AT&S Austria Technologie & Systemtechnik AG

Earnings Release • Jul 23, 2009

News Details

Ad-hoc | 23 July 2009 07:27

AT&S announces the results for the 1st quarter 2009/10 ending 30 June 2009

AT&S Austria Technologie & Systemtechnik AG / Quarter Results

Release of an Ad hoc announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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• Difficult economic environment caused decline of revenues by 27.7%
  compared to the 1st quarter of the last financial year and
  under-utilisation of all plants

• Printed circuit board business is fixed costs intensive. Therefore,
  under-utilisation causes significant pressure on margins

• 1st quarter 2009/10 earnings adversely affected by restructuring
  activities - in particular at Leoben-Hinterberg facility. Adjusted for
  non-recurring items the following results have been generated:

• EBIT: EUR -11.8m

• EBITDA: EUR -0.5m

• Consolidated net income: EUR -13.9m

• Earnings per share: EUR -0.59

• Total equity amounted to EUR 184.5m as of 30 June 2009, i.e. EUR 7.9
  per share

* Q1 09/10 Q1 08/09 Change
Revenues 83.2 115.2 -27.7%
Gross profit -0.8 15.9 -16.7
Gross profit margin -0.9% 13.8%
EBITDA -20.3 15.7 -36.0
Operating result (EBIT) -50.1 5.6 -55.7
EBIT margin -60.2% 4.9%
Profit before tax -53.2 5.3 -58.5
Profit/Loss for the period -52.2 5.0 -57.2
Earnings per share (EUR) -2.23 0.22 -2.5

* Q1 09/10 Q4 08/09 Change
Revenues 83.2 98.5 -15.5%
Gross profit -0.8 7.2 -8.0
Gross profit margin -0.9% 7.3%
EBITDA -20.3 8.5 -28.8
Operating result (EBIT) -50.1 -3.4 -46.7
EBIT margin -60.2% -3.4%
Profit before tax -53.2 0.9 -54.1
Profit/loss for the period -52.2 -0.9 -51.3
Earnings per share (EUR) -2.23 -0.03 -2.2
30.06.2009 31.03.2009 Change
Net debt** 159.5 174.4 -14.9
Net gearing 86.7% 69.1%

* Unless otherwise stated, all amounts in EUR million.

** Calculated: financial liabilities - cash and cash equivalents -
financial assets

Outlook

We assume that the first quarter marked the low point in the present
financial year. For AT&S, the second and third quarters are traditionally
the strongest. Therefore, despite the generally unfavourable economic
climate, we expect an improvement in the order book, capacity utilisation
and earnings. In the light of the economic situation, however, it is not to
be expected that the first quarter's operating losses (even excluding
restructuring expenses) can be entirely made good during the rest of
financial 2009/10.

The process of strategic adjustment will be completed with the current
restructuring activities. Then, AT&S will be ideally positioned for the
future. The three Austrian plants will focus on European markets
exclusively. The factory in India will support European business with
medium-sized PCB series using standard technologies. In addition to its
home market, AT&S Korea will increasingly focus on Europe, where flexible
and rigid-flex circuit boards are of growing importance. AT&S's plant in
Shanghai, the largest HDI production facility in China, manufactures high
volume HDI circuit boards for the global market.

With such an excellent market positioning, a customer portfolio that is
unique in the industry, technological leadership and the continuing
soundness of its finances, AT&S can be expected to emerge as a winner from
the economic crisis.

Today, at 8am (CET), the results and the Excel format financial statements
(excl. notes) for the 1st quarter 2009/10 will be posted on www.ats.net
(Section: Investors > Publications) where also the quarterly report in
pdf-format will be available for download from mid-August.

For more information contact Hans Lang, IRO,
Tel. +43-1-68300 9259, e-mail: h.lang@ats.net

23.07.2009 Financial News transmitted by DGAP

Language: English
Issuer: AT&S Austria Technologie & Systemtechnik AG
Fabriksgasse 13
8700 Leoben
Österreich
Phone: +43 (1) 3842200-0
Fax: +43 (1) 3842200-216
E-mail: info@ats.net
Internet: www.ats.net
ISIN: AT0000969985, AT0000A09S02
WKN: 922230
Listed: Freiverkehr in Berlin, Hannover, München, Hamburg,
Düsseldorf, Stuttgart; Open Market in Frankfurt; Foreign
Exchange(s) Wien

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