LOEBEN, AUSTRIA -- AT&S saw sales jump 23% in its fiscal fourth quarter, raising its year-over-year increase in annual revenue and earnings to double-digit levels.
For the year, the printed circucit board fabricator reported consolidated revenue rose 19% year-over-year to €1.19 billion.
Adjusted for currency effects, consolidated revenue rose 22%. EBITDA was €245.7 million, a near-high, and EBITDA margin improved 130 basis points to 20.7%.
Net profit for the year more than doubled, from €19.8 million in the previous year to €47.4 million, a result of the significant increase in operating results.
Additional capacity from the fabricator's Chongqing I plant, which serves the growing demand for ABF substrates, made a significant contribution to revenue growth. In the Mobile Devices & Substrates segment, the broader customer and application portfolio for mobile devices and demand for printed circuit boards for modules also had a positive effect. In the AIM segment, revenue in the Medical segment was at the prior-year level while revenue in the Industrial segment increased slightly. After a weak first half of the financial year, the Automotive segment recorded revenue in the second half at the level of the previous year.
The PCB fabricator will ramp production at Chongqing plant III to the current financial year in response to demand.
“With this performance, we have once again proven our resilient business model and demonstrated that we continuously develop even in times of uncertainty. We are growing faster than the market while being highly profitable. In the past, we created the basis that enables us to respond quickly and consistently work on advancing our growth strategy at the same time. We are fully on track to achieve our goals,” said Andreas Gerstenmayer, CEO.
AT&S guided for fiscal 2022 revenue growth of 13 to 15% and adjusted EBITDA margin in the range of 21 to 23%. The global trend toward a digital society will continue to progress, with greater use of smart devices and increased interconnection, AT&S said, markets it is positioned to serve.
“The market for communication infrastructure, which is responsible for data transmission, is booming and so is demand for processing capacity. Digitization in all areas of life will continue to develop dynamically. Therefore, we are investing in additional capacity and are significantly expanding our market position of ABF substrates,” said Gerstenmayer.
AT&S will spend up to €100 million for maintenance and technology upgrades, and is planning investments totaling up to €450 million for the current fiscal year, depending on the progress of projects, plus another €80 million due to period shifts between the financial years. Approximately €40 million will be tied to the ramp of new production capacities in Chongqing.
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