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Press Release: Atotech Reports First Quarter 2021 -4-

05/04/2021 | 06:01am
  EBITDA                                                     63.8        50.3 
  Non-cash adjustments((a) ()                                57.7        32.9 
  Foreign exchange loss((b) ()                              (16.3)       (0.8) 
  Restructuring((c) ()                                        0.1        (0.0) 
  Transaction related costs((d) ()                            4.4         0.5 
  Management fee((e) ()                                       0.5         0.6 
  COVID-19 adjustment((f) ()                                  0.2         0.2 
  Adjusted EBITDA                                       $   110.3   $    83.8 
                                                         ========    ======== 
  thereof EL Segment Adjusted EBITDA                    $    75.7   $    54.7 
                                                         ========    ======== 
  thereof GMF Segment Adjusted EBITDA                   $    34.6   $    29.1 
                                                         ========    ======== 
   (a) Eliminates the non-cash impact of (1) share based compensation, (2) 
losses on the sale of fixed assets, (3) impairment charges and (4) mark 
to market adjustments related to our foreign currency derivatives 
entered into in connection with certain redenomination transactions not 
linked to underlying individual transactions and bifurcated embedded 
derivatives related to certain redemption features of the 6.250% Senior 
Notes due 2025 (the "Opco Notes") and 8.75%/9.50% Senior PIK Toggle 
Notes (the "Holdco Notes"), and (5) valuation adjustments from the 
revaluation of the earn-out liability initially recognized in 2019. The 
dollar value of these non-cash adjustments for each period presented 
above is set forth below: 
                                            Three months ended 
  ($ in millions)                     March 31, 2021    March 31, 2020 
                                      --------------    -------------- 
  Share based compensation           $           0.2   $           0.1 
  Losses on the sale of fixed 
   assets                                        0.2               0.2 
  Impairment charges                            (0.5)              0.2 
  Mark-to-market adjustments                    59.3              32.5 
  Valuation adjustments                         (1.5)                - 
  Non-cash adjustments               $          57.7   $          32.9 
   (b) Eliminates net foreign currency transactional gains and losses on 
balance sheet items. 
   (c) Eliminates charges resulting from restructuring activities 
principally from the Company's cost reduction efforts. 
   (d) Reflects an adjustment to eliminate (1) IPO related costs, linked to 
the existing equity and (2) professional fees paid to third party 
advisors in connection with the implementation of strategic initiatives. 
   (e) Reflects an adjustment to eliminate fees paid to Carlyle. The 
consulting agreement pursuant to which management fees are paid to 
Carlyle will terminate on the earlier of (i) the second anniversary of 
the IPO and (ii) the date upon which Carlyle ceases to own more than ten 
percent of the outstanding voting securities of the Company. Management 
does not view these fees as indicative of the Company's operational 
performance and the removal of these fees from Adjusted EBITDA is 
consistent with the calculation of similar measures under our old senior 
secured credit facilities and our new credit agreement as well as the 
indentures that previously governed the Holdco Notes and Opco Notes. For 
a description of the consulting agreement with Carlyle, see Item 7.B. 
"Major Shareholders and Related Party Transactions--Related Party 
Transactions" in our Annual Report on Form 20-F. 
   (f) Eliminates charges in connection with masks, sanitizers, and other 
COVID-19 related expenses at certain plant and office locations. 
   Organic Revenue Growth Reconciliation 
                                Three months ended March 31, 2021 
                    Revenue      Impact of        Palladium        Organic 
                    Growth        Currency       Pass-Through       Growth 
                   --------      ---------      -------------      ------- 
     Electronics         31%            (8%)               (2%)         21% 
      Finishing          15%            (5%)               (1%)          9% 
                   --------      ---------      -------------      ------- 
       Total             25%            (7%)               (1%)         17% 
                   ========      =========      =============      ======= 
Adjusted EBITDA is a non-IFRS financial measure. Adjusted EBITDA should 
be considered in addition to, but not as a substitute for, the 
information provided in accordance with IFRS. A reconciliation for 
adjusted EBITDA to the most directly comparable IFRS financial measure 
is provided in the Reconciliation of Adjusted EBITDA to Consolidated Net 
Income (Loss) table. We are not able to forecast Consolidated net income 
(loss) on a forward-looking basis without unreasonable efforts due to 
the high variability and difficulty in predicting certain items that 
affect Consolidated net income (loss), including, but not limited to, 
Income taxes, Interest expense, and Foreign exchange income (loss). 

(END) Dow Jones Newswires

May 04, 2021 06:00 ET (10:00 GMT)

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