AT&S Austria Technologie & Systemtechnik : Annual Financial Report 2023/24

AT&S	ANNU AL FIN ANCI AL REPORT AS OF 31 M ARCH 2024	ADVANCED TECHNOLOGIES
		& SOLUTIONS

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

Annual Financial Report as of 31 March 2024
Table of contents
Consolidated Financial Statements as of 31 March 2024	3
Group Management Report 2023/24	68
Auditor's Report on the Consolidated Financial Statements 2023/24	105
Financial Statements as of 31 March 2024	110
Management Report 2023/24	138
Auditor's Report on the Financial Statements 2023/24	163
Statement of all Legal Representatives	167

The consolidated financial statements, the financial statements and the Management Reports of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft and the Auditor's Reports have been translated into English. In case of different interpretations the German original is valid.

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AT&S	CONSOLID ATED FIN ANCIAL STATEMENTS AS OF 31 M ARCH 2024	ADVANCED TECHNOLOGIES
		& SOLUTIONS

CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2024

Table of contents

Consolidated Statement of Profit or Loss	4
Consolidated Statement of Comprehensive Income	4
Consolidated Statement of Financial Position	5
Consolidated Statement of Cash Flows	6
Consolidated Statement of Changes in Equity	7
Notes to the Consolidated Financial Statements as of 31 March 2024	8

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AT&S	CONSOLID ATED FIN ANCIAL STATEMENTS AS OF 31 M ARCH 2024	ADVANCED TECHNOLOGIES
		& SOLUTIONS

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

€ in thousands		Note	2023/24	2022/23
Revenue		1		1,549,779		1,791,344
Cost of sales	2	(1,366,924)	(1,516,604)
Gross profit				182,855		274,740
Distribution costs		2		(49,285)		(52,911)
General and administrative costs		2		(65,051)		(72,341)
Other operating income		4		44,256		60,409
Other operating costs		4		(81,654)		(63,654)
Other operating result1				(37,398)		(3,245)
Operating result				31,121		146,243
Finance income		5		39,605		58,314
Finance costs	5	(90,041)	(36,716)
Finance costs - net				(50,436)		21,598
(Loss)/Profit before tax				(19,315)		167,841
Income taxes	6	(17,379)	(31,197)
(Loss)/Profit for the year				(36,694)		136,644
Attributable to owners of hybrid capital				17,500		18,782
Attributable to owners of the parent company			(54,194)	117,862
Earnings per share attributable to equity holders
of the parent company (in € per share):		26
- basic				(1.39)		3.03
- diluted			(1.39)	3.03

• Prior year adjusted in accordance with section F. of General Information of the Notes

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

€ in thousands	2023/24	2022/23
(Loss)/Profit for the year	(36,694)	136,644
Items to be reclassified:
Currency translation differences, net of tax	(114,154)	(143,188)
Gains/(losses) from the fair value measurement of hedging instruments for cash flow hedges, net
of tax	(6,059)	4,572
Items not to be reclassified:
Remeasurement of post-employment obligations, net of tax				(999)		3,028
Other comprehensive (loss) for the year	(121,212)	(135,588)
Total comprehensive (loss)/income for the year				(157,906)		1,056
Attributable to owners of hybrid capital				17,500		18,782
Attributable to owners of the parent company	(175,406)	(17,726)

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AT&S	CONSOLID ATED FIN ANCIAL STATEMENTS AS OF 31 M ARCH 2024	ADVANCED TECHNOLOGIES
		& SOLUTIONS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ in thousands		Note		31 Mar 2024		31 Mar 2023
ASSETS
Property, plant and equipment		7		3,394,921		2,679,293
Intangible assets		8		20,095		24,794
Financial assets		12		16,799		27,694
Deferred tax assets		6		26,349		19,911
Other non-current assets	9	18,076	48,559
Non-current assets				3,476,240		2,800,251
Inventories		10		160,774		145,383
Trade and other receivables and contract assets		11		328,137		394,381
Financial assets		12		26,928		25,141
Current income tax receivables				6,328		4,970
Cash and cash equivalents	13	676,490	791,738
Current assets				1,198,657		1,361,613
Total assets				4,674,897		4,161,864
EQUITY
Share capital		22		141,846		141,846
Other reserves		23		(68,891)		52,321
Hybrid capital		24		347,956		347,956
Retained earnings			545,668	615,402
Equity attributable to owners of the parent company				966,579		1,157,525
Total equity			966,579	1,157,525
LIABILITIES
Financial liabilities		15		1,605,036		1,033,346
Contract liabilities		16		896,980		607,243
Provisions for employee benefits		17		51,796		50,923
Deferred tax liabilities		6		1,685		4,763
Other liabilities	14	72,781	66,278
Non-current liabilities				2,628,278		1,762,553
Trade and other payables		14		525,328		558,545
Financial liabilities		15		518,189		662,433
Contract liabilities		16		14,550		-
Current income tax payables				6,013		4,315
Other provisions	18	15,960	16,493
Current liabilities				1,080,040		1,241,786
Total liabilities				3,708,318		3,004,339
Total equity and liabilities				4,674,897		4,161,864

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AT&S	CONSOLID ATED FIN ANCIAL STATEMENTS AS OF 31 M ARCH 2024	ADVANCED TECHNOLOGIES
		& SOLUTIONS

CONSOLIDATED STATEMENT OF CASH FLOWS

€ in thousands	2023/24	2022/23
Operating result		31,121		146,243
Depreciation, appreciation, amortisation and impairment of property, plant and equipment and intangible assets		276,367		270,473
Gains/losses from the sale of fixed assets		97		2,542
Changes in non-current provisions		1,434		(3,356)
Changes in non-current contract liabilities		273,847		136,944
Non-cash expense/(income), net		(28,836)		(34,627)
Interest paid		(59,113)		(23,023)
Interest received		25,511		12,311
Income taxes paid	(24,233)	(35,498)
Cash flow from operating activities before changes in working capital		496,195		472,009
Inventories		(19,958)		41,076
Trade and other receivables and contract assets		87,999		4,476
Trade and other payables		89,308		(51,774)
Other provisions	(164)	10,583
Cash flow from operating activities		653,380		476,370
Capital expenditure for property, plant and equipment and intangible assets		(858,791)		(1,100,973)
Proceeds from the sale of property, plant and equipment and intangible assets		3,413		104,811
Capital expenditure for financial assets		17,610		(61,323)
Proceeds from the sale of financial assets	11,783	12,624
Cash flow from investing activities		(825,985)		(1,044,861)
Proceeds from borrowings		507,673		340,085
Repayments of borrowings		(445,046)		(54,696)
Repayments of hybrid capital		-		(41,393)
Proceeds from government grants		22,167		21,404
Dividends paid		(15,540)		(34,965)
Hybrid cupon paid		(17,500)		(19,466)
Cash flow from financing activities		51,754		210,969
Change in cash and cash equivalents		(120,851)		(357,522)
Cash and cash equivalents at beginning of the year		791,738		1,119,921
Exchange gains on cash and cash equivalents	5,603	29,339
Cash and cash equivalents at the end of the year		676,490		791,738

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AT&S	CONSOLID ATED FIN ANCIAL STATEMENTS AS OF 31 M ARCH 2024	ADVANCED TECHNOLOGIES
		& SOLUTIONS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

										Equity
										attributable
		Share		Other		Hybrid		Retained		to owners		Non-
						of the parent		controlling		Total
€ in thousands		capital		reserves		capital		earnings		company		interests		equity
31 Mar 2022		141,846		187,909		388,849		533,689		1,252,293		-		1,252,293
Profit for the year		-		-		-		136,644		136,644		-		136,644
Other comprehensive income for the year		-	(135,588)		-		-	(135,588)		-	(135,588)
thereof currency translation differences,
net of taxes		-	(143,188)		-		-	(143,188)		-	(143,188)
thereof remeasurement of post-employment
obligations, net of tax		-	3,028		-		-	3,028		-	3,028
thereof change in hedging instruments for
cash flow hedges, net of tax		-	4,572		-		-	4,572		-	4,572
Total comprehensive income for the year
2022/23		-		(135,588)		-		136,644		1,056		-		1,056
Dividends paid relating to 2021/22		-		-		-		(34,965)		(34,965)		-		(34,965)
Repayment hybrid capital		-		-		(40,893)		(500)		(41,393)		-		(41,393)
Hybrid cupon paid		-		-		-		(19,466)		(19,466)		-		(19,466)
31 Mar 2023		141,846		52,321		347,956		615,402		1,157,525		-		1,157,525
Loss for the year		-		-		-		(36,694)		(36,694)		-		(36,694)
Other comprehensive income for the year		-	(121,212)		-		-	(121,212)		-	(121,212)
thereof currency translation differences,
net of tax		-	(114,154)		-		-	(114,154)		-	(114,154)
thereof remeasurement of post-employment
obligations, net of tax		-	(999)		-		-	(999)		-	(999)
thereof change in hedging instruments for
cash flow hedges, net of tax		-	(6,059)		-		-	(6,059)		-	(6,059)
Total comprehensive income for the year
2023/24		-		(121,212)		-		(36,694)		(157,906)		-		(157,906)
Dividends paid relating to 2022/23		-		-		-		(15,540)		(15,540)		-		(15,540)
Hybrid cupon paid		-		-		-		(17,500)		(17,500)		-		(17,500)
31 Mar 2024	141,846	(68,891)	347,956	545,668	966,579		-	966,579

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AT&S NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2024 ADVANCED TECHNOLOGIES & SOLUTIONS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF 31 MARCH 2024

Table of contents

Notes to the Consolidated Financial Statements	10
I.	General Information	10
	A.	General	10
	B.	Accounting and measurement policies	10
		a.	Consolidation principles	10
		b.	Segment reporting	11
		c.	Foreign currencies	12
		d.	Revenue recognition	12
		e.	Income taxes	13
		f.	Property, plant and equipment	13
		g.	Leases	14
		h.	Intangible assets	14
		i.	Impairment losses and appreciation of property, plant and equipment, and intangible assets	15
		j.	Inventories	15
		k.	Trade and other receivables and contract assets	15
		l.	Financial assets	15
		m.	Cash and cash equivalents	17
		n.	Non-controlling interests	17
		o.	Provisions	17
		p.	Provisions for employee benefits	17
		q.	Stock appreciation rights	19
		r.	Liabilities	19
		s.	Contract liabilities	19
		t.	Government grants	19
		u.	Contingent liabilities, contingent assets, and other financial obligations	19
		v.	First-time adoption of accounting standards	19
		w.	Future amendments to accounting standards and impact of first-time adoption	20
	C.	Uncertainties in accounting estimates and judgements	20
	D.	Effect of geopolitical tensions	22
	E.	Effects of the climate crisis	23
	F.	Adjustment IAS 8	23
II.	Segment Reporting	24
III. Notes to the Consolidated Statement of Profit or Loss	26
	1.	Revenue	26
	2.	Types of expenses	26
	3.	Research and development costs	26
	4.	Other operating result	27
	5.	Finance costs - net	27
	6.	Income taxes	28
IV. Notes to the Consolidated Statement of Financial Position	31
	7.	Property, plant and equipment	31
	8.	Intangible assets	34
	9.	Other non-current assets	34
	10.	Inventories	35
	11.	Trade and other receivables and contract assets	35
	12.	Financial assets	37

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AT&S NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2024 ADVANCED TECHNOLOGIES & SOLUTIONS

13.	Cash and cash equivalents	38
14.	Trade and other payables	39
15.	Financial liabilities	42
16.	Contract liabilities	45
17.	Provisions for employee benefits	45
18.	Other provisions	49
19.	Derivative financial instruments	50
20.	Additional disclosures on financial instruments	51
21.	Contingent liabilities and other financial commitments	57
22.	Share capital	57
23.	Other reserves	59
24.	Hybrid capital	60
25.	Cash flow	60
V. Other Disclosures	62
26.	Earnings per share	62
27.	Material events after the balance sheet date	62
28.	Related party transactions	63
29.	Expenses for the Group auditor	66
30.	Number of staff	67

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AT&S NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2024 ADVANCED TECHNOLOGIES & SOLUTIONS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

I. GENERAL INFORMATION

A. General

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (hereinafter referred to as "the Company", and with its subsidiaries referred to as "the Group") was incorporated in Austria. The Company is headquartered in Austria, Fabriksgasse 13, 8700 Leoben-Hinterberg.

The Group manufactures and distributes printed circuit boards and provides related services in the segments of Electronics Solutions, Microelectronics and Others. The products are manufactured in the European and Asian markets and are directly distributed to original equipment manufacturers (OEM) as well as to contracted electronic manufacturers (CEM).

Since 20 May 2008, the Company has been listed in the Prime Market segment of the Vienna Stock Exchange, Austria, and, after a period of double listing on the previous exchange in Frankfurt am Main, Germany, has been traded exclusively on the Vienna Stock Exchange since 15 September 2008. Prior to changing stock exchange, the Company had been listed on the Frankfurt Stock Exchange since 16 July 1999. Since 19 March 2018, the Company's shares have been included in the Austrian ATX index. According to Section 245a of the Austrian Commercial Code (UGB), the consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations (IFRIC and SIC) of the International Accounting Standards Board (IASB) as adopted by the European Union (EU).

B. Accounting and measurement policies

The consolidated financial statements have been prepared under the historical cost convention, except for securities and derivative financial instruments and the portion of trade receivables that is assigned to banks in the following month as part of factoring agreements, these are measured at their fair values.

a. Consolidation principles

The balance sheet date for all consolidated companies is 31 March 2024, with the following exceptions: due to the legal situation in China, the financial year of AT&S (China) Company Limited and AT&S (Chongqing) Company Limited corresponds to the calendar year (balance sheet date: 31 December 2023), meaning that they were consolidated based on the interim financial statements as of 31 March 2024.

The consolidated financial statements were approved by the Management Board on 13 May 2024. The separate financial statements of the Company, which are included in the consolidation after reconciliation to the applicable accounting standards, will be presented for approval to the Supervisory Board on 29 May 2024. The separate financial statements of the Company can be modified by the Supervisory Board and, in case of presentation to the Annual General Meeting, by the Company's shareholders in a way that might also affect the presentation of the consolidated financial statements.

Group of consolidated entities The Company controls an entity when the Group is exposed to risks or has rights to variable returns from its involvement with the entity and can affect those returns through its power over the entity. In addition to the Company itself, the consolidated financial statements comprise the following fully consolidated subsidiaries:

• AT&S Asia Pacific Limited, Hong Kong, China (hereinafter referred to as AT&S Asia Pacific), share 100%
• AT&S (China) Company Limited, China (hereinafter referred to as AT&S China), 100% subsidiary of AT&S Asia Pacific
• AT&S (Chongqing) Company Limited, China (hereinafter referred to as AT&S Chongqing), 100% subsidiary of AT&S Asia Pacific
• AT&S Japan K.K., Japan, 100% subsidiary of AT&S Asia Pacific
• AT&S (Taiwan) Co., Ltd., Taiwan (hereinafter referred to as AT&S Taiwan), 100% subsidiary of AT&S Asia Pacific
• AT&S India Private Limited, India (hereinafter referred to as AT&S India), share 100%
• AT&S Korea Co., Ltd., South Korea (hereinafter referred to as AT&S Korea), share 100%

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