profitability in the first quarter of 2014/15. Revenue largely in line with the same period a year earlier.
The AT&S Group generated revenue of € 141.3 million in the first three months of the financial year 2014/15, which was in line with the previous year’s total (Q1 2013/14 € 142.5 million). Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to € 29.1 million, an increase of 3.6% on the Q1 2013/14 total of € 28.1 million. Consolidated net income for the first quarter rose by 14.6% to € 7.6 million.
“Like last year, the new financial year has got off to a successful start. The main factors behind this are the continued growth in sales in the Automotive, Industrial and Medical Technology segments. At this point I would like to emphasise that we were able to successfully make up for a decline in demand – which was considerable in the case of certain Mobile Devices customers. Capacity utilisation was strong and reaffirmed AT&S’s strong standing on the market. We expect this positive performance to continue particularly in light of the traditionally strong demand for mobile devices in the second half of the calendar year,” explained CEO Andreas Gerstenmayer.
The results in detail:
|in accordance with IFRS; € in millions||Q1 2014/15|
1 April 2014–30 June 2014
|Q1 2013/14 |
1 April 2013–30 June 2013
|EBITDA margin (%)||20.6%||19.7%||4.6%|
|EBIT margin (%)||9.4%||7.3%||28.8%|
|Profit before tax||10.7||7.1||50.1%|
|Consolidated net income||7.6||6.6||14.6%|
|Profit per weighted average of shares issued1) (in €)||0.19||0.28||-32.1%|
|Number of shares, weighted average (thousands of shares||38,850||23,322|
1) 2014/15: Lower profit largely attributable to issue of new shares.
Mobile Devices successfully manages change in customer base
Mobile Devices’ sales reached € 68 million, down by around 9% on the previous year’s total (Q1 2013/14: € 74.5 million). Comparatively lower volumes resulted from different time periods for the ramp-up of new projects. While the same period of 2013/14 was characterised by the introduction of the BB10 platform, this year reflects normal seasonal patterns with new product ramp-ups taking effect a quarter later. However, in our view first quarter revenues are encouraging as we have already achieved an attractive level compared to the long-term average.
Industrial & Automotive growth continues
Industrial & Automotive’s sales for the first quarter of 2014/15 reached € 72.6 million, an increase of around 9% on the comparative period (2013/14: € 66.4 million). Increased use of innovative electronics in cars has fuelled rising demand for high-value printed circuit boards. The growth in industrial applications remains steady, primarily due to positive demand for applications used e.g. in machine-to-machine (M2M) communications, industrial automation or LEDs. In Medical Technology revenue gains were primarily attributable to increased demand for therapeutic applications.
IC substrate plant in Chongqing
Development of the Chongqing plant with a strategic focus on the new integrated circuit (IC) substrates business is progressing according to plan. The installation and qualification process has been launched for production equipment and machinery. Thanks to its Chongqing facility, AT&S is among the first companies to enter high-volume IC substrate production in China.
AT & S Austria Technologie & Systemtechnik AG – first choice for advanced applications
AT&S is the European market leader and one of the leading manufacturers of high-value printed circuit boards. The Group produces forward-looking technologies on an industrial scale for its core markets: mobile devices, automotive and aviation, industrial electronics, medical and health care, and advanced packaging. In 2013 AT&S took the next logical step towards implementing its high-tech strategy by entering the IC substrate business, through a collaboration agreement with a leading global semiconductor manufacturer. As an international growth enterprise AT&S has a global presence, with two production facilities in Austria (Leoben and Fehring) and one each in India (Nanjangud), China (Shanghai, Chongqing under construction) and Korea (Ansan, near Seoul). It currently employs about 7,300 people.
For more information visit www.ats.net.July 23, 2014 18:36