Sales stagnate
Crisis at AT&S: Loss of almost 100 million euros
The problems for the Styrian printed circuit board manufacturer AT&S continue: In the first nine months of the financial year 2024/25, the consolidated result turned from plus 6.9 million euros in the same period of the previous year to minus 95.3 million euros. At 1.2 billion euros, revenue remained at the previous year's level. Nevertheless, there is also optimism.
AT&S continues to struggle with a weak market environment and price pressure. The cost optimization and efficiency program as well as the review of investments will be "intensified", the listed company announced on Tuesday.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 13 percent year-on-year to 231.7 million euros in the first three quarters. The number of employees fell from 13,922 (worldwide) to 13,402. In addition to printed circuit boards for smartphones, tablets, games consoles and medical products, AT&S also manufactures so-called IC substrates, which are used in notebooks, for example, and serve as connecting elements between the printed circuit board and the chip.
Plant in South Korea sold
"The extreme price pressure is omnipresent in the industry," said AT&S CFO Petra Preining in a press release. The company is "now prepared for this" and is "constantly adapting" its measures. Last fall, AT&S announced the sale of its Korean subsidiary AT&S Korea, including the plant in Ansan, to the Italian technology company Somacis for around 405 million euros. The cash inflow from the sale of the plant in Ansan has "strengthened the financial position", said the CFO. "Nevertheless, we are intensively examining which investments we will make in the coming years."
AT&S expects an increase in revenue in the medium term. "Over the next two years, we expect the opening of our new plants in Malaysia and Austria to result in average annual revenue growth of around 20 percent," said AT&S Management Board Spokesman Peter Schneider. A 500 million euro expansion package has been underway at the headquarters in Leoben for some time.
Chairman of the Supervisory Board Hannes Androsch died
The Styrian PCB manufacturer is going through turbulent times. The company's share price has plummeted by 40 percent in the past twelve months. A planned capital increase was canceled in May 2024 and the sales forecast had to be revised downwards several times.
AT&S CEO Andreas Gerstenmayer resigned unexpectedly in September 2024, and AT&S co-owner and Supervisory Board Chairman Hannes Androsch passed away last December at the age of 87. Peter Schneider is currently leading the Management Board on an interim basis.
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