AT&S boosts revenue and earnings to record levels
Annual revenue 2021/22 increases by 34% to € 1,590 million, while adjusted EBITDA is € 378 million, up 48% on the previous year. Guidance for FY 2022/23 estimates revenue of approx. € 2 billion.
Leoben – AT&S significantly increased revenue and earnings in the financial year 2021/22 and continues its strong growth course as part of its strategy implementation.
“In a volatile market environment, we were able to close the financial year with revenue and earnings at a record level,” says CEO Andreas Gerstenmayer. “This strong performance once again confirms our growth strategy and gives us reason to be optimistic about the future in the new financial year. We expect revenue of roughly € 2 billion and an EBITDA margin between 23 and 26%. The growth course will also continue in the years to come: in the financial year 2025/26, we will generate revenue of approximately € 3.5 billion and increase the EBITDA margin to 27 to 32%,” Gerstenmayer comments on the further development.
Consolidated revenue increased by 34% to € 1,590 million in the financial year 2021/22 (PY: € 1,118 million). Adjusted for currency effects, consolidated revenue rose by 33%. Revenue grew on a broad basis, with the additional capacity for ABF substrates in Chongqing, China, proving to be the main driver. In addition, the broader application portfolio for mobile devices and module printed circuit boards also contributed to revenue growth. In the AIM business unit, all three segments benefited disproportionately from the dynamic market environment, with the Industrial segment recording the strongest growth. The Automotive segment also saw an increase in revenue despite the shortage of semiconductors.
EBITDA rose by 42% from € 246 million to € 349 million. The good result was positively influenced mainly by the significant increase in revenue, which more than compensated for burdening effects such as the start-up costs in Chongqing and Kulim, Malaysia, as well as higher material, transport and energy costs. Moreover, research and development expenses were further increased and ensure that AT&S will remain a leading innovation driver going forward. Currency fluctuations, in particular of the Chinese renminbi, had a negative impact of € 20 million on the earnings development; without these fluctuations, the growth rate would have been 50%.
Adjusted for the start-up costs, EBITDA amounted to € 378 million (PY: € 255 million), which is equivalent to an increase by 48%. Without currency effects, adjusted EBITDA would have grown by 56%.
The EBITDA margin amounted to 22.0% (EBITDA margin adjusted for start-up costs: 23.8%), thus exceeding the prior year level of 20.7% (EBITDA margin adjusted for start-up costs: 21.5%). Depreciation and amortisation rose by € 57 million to € 223 million (14% of revenue) due to additions to assets and technology upgrades. EBIT increased from € 80 million to € 126 million. The EBIT margin amounted to 8.0% (PY: 6.7%). Finance costs – net improved from € -20 million in the previous year to € -4 million, mainly due to a change in currency effects. Profit for the year surged from € 47 million to € 103 million, leading to a 138% increase in earnings per share from € 1.01 to € 2.39.
The financial position was characterised by an increase in non-current assets at the end of the reporting period. Total assets increased to € 3,746 million, up 57% compared to March 31, 2021 as a result of the inflow of liquid funds due to bilateral agreements, additions to assets and technology upgrades. Despite the significant increase in total assets, the equity ratio remained nearly constant at 33.4% (PY: 33.6%) thus exceeding 30% despite the large-scale investment programme.
Cash and cash equivalents increased to € 1,120 million (March 31, 2021: € 553 million). In addition, AT&S has financial assets and unused credit lines of € 337 million to secure the financing of the future investment program and short-term repayments.
Read the full text of the press release on AT&S’ results 2021/2022.