ATOTECH LIMITED

ATC
Delayed Quote. Delayed  - 05/14 04:10:00 pm
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Press Release: Atotech Reports First Quarter 2021 -2-

05/04/2021 | 06:01am
anticipated trends in our business. These statements are only 
predictions based on our current expectations and projections about 
future events. There are important factors that could cause our actual 
results, level of activity, performance or achievements to differ 
materially from the results, level of activity, performance or 
achievements expressed or implied by the forward-looking statements, and 
such differences could be material. We undertake no obligation to 
publicly update or revise any forward-looking statements to reflect 
subsequent events or circumstances. 
 
   More information on potential factors that could affect Atotech's 
financial results is available in "Forward-Looking Statements", the 
"Risk Factors" and "Management's Discussion and Analysis of Financial 
Condition and Results of Operations" within Atotech's most recent Annual 
Report on Form 20-F, and in other documents that we have filed with, or 
furnished to, the U.S. Securities and Exchange Commission, and such 
factors include, but are not limited to: the uncertainty of the 
magnitude, duration, geographic reach, impact on the global economy of 
the COVID 19 pandemic, as well as the current and potential travel 
restrictions, stay at home orders, and other economic restrictions 
implemented to address it; uncertainty, downturns, and changes in our 
target markets; foreign currency exchange rate fluctuations; reduced 
market acceptance and inability to keep pace with evolving technology 
and trends; loss of customers; increases in costs or reductions in the 
supplies of raw materials that may materially adversely affect our 
business, financial condition, and results of operations; our ability to 
provide products and services in light of changing environmental, health 
and safety, product liability, financial, and other legislation and 
regulation; our failure to compete successfully in product development; 
our ability to successfully execute our growth initiatives, business 
strategies, and operating plans; whether the secular trends we expect to 
drive growth in our business materialize to the degree we expect them to, 
or at all; material costs relating to environmental and health and 
safety requirements or liabilities; underfunded defined benefit pension 
plans; risk that the insurance we maintain may not fully cover all 
potential exposures; failure to comply with the anti-corruption laws of 
the United States and various international jurisdictions; tariffs, 
border adjustment taxes, or other adverse trade restrictions and impacts 
on our customers' value chains; political, economic, and legal 
uncertainties in China, the Chinese government's control of currency 
conversion and expatriation of funds, and the Chinese government's 
policy on foreign investment in China; regulations around the production 
and use of chemical substances that affect our products; the United 
Kingdom's withdrawal from the European Union; weak intellectual property 
rights in jurisdictions outside the United States; intellectual property 
infringement and product liability claims; our substantial indebtedness; 
our ability to obtain additional capital on commercially reasonable 
terms may be limited; risks related to our derivative instruments; our 
ability to attract, motivate, and retain senior management and qualified 
employees; increased risks to our global operations including, but not 
limited to, political instability, acts of terrorism, taxation, and 
unexpected regulatory and economic sanctions changes, among other 
things; natural disasters that may materially adversely affect our 
business, financial condition, and results of operations; the inherently 
hazardous nature of chemical manufacturing that could result in 
accidents that disrupt our operations and expose us to losses or 
liabilities; damage to our brand reputation; Carlyle's ability to 
control our common shares; any statements of belief and any statements 
of assumptions underlying any of the foregoing; and other factors beyond 
our control. 
 
   Non-IFRS Financial Measures 
 
   This communication contains certain non-IFRS financial measures designed 
to complement the financial information presented in accordance with 
IFRS because management believes such measures are useful to investors. 
However, our use of these non-IFRS financial measures may vary from that 
of others in our industry. Our non-IFRS metrics have limitations as 
analytical tools, and you should not consider them in isolation or as 
alternatives to consolidated net income (loss) or other performance 
measures derived in accordance with IFRS as measures of operating 
performance, operating cash flows or liquidity. The Company believes 
that these measures are important and supplement discussions and 
analysis of its results of operations and enhances an understanding of 
its operating performance. See the Appendix for a reconciliation of the 
non-IFRS financial measures. 
 
   About Atotech 
 
   Atotech is a leading specialty chemicals technology company and a market 
leader in advanced electroplating solutions. Atotech delivers chemistry, 
equipment, software, and services for innovative technology applications 
through an integrated systems-and-solutions approach. Atotech solutions 
are used in a wide variety of end-markets, including smartphones and 
other consumer electronics, communications infrastructure, and computing, 
as well as in numerous industrial and consumer applications such as 
automotive, heavy machinery, and household appliances. 
 
   Atotech, headquartered in Berlin, Germany, is a team of 4,000 experts in 
over 40 countries generating annual revenues of $1.2 billion (2020). 
Atotech has manufacturing operations across Europe, the Americas, and 
Asia. With its well-established innovative strength and industry-leading 
global TechCenter network, Atotech delivers pioneering solutions 
combined with unparalleled on-site support for over 9,000 customers 
worldwide. For more information about Atotech, please visit us at 
https://www.globenewswire.com/Tracker?data=RhCR4b01gnZ22Ip2YuCAsOeXNOCZKrjSQJQTmpVph_23UxhlCwn9CAjiewAbf2VoJPlaG-ioVWCVVA3KfKrpGQ== 
atotech.com. 
 
   Financial Statement Tables 
 
   ATOTECH LIMITED 
 
   Income Statement 
 
 
 
 
                                                Three months ended 
                                                    (unaudited) 
                                            -------------------------- 
  ($ in millions), except earnings per       March 31,    March 31, 
  share                                         2021         2020 
                                             ---------    --------- 
  Revenue                                   $    353.1   $    282.7 
  Cost of sales, excluding depreciation 
   and amortization                             (167.0)      (119.7) 
  Depreciation and amortization                  (44.6)       (41.4) 
  Selling, general and administrative 
   expenses                                      (68.3)       (67.6) 
  Research and development expenses              (12.3)       (12.4) 
  Restructuring benefit (expenses)                (0.1)         0.0 
  Operating profit (loss)                         60.9         41.6 
  Interest expense                               (85.9)       (35.6) 
  Other income (expense), net                    (36.8)       (32.2) 
  Income (loss) before income taxes              (61.7)       (26.2) 
  Income tax expense                              (9.9)       (13.7) 
  Consolidated net income (loss)            $    (71.6)  $    (39.9) 
  Earnings per share 
      Basic earnings (loss) per share            (0.55)       (0.80) 
      Diluted earnings (loss) per share          (0.55)       (0.80) 
 
 
 
 
 
 
                                                                Three months ended 
                                                                    (unaudited) 
                                                            -------------------------- 
                                                             March 31,    March 31, 
  ($ in millions)                                              2021         2020 
                                                             ---------    --------- 
  Consolidated net income (loss)                            $    (71.6)  $    (39.9) 
  Other comprehensive income (loss) 
  Actuarial gains and losses                                      11.4         (1.9) 
  Tax effect                                                      (3.4)         0.6 
  Items not potentially reclassifiable to statement 
   of income                                                       8.0         (1.4) 
  Currency translation adjustment                                (63.1)       (79.2) 
  Hedge reserve                                                    0.1          4.7 
  Thereof: Income (cost) of Hedging (OCI II)                       1.3         (0.5) 
  Items potentially reclassifiable to statement of income 
   (loss), net of tax                                            (63.0)       (74.5) 
  Total other comprehensive income (loss), net amount       $    (54.9)  $    (75.9) 
  Comprehensive loss                                        $   (126.5)  $   (115.8) 
 
 
   ATOTECH LIMITED 
 
   Condensed Consolidated Balance Sheets 
 
 
 
 
                                                  As of 
                                                 (audited) 
                              -------------------------------------------- 
  ($ in millions)                     March 31, 2020         Dec. 31, 2020 
                              ----  ----------------  ---  --------------- 
 
  Assets 
  Non-current assets 
  Property, plant and 
   equipment                    $              344.9    $            359.4 
  Intangible assets                          1,414.5               1,471.0 
  Goodwill                                     787.8                 804.1 
  Right-of-use assets                           97.5                 104.1 
  Other financial assets                         6.1                  70.3 

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