AT&S Austria Technologie & Systemtechnik AG

Earnings Release • May 14, 2009

News Details

Ad-hoc | 14 May 2009 07:31

AT&S announces the results for the financial year 2008/09 and the 4th quarter ending 31 March 2009

AT&S Austria Technologie & Systemtechnik AG / Final 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 7.4% and
  under-utilisation of all plants, in particular in the 4th quarter of
  financial year 2008/09

• Printed circuit board business is fixed costs intensive. Therefore,
  under-utilisation causes pressure on margins. Gross profit fell by
  25,7%; the gross profit margin from 18,4% to 14,7%

• Financial year 2008/09 earnings adversely affected by restructuring at
  Leoben-Hinterberg facility and write downs at AT&S Korea. Adjusted for
  non-recurring items and considering the current market environment,
  solid results have been achieved:

• EBIT was EUR 26.6m, with an EBIT margin of 6%

• EBITDA amounted to EUR 70.8m, the EBITDA margin 16%

• Consolidated net income was EUR 24.8m

• Earnings per share were EUR 1.08

• Strong equity base of EUR 252.7m, i.e. EUR 10.8 per share

• No longer any goodwill in AT&S balance sheet

• Management Board of AT&S will propose a dividend of EUR 0.18 to the
  Annual General Meeting on 2 July 2009

* FY 08/09 FY 07/08 Change
Revenues 449.9 485.7 -7.4%
Gross profit 66.4 89.3 -25.7%
Gross profit margin 14.7% 18.4%
EBITDA 52.4 79.8 -34.4%
Operating result (EBIT) -1.1 42.1 -102.5%
EBIT margin -0.2% 8.7%
Profit before tax 0.2 45.2 -99.5%
Profit/loss for the period -5.8 41.3 -114.0%
Earnings per share (EUR) -0.23 1.83
Net debt** 174.4 139.9
Net gearing 69.1% 62.0%

* Q4 08/09 Q4 07/08 Change
Revenues 98.5 117.4 -16.1%
Gross profit 7.2 21.7 -66.9%
Gross profit margin 7.3% 18.5%
EBITDA 8.5 19.7 -56.8%
Operating result (EBIT) -3.4 8.3 -140.9%
EBIT margin -3.4% 7.1%
Profit before tax 0.9 8.9 -90.4%
Profit/Loss for the period -0.9 8.0 -111.5%
Earnings per share (EUR) -0.03 0.37

* Unless otherwise stated, all amounts in EUR million.
** Calculated: financial liabilities - cash and cash equivalents -
financial assets

Outlook: Focus on cash-flow

Analysts expect the global printed circuit board industry's sales to fall
by around 16% in 2009. It cannot be expected that AT&S will be able to
retreat from this trend. The reorientation of the Mobile Devices strategy
will entail loss of market share. Hence, the production capacities already
installed allow AT&S to limit investments (CAPEX). For financial year
2009/10 investments of up to EUR 30 million are scheduled. However,
approximately half of which result from projects already started in
business year 2008/09. AT&S expects the first quarter of financial 2009/10
to show lower revenues and weaker ordinary results than in the previous
quarter.

The results and the Excel format financial statements (excl. notes) for FY
2008/09 will be posted on the Investors section of www.ats.net today, at
8am (CET). The 2008/09 annual report will be available in pdf-format by
mid-June.

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

14.05.2009 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
WKN: 922230
Listed: Freiverkehr in Berlin, Hannover, Düsseldorf, Hamburg,
München, Stuttgart; Open Market in Frankfurt; Foreign
Exchange(s) Wien

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