AT&S World

Business Developments
40
Net cash inflows from
operating activities
up 50% year on
year, at EUR 70.7m
Financial standing
Balance sheet (summary)
in EUR m 31 March 2011 Structure 31 March 2010 Structure Change
Non-current assets 403.6 70.2% 326.0 67.4% 24
Current assets 171.7 29.8% 157.4 32.6% 9%
TOTAL ASSETS 575.3 483.4 19%
Equity 229.8 39.9% 208.8 43.2% 10%
Non-current liabilities 126.1 21.9% 135.6 28.1% (7%)
Current liabilities 219.4 38.1% 139.0 28.8% 58%
TOTAL EQUITY AND
LIABILITIES 575.3 483.4 19%
Total assets at 31 March 2011 amounted to
EUR 575.3m, of which non-current assets accounted
for 70%. The value of property, plant and equipment
compared with the beginning of the financial
year rose by nearly EUR 77m, mainly as a result
of capital investment in India and China. The increase
in current assets was largely due to higher
inventories and receivables.
Equity at balance sheet date totalled EUR 229.8m.
This represented a year-on-year increase of around
EUR 21.0m, reflecting the satisfactory earnings
position. The equity ratio continues to be strong,
at roughly 40%. In the financial year 2010/11 no
further shares were repurchased under the share
buy-back programme. As at 31 March 2011 AT&S
held 2,577,412 treasury shares, or 9.95% of the issued
share capital, with a total acquisition cost
of EUR 46.6m.
During the past financial year financial liabilities
increased to EUR 212.0m, as a result of the increase
in net capital investment. Of this, bonds
made up EUR 80.0m, and export loans amounted
to EUR 36.0m. In the financial year 2009/10 longterm
financing was taken up to finance the plant
in South Korea and the expansion of the plant in
India. In the financial year 2010/11 more of these
funds were drawn down. The financing is repayable
in half-yearly instalments ending on 31 March
2014. More detailed information on the Group’s
sources of funds can be found under “Financing”
in this report.
Cash flow
Net cash inflows from operating activities of
EUR 70.7m were 50% better than last year, mainly
because of the greatly improved operating results.
Net cash used for property, plant and equipment
purchases (CAPEX), and in particular for investments
in maintenance, climbed to EUR 115.1m,
representing roughly 24% of sales revenues.
Net cash inflows from financing came to
EUR 36.9m in the financial year 2010/11. While
in the financial year 2009/10 financial liabilities
were reduced by EUR 19.5m, in this financial year
they increased by a total of EUR 38.5m.