ATOTECH LIMITED

ATC
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Press Release : Atotech Reports First Quarter 2021 -3-

05/04/2021 | 06:01am
  Other non-financial assets                     3.8                   2.7 
      Total non-current assets               2,654.6               2,811.6 
                                    ----------------  ---  --------------- 
 
  Current assets 
  Inventories                                  162.9                 145.4 
  Trade receivables*                           247.1                 262.0 
  Other financial assets*                       23.1                  24.9 
  Other non-financial assets*                   31.7                  24.1 
  Tax assets                                    47.9                  46.4 
  Cash and cash equivalents                    216.8                 320.1 
  Total current assets                         729.5                 822.9 
      Total assets              $            3,384.0    $          3,634.5 
                              ====  ================  ===  =============== 
 
  Liabilities & 
  shareholders' equity 
  Shareholders' equity 
  Common shares and preferred 
   shares                                       19.5                 102.1 
  Paid-in surplus and retained 
   earnings                                    739.9                 261.6 
  Currency translation adjustment 
   and other reserves                           65.1                 120.0 
      Total shareholders' equity               824.5                 483.7 
                                    ----------------  ---  --------------- 
 
  Non-current liabilities 
  Borrowings                    $            1,557.0    $          2,065.7 
  Deferred tax liabilities                     324.7                 340.8 
  Employee benefits                            157.5                 176.2 
  Provisions                                    12.6                  13.2 
  Lease liabilities                             62.8                  67.7 
  Other financial liabilities                    0.0                   1.5 
      Total non-current 
       liabilities                           2,114.8               2,665.1 
                                    ----------------  ---  --------------- 
 
  Current liabilities 
  Borrowings                                     7.2                   0.5 
  Trade payables                               197.2                 221.0 
  Tax liabilities                               82.1                  99.2 
  Lease liabilities                             13.4                  13.8 
  Other financial liabilities                   30.7                  38.5 
  Other non-financial liabilities               95.3                  89.7 
  Provisions                                    18.9                  23.0 
      Total current liabilities                444.8                 485.8 
                                    ----------------  ---  --------------- 
      Total liabilities & 
       shareholders' equity     $            3,384.0    $          3,634.5 
                              ====  ================  ===  =============== 
 
 
   ATOTECH LIMITED 
 
   Consolidated Statement of Cash Flows 
 
 
 
 
                                                                   Three months ended 
                                                                       (unaudited) 
                                                                ------------------------ 
                                                                  March       March 
                                                                   31,         31, 
($ in millions)                                                    2021        2020 
                                                                 --------    -------- 
 
Operating activities 
Consolidated net income (loss)                                  $   (71.6)  $   (39.9) 
Adjustments to reconcile net income (loss) to cash 
 provided by operating activities: 
   Depreciation and amortization                                     44.6        41.3 
   Income taxes and changes in non-current provisions                10.1         9.2 
   (Gains)/losses on disposals of assets                              0.1         0.2 
   Net (gain)/loss on financial instruments at fair value            45.3        32.2 
   Accrued financial interest costs                                  31.2        31.9 
   Amortization of deferred financing cost, including 
    original issuance discounts                                      54.7         3.7 
   Interest paid                                                    (27.7)      (33.2) 
   Taxes paid                                                       (38.7)      (16.0) 
   Other                                                            (10.8)       (0.8) 
   (Increase)/decrease in inventories                               (21.8)      (35.8) 
   (Increase)/decrease in trade receivables                          10.0        22.2 
   Increase/(decrease) in trade payables                            (16.3)       (6.4) 
   Changes in other assets and liabilities                           (8.5)       (9.9) 
      Cash flow provided by operating activities                      0.4        (1.4) 
                                                                 --------    -------- 
 
Investing activities 
   Intangible assets and property, plant and equipment 
    additions                                                       (11.5)      (11.0) 
   Proceeds from disposals of intangible assets and property, 
    plant and equipment                                               0.1          -- 
   Repayments of non-current loans                                    0.0         0.1 
      Cash flow used in investing activities                        (11.4)      (10.9) 
                                                                 --------    -------- 
 
Financing activities 
   Issuance of shares                                               472.7          -- 
   Issuance of non-current debt                                     100.0        75.0 
   Repayment of non-current debt                                   (648.9)       (4.0) 
   Increase (decrease) in current financial assets and 
    liabilities                                                      (4.0)        0.4 
   Payment of lease liabilities                                      (3.9)       (3.6) 
   Payment of deferred finance costs                                   --        (9.2) 
      Cash flow used in financing activities                        (84.2)       58.5 
                                                                 --------    -------- 
      Net decrease in cash and cash equivalents                     (95.2)       46.3 
                                                                 ========    ======== 
Effect of exchange rates                                             (8.1)       (9.1) 
Cash and cash equivalents at the beginning of the 
 period                                                             320.1       302.7 
Cash and cash equivalents at the end of the period              $   216.8   $   340.0 
                                                                 ========    ======== 
 
 
   ATOTECH LIMITED 
 
   Revenue Data 
 
 
 
 
                                             Three months ended 
                                                 (unaudited) 
                                      -------------------------------- 
  ($ in millions)                      March 31, 2021   March 31, 2020 
                                       --------------   -------------- 
 
  Type of goods or service 
  Chemistry revenue                   $         317.0  $         261.4 
  Equipment revenue                              36.1             21.3 
      Total revenue from contracts 
       with customers                           353.1            282.7 
                                       ==============   ============== 
 
 
  Geographical market 
  Asia                                          237.7            186.9 
  Europe                                         84.5             64.5 
  Americas                                       30.9             31.3 
      Total revenue from contracts 
       with customers                 $         353.1  $         282.7 
                                       ==============   ============== 
 
 
 
 
   ATOTECH LIMITED 
 
   Segment Data 
 
 
 
 
                                  Three months ended 
                                      (unaudited) 
                    ---------------------------------------------- 
                        March 31, 2021          March 31, 2020 
                    ----------------------  ---------------------- 
  ($ in millions)     EL     GMF    Total     EL     GMF    Total 
  Revenue           $225.6  $127.5  $353.1  $172.1  $110.5  $282.7 
  thereof 
   Chemistry 
   revenue           192.2   124.9   317.0   154.7   106.7   261.4 
  thereof 
   Equipment 
   revenue            33.4     2.7    36.1    17.4     3.9    21.3 
  Segment Adjusted 
   EBITDA             75.7    34.6   110.3    54.7    29.1    83.8 
 
 
 
   ATOTECH LIMITED 
 
   Reconciliation of Adjusted EBITDA to Consolidated Net Income (Loss) 
 
 
 
 
                                                           Three months ended 
                                                               (unaudited) 
                                                        ------------------------ 
                                                          March       March 
                                                           31,         31, 
  ($ in millions)                                          2021        2020 
                                                         --------    -------- 
  Consolidated net income (loss)                        $   (71.6)  $   (39.9) 
  Interest expense, net                                      80.4        35.3 
  Income taxes                                                9.9        13.7 
  Depreciation and amortization (excluding impairment 
   charges)                                                  45.1        41.2 

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

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