AT&S Austria Technologie & Systemtechnik AG / Final Results
14.05.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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AT&S reports record sales in financial 2007/08, advances net profit for the
year by 32% to new record high of EUR 41m. The recommended dividend is EUR
0.34 per share.
AT&Ss sales of EUR 485.7m reached a new all-time high in financial
2007/08, up 4% on the previous financial year despite an 11% drop in the
value of the dollar and a significantly lower volume of services business.
At EUR 117.4m, fourth quarter revenues were up 7% on the same period in
2006/07.
Gross profit for the financial year grew by 25% to EUR 89.3m. The total for
the fourth quarter (EUR 21.7m) was an impressive 48% higher than in the
same period a year earlier. The gross margin climbed from 15.3% in 2006/07
to 18.4% in 2007/08, and from 13.4% to 18.5% in a comparison of fourth
quarters.
EBIT for 2007/08 came to EUR 42.1m (up 29%), and the EBIT margin was 8.7%
(2006/07: 7.0%). In the fourth quarter EBIT reached EUR 8.3m, a
year-on-year increase of 91%. The EBIT margin advanced from 4.0% to 7.1%.
Profit before tax in 2007/08 was EUR 45.2m (up 41%), and EUR 8.9m (up 110%)
in the fourth quarter.
Net income for the financial year climbed 32% to a new record high of EUR
41.3m, while for the fourth quarter it was EUR 8.0m (up 68%).
Net debt at 31 March 2008 amounted to EUR 156.3m (EUR 110.6m a year
earlier), with net gearing at 69.2%. The increase in net borrowings of EUR
45.7m since 31 March 2007 is largely attributable to capital investment in
further extension of the Shanghai plant, payment of dividends and the
repurchase of own shares.
The Management Board of AT&S will recommend an increase in the annual
dividend from EUR 0.31 to EUR 0.34 per share at the Annual General Meeting
on 3 July 2008.
Outlook
AT&S is forecasting further increases in market share and thus expects
growth to be sustained in financial 2008/09. Capacity expansion will
proceed as planned at the third facility in Shanghai, and construction of a
new works will get underway in Nanjangud, India. In the light of the
current macro-economic risks arising from the financial crisis and the
weakness of the US dollar, the Company is currently unable to give any
precise guidance for the year.
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Information and Explaination of the Issuer to this News:
Information and notes on this stock exchange announcement by the Company
Results in accordance with IFRS (in EUR m, earnings per share (EPS) in
EUR):
Financial 2007/08 compared with financial 2006/07 <pre>
FY 07/08 Margin FY 06/07 Margin
Total revenues 485.7 467.4
Gross profit 89.3 18.4% 71.5 15.3%
EBITDA 79.8 16.4% 71.5 15.3%
EBIT 42.1 8.7% 32.6 7.0%
Net income for financial year 41.3 31.3
EPS 1.83 1.28
Net debt 156.3 110.6
Net gearing 69.2% 50.2%</pre>
Q4 2007/08 compared with Q4 2006/07 <pre>
Q4 07/08 Margin Q4 06/07 Margin
Total revenues 117.4 109.6
Gross profit 21.7 18.5% 14.7 13.4%EBITDA 19.7 16.8% 12.9 11.8%
EBIT 8.3 7.1% 4.4 4.0%
Net income for fourth quarter 8.0 4.8
EPS 0.37 0.21</pre>
Notes to the results for financial 2007/08
A sixth successive year of revenue and earnings growth clearly confirms the
correctness of AT&Ss long-term strategy
AT&S is reporting year-on-year growth for the sixth year in a row, with a
compounded average annual growth rate (CAAGR) for the period of about 10%.
This success has been achieved in spite of an ever-weakening US dollar at
the start of 2001/02 one euro traded at about USD 0.88, and by the end of
2007/08 it was worth roughly USD 1.58.
Production capacity built up in Asia over recent years has played a major
role in the AT&S success story. Last year the second facility in Shanghai
came into operation, and work has begun on the ramp-up of the third
facility. Net investment of EUR 102.9m in 2007/08 was chiefly attributable
to the construction of addition capacity in China. Asia accounted for more
than 50% of sales for the first time in 2007/08, so that the bulk of the
costs were absorbed in dollar-linked Asia.
The effective tax rate for financial 2007/08 was 8.7%. Earnings per share
were around higher 43% year-on-year, reaching a new record high of EUR
1.83.
At 31 March 2008 AT&S employed 6,335 people.
In 2007/08 Mobile Devices (formerly Telecoms) accounted for some 67% of
sales. Industrial/Medical contributed 21%, and Automotive customers roughly
10%. Services (assembly, trading and design) made up 2% of total revenue.
Impact of US dollar on AT&Ss earnings
Prices for a high proportion (about 67%) of the mobile devices business are
dependent on the US dollar, as our competitors are almost exclusively from
countries whose currencies are linked to it. AT&S has now established a
significant proportion of its production for the mobile devices market in
the extended US dollar area. Since the remaining currency exposures have
been hedged, the impact of dollar exchange losses was largely confined to
revenues and had a much reduced effect on earnings.
Share buy-back program
As at 31 March 2008, AT&S held 2,577,412 treasury shares, equivalent to
about 10% of issued share capital. About 51% of the shares are in the free
float.
The results and the Excel format interim financial statements (not
including notes) for 2007/08 were posted today at 8am (CET) on the
investors section of www.ats.net. The 2008 annual report will be available
in pdf format from early June.
For more information please contact Hans Lang, IRO, Tel. +43 (0)1 68300
9259, e-mail: h.lang@ats.net.
DGAP 14.05.2008
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Language: English
Issuer: AT&S Austria Technologie & Systemtechnik AG
Fabriksgasse 13
8700 Leoben
Österreich
Phone: +43 (1) 3842 200-0
Fax: +43 (1) 3842 200-216
E-mail: info@ats.net
Internet: www.ats.net
ISIN: AT0000969985
WKN: 922230
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service
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DGAP-Adhoc: Results for financial 2007/08 year ended 31 March 2008
| Source: EQS Group AG