Austria Technologie & Systemtechnik

ATS's Cash & Cash Equivalents rose 5.38% yoy to EUR 274 mil in 2014

By Helgi Library - April 2, 2020

Austria Technologie & Systemtechnik's total assets reached EUR 1,221 mil at the end of 2014, up 33.3% compared to the previo...

ATS's Cash & Cash Equivalents rose 5.38% yoy to EUR 274 mil in 2014

By Helgi Library - April 2, 2020

Austria Technologie & Systemtechnik's total assets reached EUR 1,221 mil at the end of 2014, up 33.3% compared to the previo...

Profit Statement 2012 2013 2014
Sales EUR mil 541 590 667
Gross Profit EUR mil 258 253 297
EBITDA EUR mil 102 122 158
EBIT EUR mil 30.9 53.9 90.1
Financing Cost EUR mil 14.8 11.1 5.10
Pre-Tax Profit EUR mil 16.1 42.8 85.0
Net Profit EUR mil 14.1 38.2 69.3
Dividends EUR mil 4.96 4.67 7.77
Balance Sheet 2012 2013 2014
Total Assets EUR mil 727 916 1,221
Non-Current Assets EUR mil 471 484 713
Current Assets EUR mil 256 432 508
Working Capital EUR mil 76.0 124 186
Shareholders' Equity EUR mil 313 391 604
Liabilities EUR mil 415 525 617
Total Debt EUR mil 299 428 508
Net Debt EUR mil 218 168 234
Ratios 2012 2013 2014
ROE % 4.74 10.9 13.9
ROCE % 2.54 6.61 9.19
Gross Margin % 47.6 42.9 44.5
EBITDA Margin % 18.8 20.6 23.7
EBIT Margin % 5.71 9.14 13.5
Net Margin % 2.60 6.47 10.4
Net Debt/EBITDA 2.14 1.38 1.48
Net Debt/Equity 0.698 0.430 0.387
Cost of Financing % 5.19 3.05 1.09
Valuation 2012 2013 2014
Market Capitalisation USD mil 209 372 687
Enterprise Value (EV) USD mil 497 603 971
Number Of Shares mil 23.3 38.9 38.9
Share Price EUR 6.79 8.75 14.6
EV/EBITDA 3.80 3.73 4.77
EV/Sales 0.715 0.770 1.13
Price/Earnings (P/E) 11.2 8.91 8.20
Price/Book Value (P/BV) 0.507 0.869 0.940
Dividend Yield % 3.13 1.37 1.37

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     372 488 514 541 590   ...
Gross Profit EUR mil                     190 240 247 258 253   ...
EBIT EUR mil                     11.5 54.0 43.0 30.9 53.9   ...
Net Profit EUR mil                     -37.3 35.2 26.6 14.1 38.2   ...
ROE %                     -16.2 16.0 10.4 4.74 10.9   ...
EBIT Margin %                     3.08 11.1 8.37 5.71 9.14   ...
Net Margin %                     -10.0 7.21 5.16 2.60 6.47   ...
Employees ... ... ... ... ... ... ... ... ...   5,875 7,486 7,417 7,321 7,027   ...
balance sheet                                  
Total Assets EUR mil                     483 575 695 727 916   ...
Non-Current Assets EUR mil                     326 404 483 471 484   ...
Current Assets EUR mil                     157 172 212 256 432   ...
Shareholders' Equity EUR mil                     209 230 283 313 391   ...
Liabilities EUR mil                     275 346 412 415 525   ...
Non-Current Liabilities EUR mil                     136 126 223 205 370   ...
Current Liabilities EUR mil                     139 219 188 210 155   ...
Net Debt/EBITDA                     2.27 2.01 2.34 2.14 1.38   ...
Net Debt/Equity                     0.777 0.904 0.860 0.698 0.430   ...
Cost of Financing % ...                   4.29 4.42 5.03 5.19 3.05   ...
cash flow                                  
Total Cash From Operations EUR mil ...                   47.0 70.7 87.2 71.7 105   ...
Total Cash From Investing EUR mil ...                   -18.3 -117 -114 -40.5 -90.0   ...
Total Cash From Financing EUR mil ...                   -22.4 36.8 51.9 17.9 169   ...
Net Change In Cash EUR mil ...         ... ... ... ... ... ... ... ... ... ... ... ...
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... ... 277 209 372   ...
Number Of Shares mil ...                   24.8 24.8 23.3 23.3 38.9   ...
Share Price EUR ... ... ... ... ... ... ... ... ... ... ... ... 9.15 6.79 8.75   ...
Earnings Per Share (EPS) EUR ...                   -1.50 1.42 1.14 0.605 0.982   ...
Book Value Per Share EUR ...                   8.42 9.26 12.1 13.4 10.1   ...
Dividend Per Share EUR ...                   1.46 2.46 0.320 0.213 0.120   ...
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... 8.04 11.2 8.91   ...
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... 0.754 0.507 0.869   ...
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ... ... 3.50 3.13 1.37   ...
Earnings Per Share Growth % ... ...                 595 -194 -19.7 -46.9 62.5   ...
Book Value Per Share Growth % ... ...                 -17.2 10.1 31.0 10.4 -24.9   ...
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     372 488 514 541 590   ...
Cost of Goods & Services EUR mil                     183 248 267 284 337   ...
Gross Profit EUR mil                     190 240 247 258 253   ...
Staff Cost EUR mil ... ... ... ... ... ... ...       84.7 101 102 110 121   ...
Other Cost EUR mil ... ... ... ... ... ... ...       33.4 35.7 40.5 45.5 9.84   ...
EBITDA EUR mil                     71.5 103 104 102 122   ...
Depreciation EUR mil                     60.0 49.4 61.2 71.0 67.8   ...
EBIT EUR mil                     11.5 54.0 43.0 30.9 53.9   ...
Financing Cost EUR mil                     7.96 8.56 12.2 14.8 11.1   ...
Extraordinary Cost EUR mil                     37.4 2.15 -1.43 0 0   ...
Pre-Tax Profit EUR mil                     -33.9 43.3 32.3 16.1 42.8   ...
Tax EUR mil                     3.70 8.29 5.74 1.97 4.62   ...
Minorities EUR mil                     -0.346 -0.136 -0.036 0.001 0.051   ...
Net Profit EUR mil                     -37.3 35.2 26.6 14.1 38.2   ...
Dividends EUR mil                     36.3 61.1 7.46 4.96 4.67   ...
growth rates                                  
Total Revenue Growth % ...                   -17.3 31.1 5.38 5.29 8.97   ...
Operating Cost Growth % ... ... ... ... ... ... ... ...     -14.7 15.7 4.25 9.33 -15.8    
EBITDA Growth % ...                   -12.4 44.7 0.766 -2.28 19.5   ...
EBIT Growth % ...                   -66.0 371 -20.4 -28.2 74.6   ...
Pre-Tax Profit Growth % ...                   -16,646 -228 -25.6 -50.2 167   ...
Net Profit Growth % ...                   593 -194 -24.5 -46.9 171   ...
ratios                                  
ROE %                     -16.2 16.0 10.4 4.74 10.9   ...
ROCE % ...                   -8.68 8.23 5.18 2.54 6.61   ...
Gross Margin %                     51.0 49.2 48.0 47.6 42.9   ...
EBITDA Margin %                     19.2 21.2 20.3 18.8 20.6   ...
EBIT Margin %                     3.08 11.1 8.37 5.71 9.14   ...
Net Margin %                     -10.0 7.21 5.16 2.60 6.47   ...
Payout Ratio %                     -97.5 174 28.1 35.2 12.2   ...
Cost of Financing % ...                   4.29 4.42 5.03 5.19 3.05   ...
Net Debt/EBITDA                     2.27 2.01 2.34 2.14 1.38   ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil                     326 404 483 471 484   ...
Property, Plant & Equipment EUR mil                     309 386 454 438 435   ...
Intangible Assets EUR mil ... ... ... ...             2.04 2.54 2.45 1.95 9.00   ...
Current Assets EUR mil                     157 172 212 256 432   ...
Inventories EUR mil                     38.7 53.4 64.9 62.4 59.0   ...
Receivables EUR mil                     70.7 71.0 84.6 90.9 111   ...
Cash & Cash Equivalents EUR mil                     13.3 4.22 29.7 80.2 260   ...
Total Assets EUR mil                     483 575 695 727 916   ...
Shareholders' Equity EUR mil                     209 230 283 313 391   ...
Of Which Minority Interest EUR mil                     0.489 0.353 -0.055 0.051 0   ...
Liabilities EUR mil                     275 346 412 415 525   ...
Non-Current Liabilities EUR mil                     136 126 223 205 370   ...
Long-Term Debt EUR mil                     105 95.6 189 169 326   ...
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 7.00   ...
Current Liabilities EUR mil                     139 219 188 210 155   ...
Short-Term Debt EUR mil                     70.5 116 84.4 130 102   ...
Trade Payables EUR mil                     41.9 67.2 68.9 77.3 46.0   ...
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.00   ...
Equity And Liabilities EUR mil                     483 575 695 727 916   ...
growth rates                                  
Total Asset Growth % ...                   -9.95 19.0 20.7 4.69 26.0   ...
Shareholders' Equity Growth % ...                   -17.4 10.1 23.2 10.4 25.1   ...
Net Debt Growth % ...                   -14.1 28.0 17.2 -10.3 -23.0   ...
Total Debt Growth % ...                   -10.2 20.7 28.8 9.29 43.4   ...
ratios                                  
Total Debt EUR mil                     176 212 273 299 428   ...
Net Debt EUR mil                     162 208 243 218 168   ...
Working Capital EUR mil                     67.5 57.1 80.6 76.0 124   ...
Capital Employed EUR mil                     394 461 564 547 608   ...
Net Debt/Equity                     0.777 0.904 0.860 0.698 0.430   ...
Cost of Financing % ...                   4.29 4.42 5.03 5.19 3.05   ...
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil                     -37.3 35.2 26.6 14.1 38.2   ...
Depreciation EUR mil                     60.0 49.4 61.2 71.0 67.8   ...
Non-Cash Items EUR mil ...                   -8.43 -24.2 22.9 -18.0 47.0   ...
Change in Working Capital EUR mil ...                   32.7 10.4 -23.5 4.61 -48.0   ...
Total Cash From Operations EUR mil ...                   47.0 70.7 87.2 71.7 105   ...
Capital Expenditures EUR mil ...                   -19.7 -115 -113 -44.0 -91.0   ...
Other Investments EUR mil ...           ... ... ... ... ... ... ... ... ... ... ...
Total Cash From Investing EUR mil ...                   -18.3 -117 -114 -40.5 -90.0   ...
Dividends Paid EUR mil                     -36.3 -61.1 -7.46 -4.96 -4.67   ...
Issuance Of Debt EUR mil ...                   -19.9 36.3 61.1 25.4 129   ...
Total Cash From Financing EUR mil ...                   -22.4 36.8 51.9 17.9 169   ...
Net Change In Cash EUR mil ...         ... ... ... ... ... ... ... ... ... ... ... ...
ratios                                  
Days Sales Outstanding days                     69.3 53.1 60.1 61.3 68.7   ...
Days Sales Of Inventory days                     77.4 78.6 88.6 80.3 63.9   ...
Days Payable Outstanding days                     83.8 99.0 94.1 99.5 49.8   ...
Cash Conversion Cycle days                     62.9 32.7 54.6 42.1 82.8   ...
Cash Earnings EUR mil                     22.8 84.6 87.8 85.1 106   ...
Cash Earnings Per Share EUR ...                   0.918 3.41 3.76 3.65 2.73   ...
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... ... 2.43 1.86 3.21   ...
Free Cash Flow EUR mil ...                   28.7 -46.0 -26.4 31.1 15.0   ...
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ... ... -13.3 19.1 5.36   ...
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     -7.31 6.64 4.18 1.98 4.65   ...
Gross Margin %                     51.0 49.2 48.0 47.6 42.9   ...
Employees ... ... ... ... ... ... ... ... ...   5,875 7,486 7,417 7,321 7,027   ...
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ...   1,671 1,486 1,593 1,612 1,910   ...
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ... ... ...   1,202 1,123 1,146 1,255 1,439   ...
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ...       23.5 23.3 21.6 21.6 22.6   ...
Effective Tax Rate %                     -10.9 19.1 17.8 12.2 10.8   ...
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... ... 592 497 603   ...
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... ... 4.09 3.80 3.73   ...
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ... ... 0.810 0.688 0.720   ...
EV/Sales ... ... ... ... ... ... ... ... ... ... ... ... 0.828 0.715 0.770   ...
EV/EBIT ... ... ... ... ... ... ... ... ... ... ... ... 9.90 12.5 8.43   ...
Domestic Sales EUR mil ... ... ... ... ... ... ...       18.0 24.6 20.9 19.9 20.4   ...
Capital Expenditures (As % of Sales) % ...                   5.30 23.6 22.0 8.12 15.4   ...
Revenues From Abroad EUR mil ... ... ... ... ... ... ...       354 463 493 521 570   ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ...       95.2 95.0 95.9 96.3 96.5   ...
Sales of Mobile Devices EUR mil ... ... ... ... ... ... ...       221 271 297 297 378   ...
Sales of Industrial & Automotive EUR mil ... ... ... ... ... ... ...       147 214 216 243 273   ...
Sales of Others EUR mil ... ... ... ... ... ... ...       3.84 2.33 1.44 1.79 7.47   ...
EBIT from Mobile Devices EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 12.0 43.4   ...
EBIT from Industrial & Automotive EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... -2.39 13.2   ...
EBIT from Others EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... -2.70   ...
Sales in Austria EUR mil ... ... ... ... ... ... ...       18.0 24.6 20.9 19.9 20.4   ...
Sales in Germany EUR mil ... ... ... ... ... ... ...       88.3 128 130 126 126   ...
Sales in Hungary EUR mil ... ... ... ... ... ... ...       39.8 41.1 38.8 21.1 ... ... ...
Sales in Other European Countries EUR mil ... ... ... ... ... ... ...       29.9 33.9 38.7 49.7 73.2   ...
Sales in Asia EUR mil ... ... ... ... ... ... ...       125 131 207 255 311   ...
Sales in Canada, USA, Mexico EUR mil ... ... ... ... ... ... ...       69.0 124 72.9 63.3 59.1   ...
Sales in Other Countries EUR mil ... ... ... ... ... ... ...       1.78 4.81 5.81 7.09 ... ... ...
Asian Production (As % Of Total Production) % ... ... ... ... ...           67.0 69.0 73.0 74.0 72.4   ...
European Production (As % Of Total Production) % ... ... ... ... ...           33.0 31.0 27.0 26.0 27.6   ...

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Mar 2014
Company Report
Mar 2014
Statistical Dossier

Austria Technologie & Systemtechnik AG (AT&S) is an Austria-based manufacturer of circuit boards primarily for various mobile telecommunications devices including cellular telephones, hand-held computers, personal data assistants, camcorders and portable global positioning systems. AT&S also produces circuit boards for the computer, automobile and medical industries. Depending on technological and economic requirements, AT&S offers a wide range of printed circuit boards including single-sided, double-sided plated-through, multi-layer, HDI (high density interconnection, laser-drilled), IMS (insulated metallic substrate), flexible, rigid-flex and semi-flexible. The Company operates production sites in Austria, India, China and Korea and employs approximately 7,300 persons.

Finance

Austria Technologie & Systemtechnik has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of in 2015, or of sales. That’s compared to 20.8% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were 9.97% and 5.88%, respectively when looking at the previous 5 years.

Austria Technologie & Systemtechnik’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, down when compared to average of 1.84x seen in the last 5 years.

Valuation

Austria Technologie & Systemtechnik stock traded at per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.

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