S&T meets expectations in full and scores with strong order intake in Q1 2021

Donnerstag 06. Mai 2021

Austria

Revenue growth of 9% to EUR 294.1 million (PY: EUR 270.1 million)
EBITDA increases by around 13% to EUR 28.2 million (PY: EUR 25.0 million)
Strong order intake of EUR 404 million in Q1 2021
Guidance 2021 confirmed: Revenue EUR 1,400 million at an EBITDA of EUR 140 million and EPS of 1 Euro

Linz, May 06, 2021 - The technology group S&T AG (www.snt.ag) has successfully completed Q1 of 2021. Expectations in terms of net income were met despite the fact that the quarter saw delays to deliveries as a consequence of the current chip shortage. Compared to the previous year, revenues increased by 9% to EUR 294.1 million (PY: EUR 270.1 million) and EBITDA increased during the same period by a pleasing 12.8% to EUR 28.2 million (PY: EUR 25.0 million). Earnings per share rose by 7.6% to EUR 16 Cents (PY: EUR 15 Cents). Operating cash flow was minus EUR 26.8 million, which is due mainly to the increase in inventory and the reduction of factoring by EUR 20.5 million. Factoring was reduced to avoid negative interest rates with regards to the high liquidity. Adjusted to the decline in factoring, the operating cash flow is now minus EUR 6.3 million.

S&T started the year 2021 with a strong order intake of EUR 404 million and expects significant revenue growth for the remainder of 2021. Inventories were built up by around EUR 11 million in the first quarter to bridge the supply bottleneck for microchips. This resulted in a burden on cash flow in the first quarter. In addition, the global rethink in terms of climate targets and sustainability is having a positive impact on the economy and S&T Group. Digitalisation continues to advance and smart factories with their intelligent machines make it possible to conserve resources more during production as well as manufacture more locally. Infrastructure investments in e-mobility, smart trains, smart energy and smart cities not only strengthen the economy but also increase the quality of life. S&T Group is already very well positioned in these growth markets from a technological standpoint, and, with a liquidity level of EUR 278.4 million, is well equipped to grow as the markets expand.

Hannes Niederhauser, CEO, has a positive outlook for the future: "The strong increase in order intake of EUR 404 million in Q1 makes me optimistic that we will achieve or exceed our full-year target of at least EUR 1,400 million in revenue with an EBITDA of at least EUR 140 million and earnings of EUR 1 per share. Likewise, we are well positioned with our technologies and can confirm our medium-term target for 2023 of EUR 2 billion in revenue with an EBITDA of EUR 220 million."