ATOTECH LIMITED
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 (MORE TO FOLLOW) Dow Jones Newswires
May 04, 2021 06:00 ET (10:00 GMT)
