21st Austria weekly - AT&S, Mayr-Melnhof, Andritz (03/08/2021)

AT&S: AT&S, manufacturer of high-end printed circuit boards and IC substrates, recorded a positive revenue development despite unfavourable negative currency effects in the first quarter of 2021/22. Consolidated revenue rose by 28% to Euro 317.7 in in the first quarter of 2021/22 (PY: Euro 247.9 mn). Adjusted for currency effects, the increase in consolidated revenue even amounted to 37%. EBITDA increased from Euro 39.5 mn to Euro 46.3 mn. The improvement in earnings is predominantly attributable to the increase in consolidated revenue. Currency fluctuations of the US dollar and the Chinese renminbi had a negative impact of EUR 18.1 million on the earnings development. In addition, temporary start-up costs for the IC substrate production in Chongqing were incurred. On the market side, a change in product mix in the Mobile Devices segment had a negative effect on profitability. "Digitalisation continues to drive the demand for our technologies. Markets that showed temporary weakness are increasingly recovering. Strategically, we are still fully on track. The production of IC substrates in particular is running at full speed. The implementation of the capacity expansion in Chongqing is making excellent progress. The first parts of the production equipment have already been qualified as well as be put into operation," says CEO Andreas Gerstenmayer.  Loss for the period improved from Euro -7.9 min to Euro -5.3 mn. Due to the good development in the first three months of the financial year and the continued strong momentum of the IC substrate market, AT&S is slightly raising its for forecast for the development of revenue and now expects revenue growth of 17 to 19% (previously: 13 to 15%), assuming a euro/US dollar exchange rate of 1.21. The adjusted EBITDA margin is expected to range between 21 and 23%.
AT&S: weekly performance: -5.18%

Mayr-Melnhof: The Mayr-Melnhof Group (MM) has completed the acquisition of Kotkamills, Finland. Through the acquisition, MM strengthens its position in the virgin fiber cartonboard (FBB) market with an attractive range of barrier cartonboard solutions that can replace PE (polyethylene) -coated cartonboard. Moreover, MM enters the growing cupstock market. This acquisition complements MM's established market position in recycled cartonboard. In addition, MM diversifies the business with Saturating Kraft Paper in which Kotkamills is one of the global leaders. "MM Kotkamills will take a strong and dynamic position within MM as the innovator in novel cupstock solutions based on water-based dispersion barriers applied by on-line technology. Our medium-term objective is to raise the sales volume to the capacity of close to 400,000 t of cartonboard per annum. We are looking forward to a successful cooperation with our new colleagues," says Peter Oswald CEO of the MM Group. MM Kotkamills operates the most modern virgin fiber board machine in Europe (built in 2016) as well as a machine for Saturating Kraft Paper with a capacity of 170,000 t and a sawmill. The mill employs approximately 500 people and generated sales of around Euro 380 mn in 2020.
Mayr-Melnhof: weekly performance: -2.01%

Andritz: International technology group Andritz has signed a cooperation agreement with CIRC LLC, located in Danville, Virginia, USA, to bundle each party’s expertise in the field of textile recycling and to upscale CIRC’s recycling technology for commercial use. The agreement comes after many months of successful CIRC processing trials in various ANDRITZ research and development facilities. CIRC – a recycling technology innovator – has developed and patented textile recycling technology to separate and recover various valuable raw materials contained in most fabrics and used in textile production. This cutting-edge process mainly focuses on the handling of mixed polymer streams, specifically any blend of polyester and cotton. As part of the agreement, Andritz will engineer, design, manufacture and start up the process equipment for the first demonstration plant and other commercial textile recycling facilities and provide support in its role as a global technology player.
Andritz: weekly performance: 1.72%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (03/08/2021)

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