AT&S Austria Technologie & Systemtechnik AG / Half Year Results
21.10.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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AT&S improves earnings on the same period last year in difficult market
environment EBIT for second quarter up by 4%, earnings reach record EUR
14 million
AT&Ss revenues in second quarter 2008/09 totalled EUR 119.0m, down 6% on
the same period last year. In the first two quarters of financial 2008/09
revenues amounted to EUR 234.2m, 3% less than in the comparable period in
2007/08.
Gross profit for the second quarter of EUR 23.2m was 7% less than a year
ago, and the first two quarters gross profit of EUR 39.1m was 11% down.
The gross margin in the second quarter was 19.5% (2007/08: 19.7%), and in
the first two quarters 16.7%, compared with 18.1% a year ago.
EBIT in the second quarter was up 4% to EUR 14.9m, with the EBIT margin
climbing to 12.6% (11.4%) For the first six months, EBIT was EUR 20.6m
(down 7%), and the EBIT margin fell to 8.8% (9.2%).
Income before tax for the second quarter rose 7% to EUR 15.0m, while for
the first two quarters it was EUR 20.3m, down 12%.
Net income in the second quarter reached a record EUR 13.6m, a gain of
9.3%, while for the first six months it was EUR 18.6m, down by 14%.
Net debt at 30 September 2008 amounted to EUR 171.9m (EUR 150.0m a year
earlier), with net gearing at 66.3%. The increase in net borrowings of EUR
15.6m since 31 March 2008 is largely attributable to capital investment in
further extension of the Shanghai plants and the payment of dividends. In
the first quarter of financial 2008/09 AT&S placed a five-year EUR 80
million bond, exchanging short-term for longer-term debt and improving its
financial structure.
Outlook
Although capacity utilisation at AT&Ss plants is at present good, it is to
be expected that the overall economic situation and global competition will
make 2009 a difficult year. This means that adjustments to capacity in the
Austrian facilities can not be excluded, nor possible effects on the value
of goodwill at AT&S Korea.
AT&S is therefore not currently prepared to give any precise guidance.
Results in accordance with IFRS (in EUR m, earnings per share (EPS) in EUR)
1H 2008/09 compared with 1H 2007/08
1H 08/09 Margin 1H 07/08 Margin
Total revenues 234.2 241.7
Gross profit 39.1 16.7% 43.8 18.1%
EBITDA 41.3 17.6% 38.6 16.0%
EBIT 20.6 8.8% 22.2 9.2%
Net income 18.6 21.6
EPS 0.80 0.94
Net debt 171.9 150.0
Net gearing 66.3% 67.1%
Q2 2008/09 compared with Q2 2007/08
Q2 08/09 Margin Q2 07/08 Margin
Total revenues 119.0 127.0
Gross profit 23.2 19.5% 25.0 19.7%
EBITDA 25.6 21.5% 22.7 17.9%
EBIT 14.9 12.6% 14.4 11.4%
Net income 13.6 12.4
EPS 0.58 0.54
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Information and Explaination of the Issuer to this News:
AT&Ss business is seasonal: in the first and fourth quarters of the
financial year capacity utilisation is generally lower, while in the second
and third quarters it is as a rule extremely good. For a high fixed cost
business like AT&Ss, reduced capacity utilisation necessarily means
pressure on margins.
The general macro-economic environment meant that seasonal effects in the
first quarter of financial 2008/09 were particularly marked, so that the
pressure on margins was especially high. This situation continued into the
beginning of the second quarter, after which the product mix and loading
improved rapidly at all its plants.
Prices for a large part of the mobile devices business, but also in the
industrial and automotive sectors, (in total roughly 75% of total sales)
are dependent of the US dollar, because AT&Ss competitors are almost
without exception located in countries whose currencies follow the dollar.
The US dollar fell by an average of some 12.5% in comparison with the first
half of 2007/08, putting further pressure on revenues.
Other operating income in the first half of the financial year contributed
EUR 4.1m to EBIT. This contribution largely reflected valuation effects
associated with the rise in the US dollar and the Renminbi against the Euro
as at the end of September 2008.
The effective tax rate for the first six months was approximately 8.4%.
Earnings per share (EPS) reached EUR 0.80, and in the second quarter even a
record EUR 0.58.
At 30 September 2008 AT&S employed 6,450 people.
In the first two quarters Mobile Devices generated around 62% of revenues,
while Industrial/Medical contributed roughly 25%, and Automotive customers
roughly 11%. Services (assembly, trading and design) made up 3% of total
revenues.
First half year net capital investment came to EUR 29.5m, spent principally
on further expansion of our Shanghai facility.
Share buy-back program
Since the beginning of the current financial year no further shares have
been repurchased.
The results and the Excel format interim report (not including notes) for
the first two quarters of 2008/09 were posted today at 7.30 am (CET) on the
investors section of www.ats.net. The quarterly report will be available in
.pdf format from early November 2008.
For more information contact Hans Lang, IRO, tel. +43 (1) 68300 9259,
e-mail: h.lang@ats.net.
DGAP 21.10.2008
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Language: English
Issuer: AT&S Austria Technologie & Systemtechnik AG
Fabriksgasse 13
8700 Leoben
Österreich
Phone: +43 (1) 3842200-0
Fax: +43 (1) 3842200-216
E-mail: info@ats.net
Internet: www.ats.net
ISIN: AT0000969985
WKN: 922230
Listed: Freiverkehr in Berlin, Hannover, Düsseldorf, Hamburg,
München, Stuttgart; Open Market in Frankfurt; Foreign
Exchange(s) Wien
End of News DGAP News-Service
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DGAP-Adhoc: AT&S Austria Technologie & Systemtechnik AG: Results for second quarter 2008/09, ended 30 September 2008
| Source: EQS Group AG