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HIGHLIGHTS H1 2023/24
H1 2023/24 - AT&S's recovery continues
Revenue in the second quarter of 2023/24 at € 452 million, up 25% on the preceding quarter, but still down 20% on the prior-year quarter (Q2 2022/23: € 567 million; Q1 2023/24: € 362 million)
Revenue in the first half-year at € 814 million down by 24% on the prior-year halfyear
Adjusted EBITDA at € 249 million corresponds to a margin of 30.6%
Guidance for financial years 2023/24 and 2026/27 confirmed
KEY FIGURES
Unit | H1 2023/24 | H1 2022/23 | Change | |||||
in % | ||||||||
Revenue | € in millions | 813.9 | 1,070.0 | (23.9%) | ||||
EBITDA | € in millions | 216.5 | 315.3 | (31.3%) | ||||
EBITDA adjusted1) | € in millions | 249.3 | 335.1 | (25.6%) | ||||
EBITDA margin | % | 26.6% | 29.5% | - | ||||
EBITDA margin adjusted1) | % | 30.6% | 31.3% | - | ||||
EBIT | € in millions | 81.6 | 181.3 | (55.0%) | ||||
EBIT adjusted1) | € in millions | 115.8 | 202.1 | (42.7%) | ||||
EBIT margin | % | 10.0% | 16.9% | - | ||||
EBIT margin adjusted1) | % | 14.2% | 18.9% | - | ||||
Profit/(loss) for the period | € in millions | 48.5 | 224.4 | (78.4%) | ||||
Net CAPEX | € in millions | 516.8 | 489.5 | 5.6% | ||||
Operating free cash flow | € in millions | (175.6) | (123.7) | - | ||||
Earnings per share | € | 1.02 | 5.52 | (81.5%) | ||||
Employees2) | - | 13,982 | 15,309 | (8.7%) |
- Adjustment start-up costs
- Incl. contract staff, average
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CORPORATE GOVERNANCE
INFORMATION
29TH AT&S ANNUAL GENERAL MEETING
The 29th Annual General Meeting of AT & S Austria Technologie und Systemtechnik Aktiengesellschaft (AT&S) adopted a dividend of € 0.40 per share for the financial year 2022/23.
Deloitte Audit Wirtschaftsprüfungs GmbH was appointed the statutory auditor for the annual financial statements and consolidated financial statements for the financial year 2023/24.
All other agenda items presented for resolution were also adopted by the shareholders represented at the Annual General Meeting.
CHANGES IN THE MANAGEMENT BOARD
Peter Griehsnig was appointed CTO of AT&S as of 1 April 2023.
DIRECTORS' DEALINGS
Purchases and sales carried out by members of the Management Board, Supervisory Board and related persons are reported to the Financial Market Authority (FMA) in accordance with Art. 19 of Regulation (EU) No. 596/2014 and published via an EU-wide system as well as on the AT&S website.
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GROUP INTERIM MANAGEMENT
REPORT
BUSINESS DEVELOPMENTS AND SITUATION
AT&S maintained a solid performance in a continuously challenging market environment in the first half of the financial year 2023/24. Although the economic environment has changed fundamentally compared to last year and AT&S has been confronted with many challenges, the recovery shown at the beginning of the financial year continued. This is due, in particular, to efficiency and cost optimisation programmes introduced a timely manner. Not only are these measures taking effect faster than planned, they have also significantly improved the earnings situation. While market volatility is expected to continue for the time being, the major trends regarding digitalisation and electrification remain intact and offer AT&S clear growth opportunities.
As of 1 April 2023, AT&S has reorganised its "Mobile Devices
-
Substrates" and "Automotive, Industrial & Medical" segments. The company's structure now comprises the business units "Electronics Solutions" and "Microelectronics".
Reporting has therefore been adapted accordingly.
"Electronics Solutions" bundles the printed circuit board and module activities across the Group, while "Microelectronics" focuses on IC substrates. For further details we refer to the statements in the segment reporting.
In comparison with the strong prior-year period, consolidated revenue declined from € 1,070.0 million to € 813.9 million in the first half of 2023/24 (deviation € -256.1 million or -23.9%). This development was primarily driven by the fundamental changes in the economic environment. Consequently, both the Electronics Solutions segment and the Microelectronics
segments failed to reach the revenue level of the comparative period of the previous year.
Exchange rate effects, especially due to the stronger US dollar, had a negative effect of € 27.4 million or -3.4% on the development of revenue.
The share of revenue from products made in Asia fell barely noticeably from 90.9% to 89.3% in the current financial year.
EBITDA declined from € 315.3 million by € 98.8 million or -31.3% to € 216.5 million. The reduction in earnings is primarily attributable to the decline in consolidated revenue. In order to counter effects such as price pressure and inflation, which result from the currently difficult market situation, AT&S already initiated comprehensive cost optimisation and efficiency programmes in the past financial year. These programmes already made a higher contribution in the first half of the financial year 2023/24 than originally planned.
Currency fluctuations of the US dollar and the Chinese renminbi had a positive influence of € 15.1 million (previous year: € 79.0 million) on earnings. Higher start-up costs in Kulim, Malaysia, and Leoben, Austria, had a negative impact on earnings. In contrast, lower personnel, shipping and consulting expenses had a positive effect on earnings. Other operating income, at € -6.4 million, was € 20.8 million, below the prior-year figure of € 14.4 million, which was mainly due to lower positive currency effects and higher start-up costs compared to the previous year. Adjusted for start-up costs, EBITDA decreased by € 85.9 million from € 335.1 million to
- 249.3 million.
RESULT KEY DATA
€ in millions (unless otherwise stated)
Change | ||||||
H1 2023/24 | H1 2022/23 | in % | ||||
Revenue | 813.9 | 1,070.0 | (23.9%) | |||
Operating result before depreciation and amortisation (EBITDA) | 216.5 | 315.3 | (31.3%) | |||
EBITDA adjusted1) | 249.3 | 335.1 | (25.6%) | |||
EBITDA margin (%) | 26.6% | 29.5% | ||||
EBITDA margin adjusted (%)1) | 30.6% | 31.3% | ||||
Operating result (EBIT) | 81.6 | 181.3 | (55.0%) | |||
EBIT adjusted1) | 115.8 | 202.1 | (42.7%) | |||
EBIT margin (%) | 10.0% | 16.9% | ||||
EBIT margin adjusted (%)1) | 14.2% | 18.9% | ||||
Profit for the period | 48.5 | 224.4 | (78.4%) | |||
Earnings per share (€) | 1.02 | 5.52 | (81.5%) | |||
Additions to property, plant and equipment and intangible assets | 480.5 | 594.8 | (19.2%) | |||
Average number of staff (incl. leased personnel) | 13,982 | 15,309 | (8.7%) |
1) Adjustment start-up costs
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The EBITDA margin amounted to 26.6% in the first six months, thus falling short of the the prior-year level of 29.5%. Adjusted for start-up losses, the EBITDA margin was 30.6% (previous year: 31.3%). The margin was supported by the cost optimisation and efficiency programmes and once again by the positive development in the Medical segment - a sector for which AT&S is currently assessing strategic options. Moreover, seasonal effects, a favourable product mix and one time effects generated additional tailwind especially in the second quarter.
Depreciation and amortisation rose by € 0.9 million or 0.7% to € 134.9 million, due to additions to assets and technology upgrades.
EBIT declined by € 99.7 million from € 181.3 million to
- 81.6 million. The EBIT margin amounted to 10.0% (previous year: 16.9%).
Finance costs - net declined from € 66.2 million to
- -18.3million. This was mainly driven by lower positive currency effects of € 2.1 million (previous year: € 68.7 million)
and a decrease in the interest result by € 16.7 million to
- -21.8million (previous year: € -5.1 million). Gross interest expenses of € 39.2 million exceeded the prior-year-level of
- 14.5 million by € 24.7 million mainly due to the higher financing volume. Interest income amounted to € 12.0 million, up € 7.8 million on the prior-year level of € 4.2 million. This increase resulted from the increase in investment volume and higher interest rates.
Income tax expenses amounted to € 14.8 million in the first six months (previous year: € 23.1 million).
Profit for the period declined by € 175.8 million from
- 224.4 million to € 48.5 million as a result of both a lower operating result and a decline in finance income/costs - net. This led to a reduction in earnings per share from € 5.52 to
- 1.02. Interest on hybrid capital of € 8.8 million (previous year: € 9.8 million) was deducted in the calculation of earnings per share.
BUSINESS DEVELOPMENT BY SEGMENTS
The AT&S Group breaks its operating activities down into three segments: Electronics Solutions, Microelectronics and Others. For further explanations regarding the segments and segment reporting, please refer to the section Segment Reporting of the half-year financial report and the above- mentioned explanation.
The share of the Electronics Solutions segment in total external revenue declined from 61.0% to 60.1%. The share of the Microelectronics segment in revenue increased to 39.9% (previous year: 39.0%).
Electronics Solutions segment
The segment's revenue amounted to € 489.0 million by -25.1% below the prior-year level of € 652.5 million. This development was primarily driven by the fundamentally changed economic environment, in which the revenue level of the prior-year period could not be reached. Revenue in the second quarter of the financial year was 30.3% higher than in the first quarter of the financial year.
However, segment EBITDA, at € 129.2 million, was
- 58.4 million below the prior-year level of € 187.6 million, mainly due to lower segment revenue and despite lower R&D
SEGMENT ES (ELECTRONICS SOLUTIONS) - OVERVIEW
€ in millions (unless otherwise stated)
Change | ||||||
H1 2023/24 | H1 2022/23 | in % | ||||
Segment revenue | 489.0 | 652.5 | (25.1%) | |||
Revenue from external customers | 488.9 | 652.5 | (25.1%) | |||
Operating result before depreciation and amortisation (EBITDA) | 129.2 | 187.6 | (31.1%) | |||
EBITDA adjusted1) | 129.2 | 187.6 | (31.1%) | |||
EBITDA margin (%) | 26.4% | 28.7% | ||||
EBITDA margin adjusted (%)1) | 26.4% | 28.7% | ||||
Operating result (EBIT) | 75.2 | 128.6 | (41.5%) | |||
EBIT adjusted1) | 75.2 | 128.6 | (41.5%) | |||
EBIT margin (%) | 15.4% | 19.7% | ||||
EBIT margin adjusted (%)1) | 15.4% | 19.7% | ||||
Additions to property, plant and equipment and intangible assets | 51.9 | 52.7 | (1.6%) | |||
Employees (incl. leased personnel), average | 7,408 | 7,817 | (5.2%) |
- Adjustment start-up costs
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and overhead costs. Other reasons for the negative development are effects resulting from the currently difficult market environment such as price pressure and inflation as well as the associated increase in material and energy costs. The EBITDA margin declined by 2.3 percentage points from 28.7% to 26.4%.
The segment's depreciation and amortisation declined by
- 5.0 million or -8.5% from € -59.0 million to € -54.0 million.
EBIT decreased by € 53.4 million from € 128.6 million to
- 75.2 million.
start up costs, the EBITDA margin is 32.2%, which is above the prior year level of 32.0%.
Depreciation and amortisation of the segment rose by
- 5.2 million or 7.2% from € -72.2 million to € -77.4 million due to higher fixed assets resulting from investments in the future (change since 30 September 2022: € 624.4 million).
EBIT declined by € 47.8 million from € 54.9 million to
- 7.1 million.
Microelectronics segment
The segment's revenue amounted to € 358.3 million, down € 98.7 million or -21.6% on the prior-year level of
- 457.0 million. The challenging economic environment also led to lower revenue in the Microelectronics segment compared with the first half of the previous year. A positive revenue development was also recorded in this segment when comparing the first two quarters of the financial year
(segment revenue Q2 2023/24 17.6% higher than Q1 2023/24)
EBITDA deteriorated by € 42.6 million or -33.6% from
- 127.1 million to € 84.5 million as a result of lower sales volumes and a less favourable product mix. It must, however, be taken into account that the start-up costs for the new production site in Kulim, Malaysia, and for the new R&D centre in Leoben, Austria, burdened the result.
Overall, this resulted in an EBITDA margin of 23.6%, which which is below the prior-year margin of 27.8%. Adjusted by
SEGMENT ME (MICROELECTRONICS) - OVERVIEW
€ in millions (unless otherwise stated)
Change | ||||||
H1 2023/24 | H1 2022/23 | in % | ||||
Segment revenue | 358.3 | 457.0 | (21.6%) | |||
Revenue from external customers | 325.1 | 417.6 | (22.2%) | |||
Operating result before depreciation and amortisation (EBITDA) | 84.5 | 127.1 | (33.5%) | |||
EBITDA adjusted1) | 115.5 | 146.4 | (21.1%) | |||
EBITDA margin (%) | 23.6% | 27.8% | ||||
EBITDA margin adjusted (%)1) | 32.2% | 32.0% | ||||
Operating result (EBIT) | 7.1 | 54.9 | (87.1%) | |||
EBIT adjusted1) | 39.6 | 75.1 | (47.3%) | |||
EBIT margin (%) | 2.0% | 12.0% | ||||
EBIT margin adjusted (%)1) | 11.0% | 16.4% | ||||
Additions to property, plant and equipment and intangible assets | 422.8 | 521.3 | (18.9%) | |||
Employees (incl. leased personnel), average | 6,119 | 7,110 | (13.9%) |
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Others segment
The Others segment is primarily characterised by holding activities. The earnings of activities included in the Others segment were higher than in the previous year.
FINANCIAL POSITION
Total assets increased by € 155.2 million or 3.7% from
- 4,161.9 million to € 4,317.0 million in the first six months. Additions to assets of € 480.5 million (additions to assets led to cash CAPEX of € 518.6 million) were offset by depreciation and amortisation of € 134.9 million. In addition, exchange rate effects increased fixed assets by € 85.3 million. Property plant and equipment reported in the consolidated statement of financial position as of 30 September 2023 also included right-of-use assets according to IFRS 16 of € 111.5 million. Correspondingly, financial liabilities include lease liabilities of
- 93.0 million. Inventories increased from € 145.4 million to
- 154.3 million.
Cash and cash equivalents amounted to € 711.2 million (31 March 2023: € 791.7 million). In addition to cash and cash equivalents, AT&S also has financial assets of € 39.9 million and unused credit lines of € 623.4 million at its disposal.
Equity decreased by € 49.2 million or -4.3% from
- 1,157.5 million to € 1,108.3 million. The profit for the period of € 48.5 million was offset by negative currency effects of
- 81.8 million.The exchange rate effects came from currency effects fromt the translation of the net assets of subsidiaries as well as currency effects from the translation of long term loans to subsidiaries. In addition the dividend payout of
- 15.5 million and changes in hedging instruments for cash flow hedges (€ -0.4 million) had a negative impact on equity. Due to the increase in total assets and the decrease in equity, the equity ratio, at 25.7%, was 2.1 percentage points higher than at 31 March 2023.
Net debt increased by € 182.6 million or 21.5% from
- 851.2 million to € 1,033.8 million.
Cash flow from operating activities amounted to
- 341.1 million in the first six months of the financial year 2022/23 (previous year: € 365.9 million). These cash inflows
were offset by cash outflows for net investments of
- 516.8 million (previous year: € 489.5 million), resulting in negative free cash flow from operations of € -175.6 million (previous year: € -123.7 million).
The net gearing ratio rose from 73.5% to 93.3%. This increase results from the above-mentioned change in equity and the substantial increase in net debt.
RELATED PARTY TRANSACTIONS
Regarding related party transactions we refer to the details in the notes.
SIGNIFICANT EVENTS AFTER THE INTERIM REPORTING PERIOD
Regarding significant events please refer to the relevant explanations in the notes.
SIGNIFICANT RISKS, UNCERTAINTIES AND OPPORTUNITIES
In the Group Management Report of the consolidated financial statements 2022/23, the relevant risk categories are explained in detail under section 5 "Opportunities and Risks", which still apply at the reporting date. As described in this
chapter, incorrect assessments of technological developments, changes in demand and negative price developments can have severe adverse effects on the intrinsic value of investments. In addition to the political risks
OTHERS SEGMENT - OVERVIEW
€ in millions (unless otherwise stated)
Change | ||||||
H1 2023/24 | H1 2022/23 | in % | ||||
Segment revenue | 0.0 | - | n.a. | |||
Revenue from external customers | - | - | n.a. | |||
Operating result before depreciation and amortisation (EBITDA) | 2.9 | 0.8 | >100% | |||
EBITDA margin (%) | - | - | ||||
Operating result (EBIT) | (0.7) | (2.2) | 69.0% | |||
EBIT margin (%) | - | - | ||||
Additions to property, plant and equipment and intangible assets | 5.8 | 15.0 | (61.4%) | |||
Employees (incl. leased personnel), average | 455 | 382 | 19.2% |
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already mentioned in the 2022/23 annual report, please refer to the statements in the notes regarding the war between Israel and the Palestinians.
adjusted EBITDA margin is expected to range between 25 and 29%.
OUTLOOK
Depending on the market development, AT&S will continue to push ahead the investment projects in Kulim and the expansion of the site in Leoben and implement technology upgrades at other locations in the financial year 2023/24. In view of the highly volatile environment, the ongoing investment projects will be reviewed at frequent intervals and adapted to the respective current situation if required.
The expectations for AT&S's segments are currently as follows: In the markets for IC substrates, demand for notebooks in 2023 is expected to be lower than in 2022. Servers saw a slump at the beginning of the year caused by the economic situation, with a recovery expected in the short term so that the prior-year level should be exceeded as early as the second half of 2024.
In the area of mobile devices, where overall market conditions are weak, the module printed circuit board business will remain a positive driver for AT&S. While the Automotive segment is subject to a growth trend as the electronic content per vehicle is increasing, the PCB market is under price pressure. In the Industrial segment, the market is expected to decline this year.
Investment
The management is planning investments totalling up to
- 1.1 billion for the financial year 2023/24 depending on the market environment and progress of projects.
Guidance for the financial year 2023/24
AT&S expects the market environment to remain challenging with continued price pressure in the second half of 2023/24, and persisting high volatility and low visibility. High inflation rates, rising interest rates, recession risks as well as geopolitical developments continue to represent additional elements of uncertainty for the end markets.
In this challenging environment, AT&S expects annual revenue between € 1.7 and 1.9 billion. Not including effects from the start-up of the new production capacities in Kulim and Leoben totalling approximately € 100 million, the
Guidance 2026/27
The progress of the production capacity expansion in Kulim and the expansion of the site in Leoben is still positive despite the challenging global economic situation. Therefore, AT&S assumes that revenue of approximately € 3.5 billion will be generated in the financial year 2026/27 and expects an EBITDA margin in the range from 27 to 32%. The management monitors the currently tense geopolitical situation very carefully in order to be able to respond to developments at any time and to make strategic adaptations.
Leoben-Hinterberg, 2 November 2023
The Management Board
Andreas Gerstenmayer m.p.
Petra Preining m.p.
Peter Schneider m.p.
Peter Griehsnig m.p.
Ingolf Schröder m.p.
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CONSOLIDATED STATEMENT
OF PROFIT OR LOSS
€ in thousands | 1 Jul - 30 Sep 2022 | 1 Jul - 30 Sep 2023 | 1 Apr - 30 Sep 2023 | 1 Apr - 30 Sep 2022 | ||||
Revenue | 452,241 | 567,483 | 813,911 | 1,070,038 | ||||
Cost of sales | (348,582) | (436,199) | (673,005) | (837,556) | ||||
Gross profit | 103,659 | 131,284 | 140,906 | 232,482 | ||||
Distribution costs | (11,362) | (15,115) | (23,525) | (28,819) | ||||
General and administrative costs | (13,648) | (14,732) | (29,302) | (36,750) | ||||
Other operating income | 11,010 | 21,967 | 28,019 | 38,179 | ||||
Other operating costs | (16,468) | (14,989) | (34,455) | (23,783) | ||||
Other operating result | (5,458) | 6,978 | (6,436) | 14,396 | ||||
Operating result | 73,191 | 108,415 | 81,643 | 181,309 | ||||
Finance income | 8,253 | 40,647 | 18,797 | 80,421 | ||||
Finance costs | (21,838) | (7,988) | (37,141) | (14,256) | ||||
Finance income/costs - net | (13,585) | 32,659 | (18,344) | 66,165 | ||||
Profit before tax | 59,606 | 141,074 | 63,299 | 247,474 | ||||
Income taxes | (8,591) | (12,894) | (14,763) | (23,093) | ||||
Profit for the period | 51,015 | 128,180 | 48,536 | 224,381 | ||||
Attributable to owners of hybrid capital | 4,411 | 4,907 | 8,774 | 9,760 | ||||
Attributable to owners of the parent company | 46,604 | 123,273 | 39,762 | 214,621 | ||||
Earnings per share attributable | ||||||||
to equity holders of the parent company (in € per share): | ||||||||
- basic | 1.20 | 3.17 | 1.02 | 5.52 | ||||
- diluted | 1.20 | 3.17 | 1.02 | 5.52 | ||||
Weighted average number of shares outstanding | ||||||||
- basic (in thousands) | 38,850 | 38,850 | 38,850 | 38,850 | ||||
Weighted average number of shares outstanding | ||||||||
- diluted (in thousands) | 38,850 | 38,850 | 38,850 | 38,850 |
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
€ in thousands | 1 Jul - 30 Sep 2022 | 1 Jul - 30 Sep 2023 | 1 Apr - 30 Sep 2023 | 1 Apr - 30 Sep 2022 | ||||
Profit for the period | 51,015 | 128,180 | 48,536 | 224,381 | ||||
Items to be reclassified: | ||||||||
Currency translation differences, net of tax | 47,975 | 8,019 | (81,800) | 38,526 | ||||
Gains/(Losses) from the fair value measurement of hedging instruments for cash | ||||||||
flow hedges, net of tax | (282) | 3,028 | (409) | 5,059 | ||||
Items not to be reclassified: | ||||||||
Remeasurement of post-employment obligations, net of tax | - | 5,238 | - | 5,731 | ||||
Other comprehensive income for the period | 47,693 | 16,285 | (82,209) | 49,316 | ||||
Total comprehensive income for the period | 98,707 | 144,465 | (33,673) | 273,697 | ||||
Attributable to owners of hybrid capital | 4,411 | 4,907 | 8,774 | 9,760 | ||||
Attributable to owners of the parent company | 94,296 | 139,558 | (42,447) | 263,937 |
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CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
€ in thousands | 30 Sep 2023 | 31 Mar 2023 | ||
ASSETS | ||||
Property, plant and equipment | 2,937,850 | 2,679,293 | ||
Intangible assets | 21,681 | 24,794 | ||
Financial assets | 25,422 | 27,694 | ||
Deferred tax assets | 19,551 | 19,911 | ||
Other non-current assets | 48,955 | 48,559 | ||
Non-current assets | 3,053,459 | 2,800,251 | ||
Inventories | 154,315 | 145,383 | ||
Trade and other receivables and contract assets | 356,124 | 394,381 | ||
Financial assets | 39,912 | 25,141 | ||
Current income tax receivables | 2,043 | 4,970 | ||
Cash and cash equivalents | 711,181 | 791,738 | ||
Current assets | 1,263,575 | 1,361,613 | ||
Total assets | 4,317,034 | 4,161,864 | ||
EQUITY | ||||
Share capital | 141,846 | 141,846 | ||
Other reserves | (29,888) | 52,321 | ||
Hybrid capital | 347,956 | 347,956 | ||
Retained earnings | 648,398 | 615,402 | ||
Equity attributable to owners of the parent company | 1,108,312 | 1,157,525 | ||
Total equity | 1,108,312 | 1,157,525 | ||
LIABILITIES | ||||
Financial liabilities | 1,466,325 | 1,033,346 | ||
Contract liabilities | 695,393 | 607,243 | ||
Provisions for employee benefits | 50,085 | 50,923 | ||
Deferred tax liabilities | 3,849 | 4,763 | ||
Other liabilities | 73,023 | 66,278 | ||
Non-current liabilities | 2,288,675 | 1,762,553 | ||
Trade and other payables | 551,917 | 558,545 | ||
Financial liabilities | 344,030 | 662,433 | ||
Contract liabilities | 6,536 | - | ||
Current income tax payables | 7,173 | 4,315 | ||
Other provisions | 10,391 | 16,493 | ||
Current liabilities | 920,047 | 1,241,786 | ||
Total liabilities | 3,208,722 | 3,004,339 | ||
Total equity and liabilities | 4,317,034 | 4,161,864 |
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AT&S Austria Technologie & Systemtechnik AG published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 06:48:45 UTC.