Outlook & Key Figures

Effects of the financial year 2016/17 will continue and also influence the business development in 2017/18: the market development for IC substrates, based on the deceleration of Moore’s Law, and lower demand for computing applications (desktop computers, notebooks) lead to continued price pressure on IC substrates. Serial production for the next technology generation (mSAP) for mobile devices will start in the second quarter of the financial year 2017/18; this technology is currently being installed in Shanghai and in the second plant in Chongqing with the aim to continue to position AT&S as a leading supplier for mobile devices. In its core business, AT&S expects continuous demand in all customer segments in an extremely competitive environment.

Provided that the macroeconomic environment remains stable and the USD-EUR currency relation stays at a similar level as in the past financial year, AT&S expects an increase in revenue of 10-16% for the financial year 2017/18. The EBITDA margin should range between 16-18% based on the market developments for IC substrates and the ramp of the new technology generation (mSAP). Higher depreciation for mainly new production lines of additional ~EUR 25 million in the financial year 2017/18 will impact EBIT.

According to IFRS;2015/162016/17Change
in EUR million01.04.2015-31.03.201601.04.2016-31.03.2017
EBITDA margin (in %)22.016.1-
EBITDA adjusted*180.2194.88.1%
EBITDA margin adjusted (in %)*23.725.4-
EBIT margin (in %)10.10.8-
EBIT adjusted*103.2119.015.3%
EBIT margin adjusted (in %)*13.615.5-
Profit/loss for the year56.0-22.9> -100%
Cash flows from operating activities before changes in working capital145.990.5-38.0%
Net CAPEX254.3240.7-5.3%
Equity ratio42.337.6-
Net debt263.2380.544.6%
Earnings per average number of shares outstanding (in EUR)1.44-0.59> -100%

*Adjusted for Chongqing effects and release of provision for restructuring