EANS-News: AT & S Austria Technologie & Systemtechnik Aktiengesellschaft / Q1 21/22 – AT&S’s growth continues unabated

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Quarterly Report

Leoben - Q1 21/22 - AT&S's growth continues unabated

* Positive performance despite unfavourable currency effects
* Quarterly revenue increases by 28% to EUR 317.7 million (PY: EUR 247.9
million)
* Adjusted EBITDA at EUR 50.8 million, up 24% on the previous year
* Major projects fully on track - start of production at the Chongqing plant
brought forward
* Guidance for 21/22 raised: revenue growth of 17-19%, adjusted EBITDA margin
still expected in the range of 21-23%

Leoben - AT&S recorded a very positive revenue development despite unfavourable
negative currency effects in the first quarter of 2021/22.

"Digitalisation continues to drive the demand for our technologies. Markets that
showed temporary weakness are increasingly recovering. Strategically, we are
still fully on track. The production of IC substrates in particular is running
at full speed. The implementation of the capacity expansion in Chongqing is
making excellent progress. The first parts of the production equipment have
already been qualified as well as be put into operation," says CEO Andreas
Gerstenmayer.

Consolidated revenue rose by 28% to EUR 317.7 million in the first quarter of
2021/22 (PY: EUR 247.9 million). Adjusted for currency effects, the increase in
consolidated revenue even amounted to 37%. The additional capacity and growing
demand for ABF substrates made a significant contribution to revenue growth. The
development was supported by the broader application portfolio for mobile
devices and the demand for printed circuit boards for modules. In the AIM
segment, all three areas contributed to revenue growth. Although the Automotive
segment nearly doubled its revenue after a very weak first quarter of the
previous year, the shortage of semiconductors will continue.

EBITDA increased from EUR 39.5 million to EUR 46.3 million. The improvement in
earnings is predominantly attributable to the increase in consolidated revenue.
Currency fluctuations of the US dollar and the Chinese renminbi had a negative
impact of EUR 18.1 million on the earnings development. In addition, temporary
start-up costs for the IC substrate production in Chongqing were incurred. On
the market side, a change in product mix in the Mobile Devices segment had a
negative effect on profitability.

AT&S continues its efforts to make the company future-proof by intensifying
investments in the organisation as well as in research and development.
Investments of EUR 31.3 million were made during the reporting period (previous
year: EUR 22.4 million) to prepare for future technologies and pursue the
modularisation strategy, among other things. Adjusted for the start-up effects
of the Chongqing project, EBITDA amounted to EUR 50.8 million.

The EBITDA margin amounted to 14.6% (adjusted EBITDA margin: 16.0%), falling
short of the prior-year level of 15.9% (adjusted EBITDA margin: 16.5%). EBIT
declined from EUR 0.2 million to EUR -0.4 million. The EBIT margin amounted to -
0.1% (PY: 0.1%). Finance cost - net improved from EUR -5.9 million to EUR -3.1
million, which is primarily attributable to the positive change in exchange rate
differences. Loss for the period improved by EUR 2.6 million from EUR -7.9
million to EUR -5.3 million, primarily due to the improvement in finance cost -
net.

The financial position was characterised by an increase in non-current assets at
the end of the reporting period. Total assets rose to EUR 2,515.7 million, up
5.3% on 31 March 2021 as a result of additions to assets and technology
upgrades.

Equity declined by -0.4% compared with 31 March 2021 and amounted to EUR 798.6
million, which was primarily earnings-related. The equity ratio decreased by 1.8
percentage points to 31.7% and temporarily fell below the medium-term target of
40.0%. This is attributable in particular to the increase in total assets as a
result of investments and securing the financing of the future investment
programme.

Cash and cash equivalents rose to EUR 560.7 million (31 March 2021: EUR 552.9
million). In addition, AT&S has financial assets of EUR 16.2 million and unused
credit lines of EUR 328.5 million to secure the financing of the future
investment programme and short-term repayments.

Unit      Q1 2020/21       Q1 2021/22           Change
                                                                            in %
Revenue            EUR million           247.9            317.7            28.2%
EBITDA             EUR million            39.5             46.3            17.3%
EBITDA             EUR million            40.8             50.8            24.4%
adjusted1)
EBITDA margin                %           15.9%            14.6%                -
EBITDA margin                %           16.5%            16.0%                -
adjusted1)
EBIT               EUR million             0,2            (0,4)                -
EBIT adjusted      EUR million             1.6              5.6            >100%
EBIT margin                  %            0.1%           (0.1%)                -
EBIT margin                  %            0.7%             1.8%                -
adjusted1)
Profit/loss
for the period     EUR million           (7.9)            (5.3)                -
2)
ROCE1)                       %          (0.8%)           (0.6%)                -
Net CAPEX          EUR million            81.9            153.4            87.4%
Cash flow from
operating          EUR million            28.1             30.5             8.5%
activities
Earnings per               EUR          (0.26)           (0.19)                -
share
Number of                    -          10,587           12,296            16.1%
employees3)

1) Adjusted for start-up costs Chongqing
2) Q1 2020/21: Adjustment hedge accounting
3) incl. leased personnel, average

Outlook 2021/22
AT&S will concentrate on the start-up of the new production capacities at plant
III in Chongqing, continue to push ahead the investment project in Kulim,
Malaysia, and implement technology upgrades at other locations in the current
year.

The expectations for AT&S's segments are currently as follows: the persisting
strong demand for IC substrates also offers significant growth opportunities in
the medium term. The 5G mobile communication standard will continue to drive
growth in the area of Mobile Devices. An upturn is expected in the Automotive
segment despite the semiconductor shortage. Driven by the roll-out of the 5G
infrastructure, the Industrial segment will continue to see a positive
development in the coming year. In the Medical segment, AT&S expects a positive
development for the current financial year.

Investments
AT&S will continue to pursue its investment programme for new capacity and
technologies in the current financial year and now plans investments totalling
up to EUR 700 million (previously EUR 630 million) for the financial year 2021/
22. This increase is primarily attributable to activities related to the
construction of the new production site for high-end substrates in Kulim,
Malaysia. Up to EUR 100 million is budgeted for basic investments (maintenance
and technology upgrades) depending on market development, plus another EUR 80
million due to shifts in periods between the financial years. As part of the
strategic projects, the management is planning investments totalling up to EUR
450 million for the financial year 2021/22 depending on the progress of
projects. These are predominantly related to investments in IC substrates in
Chongqing and, among other things, expansion measures for production capacity of
IC cores at the site in Leoben, which are used for manufacturing IC substrates.

Guidance for the financial year 2021/22
Due to the good development in the first three months of the financial year and
the continued strong momentum of the IC substrate market, AT&S is slightly
raising its for forecast for the development of revenue and now expects revenue
growth of 17 to 19% (previously: 13 to 15%), assuming a euro/US dollar exchange
rate of 1.21. The adjusted EBITDA margin is expected to range between 21 and
23%, not including approximately EUR 50 million for the start-up costs of the
new production capacity in Chongqing and in Kulim.

Further inquiry note:
Press contact:
Christoph Stanzer, Head of Corporate Communications
Phone: +43 3842 200 4224, Mobile: +43 664 8859 2424, c.stanzer@ats.net

Gerda Königstorfer, Director Investor Relations
Phone: +43 3842 200-5925; Mobile: +43 676 8955 5925; g.koenigstorfer@ats.net

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
Fabriksgasse 13
8700 Leoben / Austria
www.ats.net

end of announcement euro adhoc
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issuer: AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
Fabriksgasse 13
A-8700 Leoben
phone: 03842 200-0
FAX:
mail: ir@ats.net
WWW: www.ats.net
ISIN: AT0000969985
indexes: ATX GP, WBI, VÖNIX, ATX
stockmarkets: Wien
language: English

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