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Reports fourth quarter revenue of $ 365 million, an increase of 18% from Q4 2019, including revenue growth of 5 million livers of $ 22 million, a significant increase from Q4 2019 Increase of 5% compared to the fourth quarter of 2019 Reduces the net leverage ratio to 51x by the end of 2020 (before the IPO is completed on March 8th) February 2021) Expects full year organic sales growth in the range of 10% to 12%, including full year organic chemistry sales growth in the range of 8% to 9%% Expects full year 2021 adjusted EBITDA1 in the range of 405 Million USD up to 425 million USD, which is an increase of approx 14% corresponds to the middle of BERLIN, 4 March 2021 (GLOBE NEWSWIRE) - Atotech (NYSE: ATC), a leader in specialty chemicals technology and a leader in advanced electroplating solutions, today released its fourth quarter and full year 2020 financial results and guidance for full year 2021 total organic chemistry sales growth , a key performance indicator for the company, grew 5% in the fourth quarter of 2019 Organic Chemistry sales growth reflects sales growth in Chemistry, excluding the impact of currency translation ("FX") and palladium pass-through ("Palladium ") Management Commentary Geoff Wild, Atotech's Chief Executive Officer, said: “We are very pleased with our fourth quarter performance. We took advantage of the continued strength of our electronics end markets, as well as the ongoing recovery in global automotive markets, to generate strong organic growth in particular the demand for our comprehensive solutions to the technical requirements related to the 5G smartphone replacement cycle, including next generation semiconductor packaging, has been robust. Other strengths include 5G infrastructure, vehicle electrification and the growing demand for sustainable solutions for surface finishing applications " Not only did these secular trends provide a constructive backdrop in the fourth quarter, but they also provided a multi-year opportunity to grow our business, add stake, and deliver strong returns to our shareholders"" Throughout 2020, we continued to invest in our business and make decisions in the long-term interests of our customers, while carefully managing costs. "We completed a new chemical manufacturing facility in China, invested in several digitization initiatives, including IoT Solutions, and our highly qualified staff with customer contact maintained"As we enter this high-growth period in our industry, we believe these decisions have enabled Atotech to capitalize on the many market opportunities that lie ahead. Fourth Quarter 2020 Results Reported total fourth quarter revenue of $ 365 million Organic sales for both chemistry and equipment, which is an increase of 18% over the same period last year, excluding the effects of FX and palladium, rose 9% FX was a tailwind of 4% and palladium increased total sales for the quarter by 5% These strong quarterly results were due to sales growth in organic chemistry of 5%, which was recorded in both the Electronics ("EL") and General Metal Finishing ("GMF") segments fourth quarter to 106 million USD This corresponds to an increase of 5% compared to the same period of the previous year This is due to strong organic chemistry volume growth, stable prices, and the benefits of cost-cutting measures that were partially offset by compensation provisions made in the fourth quarter Adjusted EBITDA margin was 291% in the fourth quarter of 2020, reflecting the impact of the palladium passage , reflecting the chemical and equipment product mix and the impact of compensation accruals Excluding these items, Adjusted EBITDA margin was broadly in line with Q4 2019 thanks to strong cash flow generation, and the company raised $ 80 million of its outstanding Holdco notes in Q4 2020 repay, thus reducing its net debt to 51x adjusted EBITDA for the full year at the end of the year and before the company's IPO proceeds, which was completed in early February, pro forma for the use of the company's IPO proceeds mens, the net leverage is 39x adjusted EBITDA for the full year to the end of the year Highlights of the segment in the fourth quarter of 2020 Electronics: Sales in the fourth quarter of our Electronics segment of 232 million Total organic electronics sales rose 14%, comprised of 7% growth in organic chemistry and a 56% increase in organic equipment sales. Palladium and FX both had 5% tailwinds for the quarter The increase in sales at Organic Electronics was driven by strong demand for the company's leading IC substrates and advanced semiconductor packaging solutions, fueled by worldly trends in the growth of 5G infrastructure and smartphones, as well as the growth of leading consumer electronics, including wearables Trends are also driving strong demand for our devices as our customers actively upgrade to next generation packaging standards and increase manufacturing capacity. Adjusted EBITDA for our Electronics segment was 70 million in the fourth quarter USD This corresponds to an increase of 9% compared to the same period of the previous year, which is mainly due to a strong growth in the chemical volume. Allgemeine Metallveredelung: Sales in our GMF segment of 133 million in the fourth quarter Total organic GMF sales increased 2%, representing a 3% increase in organic chemistry sales that was partially offset by a decrease in organic device sales, while Palladium and FX both increased sales by the quarter 3% or 2% Organic Chemistry sales growth was primarily driven by continued recovery in the global automotive market and solid demand in other industrial end markets.Adjusted EBITDA for our GMF segment was $ 36 million, essentially on a par with the prior year IPO After the end of 2020, the company completed its IPO on May 29268000 common shares priced at $ 17.00 per share on Aug. February 2021 The gross proceeds from the offer to Atotech, before deduction of the subscription discount and the offer costs, amounted to approx 498 million US $ and was used to further repay debt, pay subscription discounts and offer costs Full Year 2021 Guidelines Peter Frauenknecht, Atotech's Chief Financial Officer, said of the company's outlook for 2021: “We expect full year 2021 organic sales growth in the 10% to 12% range, including full year organic chemistry sales growth of 8% to 9% excluding the impact of FX and palladium pass-through. This strong outlook is driven by constructive end markets in both Driven by our Electronics and GMF segments, we expect to leverage this organic growth and achieve full-year Adjusted EBITDA in the range of $ 405 million to $ 425 million for 2021, an increase of 14% over 2020 mid-conference call The company will host a conference call at 8:00 a.m. today Eastern Time to discuss these findings. To participate in the conference call, please dial 1 833-714-3263 (US) or 1 270-823-1866 (International) using Conference ID 3943049 A link to the live audio The webcast and related materials will also be available to investors on the company's website atotechcom Forward-Looking Statement Caution This release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often relate to expected future business and financial performance and financial position and often contain words such as "expect", "anticipate", "intend", "plan", " believe "," seek " "See," "will," "dignity," "aim" and similar expressions and variations or negatives of these words. These forward-looking statements, which involve risks, uncertainties and assumptions about us, may project forecasts of our future financial performance, anticipated growth strategies and expectations Trends contained in our business.These statements are only predictions based on our current expectations and projections of future events.There are important factors that could cause our actual results, level of activity, performance or successes to differ materially from the results, The level of activity, performance, or success expressed or implied in the forward-looking statements may differ, and such differences could be material. We assume no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances Reflect For more information on potential factors that could affect Atotech's financial results, see the “Forward-Looking Statements,” “Risk Factors,” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Atotech's most recent annual report on form 20- F and in other documents that we have filed or have filed with the US The Securities and Exchange Commission and such factors include, but are not limited to, the following: Uncertainty about the extent, duration, geographic reach, impact of the COVID 19 pandemic on the global economy, and current and potential travel restrictions remain and other economic restrictions put in place to remedy this; Uncertainty, downturns and changes in our target markets; Exchange rate fluctuations; lower market adoption and inability to keep up with evolving technologies and trends; Loss of customers; Cost increases or reductions in the supply of raw materials, which could have a significant impact on our business, financial and earnings position; our ability to provide products and services in the face of changing environmental, health and safety regulations, product liability, financial and other laws and regulations; our failure to compete successfully in product development; our ability to successfully implement our growth initiatives, business strategies and operational plans; whether the secular trends that we expect to drive the growth of our business will occur as we expect them to, or at all; Material costs related to environmental, health and safety requirements or liabilities; underfunded defined benefit pension plans; Risk that the insurance we hold may not fully cover all potential risks; Failure to comply with the anti-corruption laws of the United States and various international jurisdictions; Customs duties, border adjustment taxes or other adverse trade restrictions and effects on our customers' value chains; political, economic and legal uncertainties in China, the Chinese government's control over currency conversion and expatriation of funds, and the Chinese government's policies regarding foreign investment in China; Regulations on the manufacture and use of chemical substances that affect our products; the withdrawal of the United Kingdom from the European Union; weak intellectual property rights in countries outside of the United States; Infringement of intellectual property and product liability claims; our substantial indebtedness; Our ability to obtain additional capital on economically reasonable terms may be limited Risks associated with our derivative instruments; our ability to attract, motivate and retain managers and qualified employees; increased risks to our global operations including, but not limited to, political instability, acts of terrorism, taxes, and unexpected changes in regulatory and economic sanctions, among others; Natural disasters that could have a significant impact on our business, financial and earnings position; the inherently dangerous nature of chemical manufacturing, which can lead to accidents that disrupt our operations and expose us to losses or liabilities; Damage to our brand reputation; Carlyle's ability to control our common stock; any statements of faith or statements of belief that are based on any of the foregoing; and other factors beyond our control Non-IFRS Financial Measures This release contains certain non-IFRS financial measures that are intended to supplement the financial information presented in accordance with IFRS because management believes that such measures will be useful to investors in our use of them Non-IFRS financial measures may differ from others in our industry, however.Our non-IFRS financial measures are subject to limitations as an analytical tool and you should not use them in isolation or as an alternative to net income (loss) or other IFRS-derived performance measures as a measure of operating performance , Operational Cash Flow, or Liquidity The Company believes these actions are important to complement discussion and analysis of results of operations and to improve understanding of operational performance. For a reconciliation of non-IFRS financial metrics, see the Appendix About Atotech Atotech is a leading Un Specialty Chemicals Technology Company and Leader in Advanced Electroplating Solutions Atotech delivers chemistry, equipment, software and services for innovative technology applications through an integrated systems and solution approach Atotech solutions are used in a wide variety of end markets including smartphones and other consumer electronics, communications infrastructure and computers as well as many Industrial and consumer applications such as automotive, heavy machinery and household appliances Atotech, headquartered in Berlin, is a team of 4000 experts in over 40 countries with annual sales of USD 1 billion (2020) Atotech has manufacturing facilities in Europe, America and Asia With its established innovative strength and its industry-leading global TechCenter network, Atotech offers groundbreaking solutions combined with unparalleled on-site Support for over 9000 customers worldwide For more information on Atotech, please visit atotechcom Final Tables ATOTECH LIMITED Income Statement Three months ended (unaudited) The year ended (audited) (in millions USD), with the exception of earnings per shareDec 312020 Dec 312019 Dec 312020 Dec 312019 revenue $ 3654 $ 3,104 $ 1.2343 11878 Cost of sales without depreciation (1738) (1280) (5580) (4882) Depreciation (454) (482) (4503) (1701) Selling, general and administrative expenses (721) (719) (2702) (2771) Research and Development costs (176) (113) (544) (512) Restructuring benefit (expenses) (07) 04 (25) (134) Operating profit (loss) 558 513 (1012) 1878 Interest expense (364) (353) (1445) (1489 ) Other income (expense), net 234 (35) 206 235 Income before tax 428 125 (2251) 624 Income tax expense (204) (168) (643) (548) Consolidated net income (loss) $ 22 USD4 (43) $ ( 2894) $ 76 earnings per share (a) basic earnings per share (0) 12) (038) (464) (123) diluted earnings per share (012) (038) (464) (123) (a) reflects the on We refer to Note 6 in our audited financial statements, which is included in our Annual Report on Form 20-F USD) Dec 312020 Dec 312019 Dec 312020 Dec 312019 Consolidated Net Income (Loss) $ 22 $ 4 (43) $ (2894) $ 76 Other Comprehensive Income (Loss) Actuarial Gains and Losses 100 (77) (38) (230) Tax Effect (30) 22 11 68 Items that may not Can be reclassified to the income statement 70 (54) (28) (161) Adjustment of currency conversion 921 655 1149 (206) Security reserve (105) (98) (134) (27) Other 15 (05) 15 (05) Items that may be reclassified to the income statement after taxes 83 831 551 1030 (239) Other comprehensive income (loss), net amount 90 USD2 $ 497 $ 1002 $ (400) Comprehensive loss 112 USD5 $ 453 $ (1892) $ (324) ATOTECH LIMITED Condensed Consolidated Balance Sheets Status (audited) (in millions USD) Dec 31, 2020 Dec 31, 2019Assets Non-current assets Property, plant and equipment USD 3594 $ 3,664 Intangible assets Dec.4710 1.4608 Goodwill 8041 10 464 Rights of use 1041 992 Other financial assets 703 420 Other non-financial assets 27 40 Total long-term assets 28116 3.0189 Current assets 1,454 1,247 Trade receivables * 2,620 2,456 Other financial assets * 249 207 Other non-financial assets * 241 190 Tax credits 464 342 Cash and cash equivalents 3201 3,027 Total current assets 8,229 7,470 Total assets 3634 USD5 $ 3.7658 Liabilities & Equity Equity Common and Preference Shares 1,021 1,021 Net Cash Receipts and Retained Earnings 2,616 5507 Currency Conversion Adjustment and Other Provisions 1,200 198 Total Equity 4,837 6,725 Non-Term Liabilities 2065 USD7 $ 2.1150 Deferred tax liabilities 3408 3401 Employee benefits 1,762 1,561 Provisions 132 222 Lease liabilities 677 640 Other financial liabilities 15 26 Total long-term liabilities 26651 27001 Current liabilities Loans 05 08 Trade liabilities * 2210 1763 Tax liabilities 992 777 Lease liabilities 138 111 Other financial liabilities * 385 315 Other non-financial liabilities * 897 733 Provisions 230 225 Total current liabilities 4858 3932 Total liabilities & equity 3$ 634 $ 3.7658 * For reasons of materiality, the new balance sheet items "Other Non-Financial Assets" and "Other Non-Financial Liabilities" were created, which also resulted in a reclassification of transactions from other financial positions. Please see Note 212 in our audited financial statements in our annual report on Form 20-F ATOTECH LIMITED Consolidated cash flow statement Ending three months (unaudited) End of year (audited) (in millions USD) Dec 312020 Dec 312019 Dec 312020 Dec 312019 Operations Consolidated Net Income (Loss) $ 22 $ 4 (43) $ (2894) $ 76 Adjustments to reconcile net income (loss) to cash flow from operating activities: Depreciation 454 482 4503 1701 Income taxes and changes of long-term provisions 198 132 551 584 (gains) / losses from the sale of assets 06 06 15 (52) Net (gain) / loss from financial instruments at fair value (348) (104) (368) (359) Accrued financial interest costs 336 318 1,289 1,327 Amortization of deferred financing costs including original issue rebates 28 36 156 164 Interest paid (315) (320) (1269) (1330) Taxes paid (218) (212) (706) (848) Other (00) (15) (01 ) (13) (Increase) / decrease in inventories 45 71 (108) (31) (Increase) / decrease in trade receivables (98) (00) (9157) Increase / (decrease) in trade payables 5 53 421 407 489 Changes in other assets and liabilities 108 (85) 125 (304) Cash flow from operating activities 972 687 1606 1348 Investment activities Acquisition of subsidiaries less cash acquired 00 00 (27) (45) Additions to intangible assets and property, plant and equipment (144) (275) (528) (757) Increase in long-term loans (00) 00 (01) (01) Income from the sale of intangible assets and property, plant and equipment 01 28 02 97 Repayments of long-term loans (01) 01 03 03 Cash flow from investing activities (144 ) (246) (550) (703) Financing activities Issuance of long-term debt 01 - 1751 - Repayment of long-term debt (682) (40) (2552) (1158) Increase (decrease) in current loans and bank debts (15) 8) 44 (174 ) (20) Increase (decrease) in current financial assets and liabilities 05 (10) 00 (11) Payment of lease liabilities (40) (44) (153) (159) Payment of deferred financing costs (00) 01 (92) (99) Cash flow from financing activities (875) (50) (1220) (1446) Net loss of cash and cash equivalents (47) 391 (164) (801) Exchange rate effect 243 165 337 (34) Cash and cash equivalents at the beginning of the period 3004 2472 3027 3862 Cash and cash equivalents at the end of the reporting period $ 3201 $ 3027 $ 3201 $ 3027 * For reasons of materiality, the new balance sheet items "Other non-financial assets" and "Other non-financial liabilities" have been created, which also result in a reclassification of transactions from other financial positions Please see note 212 in our audited financial statements in our annual report on Form 20-F ATOTECH LIMITEDRevenue Data Three months ended (unaudited) Year-end (audited) (in millions USD) Dec 31, 2020 Dec Dec 31, 2019 31, 2020 Dec 31, 2019 Type of Goods or Services Chemistry Revenue $ 318 $ 1 2789 $ 11140 $ 10655 Device revenue 473 315 1203 1223 Total revenue from contracts with customers 3654 3104 1.2343 1.1878 Geographic market Asia 2726 2143 8978 8084 Europe 638 650 2322 2542 America 290 311 1043 1252 Total revenue from contracts with customers $ 365 USD4 $ 3104 $ 1.2343 11878 ATOTECH LIMITEDSegment data Three months ended (unaudited) Year ended (audited) Dec. 31, 2020 Dec Dec 31, 2019 31 2020 Dec 31 2019 (in millions USD) ELGMFTotal ELGMFTotalELGMFTotal ELGMFTotalRevenue 232 USD4 $ 1330 $ 3654 $ 1862 $ 1242 $ 3104 $ 7977 $ 4366 $ 1.2343 $ 6829 $ 5049 $ 11878 Of which income from chemistry 1888 1293 3181 1592 1196 2789 6900 4240 1.1140 5962 4693 10655 Of which sales 436 37 473 269 46 315 1077 126 1203 867 356 1223 Segment-adjusted EBITDA 703 360 1063 644 364 1008 2590 1049 3639 2416 1385 3801 ATOTECH LIMITED Reconciliation of adjusted EBITDA to consolidated earnings (loss) Three months ended (unaudited) The year ended (audited ) (in millions USD) Dec 312020 Dec 312019 Dec 312020 Dec 312019Consolidated net income (loss) $ 224 $ (43) $ (2894) $ 76 Interest expense, net 364 350 1420 1481 Income tax 204 169 643 548 Depreciation (excluding impairment) 433 423 1664 1654 EBITDA 1225 898 833 3759 Income from the sale of fixed assets (a) - - - (61) Non-cash adjustments (b) (322) (34) 2507 (102) Foreign exchange loss (c) 116 120 148 (24) Restructuring (d) 07 (03) 25 134 Transaction-related Cost (e) 28 22 76 71 Administration Fee (f) 04 05 27 24 COVID-19 Adjustment (g) 04 - 22 - Adjusted EBITDA $ 106 USD3 $ 1008 $ 3639 $ 3801 of which EL segment Adjusted EBITDA $ 70 USD3 $ 644 $ 2590 $ 2416 of which GMF Segment Adjusted EBITDA 360 364 1049 1385 (a) Eliminates the cash impact of profits on fixed asset sales (b) Eliminates the non-cash effect of (1) stock-based compensation, (2) losses on fixed asset sales , (3) Impairment expenses including those for the 3rd 1 Fiscal year ended December 31, 2020 as a result of the adverse impact of the COVID 19 pandemic on demand for products and services and the resulting impairment testing of GMF goodwill which resulted in an impairment loss of $ 279 million and (4) mark-to-market -Adjustments related to our foreign currency derivatives entered into in connection with certain conversion transactions that are not related to underlying individual transactions and bifurcated embedded derivatives in connection with certain redemption features of the 6250% Senior Notes due 2025 and 875% / 950% Senior PIK Toggle Notes The dollar value of these non-cash adjustments for each period presented above is shown below: Three Months Ended (Unaudited) Year Ended (Audited) (in millions) USD) Dec 312020 Dec 312019 Dec 312020 Dec 312019 Share-based Compensation 0 USD1 $ 01 $ 03 $ 02 Losses on the sale of fixed assets 06 06 15 09 Impairment charges 20 58 2839 47 Mark-to-market adjustments (348) (100) (350) (160) Material adjustments $ (322 ) $ (34) US $ 2507 $ (102) (c) Eliminates net gains and losses on foreign currency transactions on balance sheet items (d) Eliminates fees arising from restructuring activities, mainly from the company's cost-cutting efforts (e) reflects an adjustment to (1) Eliminate fees related to foreign exchange derivatives entered into in connection with the acquisition, (2) professional fees paid to third party advisors in connection with the implementation of strategic initiatives, and (3) IPO costs associated with the Existing Equity (f) Reflects an adjustment to eliminate fees paid to Carlyle The consultancy agreement, subject to management fees to Approx rlyle ends earlier (i) the second anniversary of the IPO and (ii) the date on which Carlyle no longer owns more than ten percent of the Company's outstanding voting securities Management does not consider these fees to be indicative of the operating performance of the company, and the removal of these fees from Adjusted EBITDA is consistent with the calculation of similar measures under our senior secured credit facilities (g) Eliminates fees related to COVID-19, including US $ 1.7 million for masks, disinfectants and others COVID-19-related expenses at certain factory and office locations and $ 0.55 million in expenses incurred during mandatory on-site shutdowns in China, Malaysia, India, and Mexico December 2020 (unaudited) financial year ending 31 December 2020 (verified) ReportedRevenueGrowth Impact of Currency PalladiumPass-Through OrganicGrowth ReportedRevenueGrowth Impact of Currency PalladiumPass-Through OrganicGrowth Electronics25% (5%) (5%) 17% (1%) (9%) 7% General Metal Finishing7% (2%) (3%) 2% (14)% 1% (3%) (16)% Total 18% (4%) (5%) 9% 4% - (6%) (2)% __________________________ 1 Adjusted EBITDA is a non-IFRS financial metric Adjusted EBITDA should be viewed in addition to, but not replace, the information provided under IFRS. A reconciliation of Adjusted EBITDA to the most directly comparable IFRS financial metric is provided in the Reconciliation of Adjusted EBITDA to Consolidated Net Income (Loss ) Due to the high degree of variability and the difficulty of predicting certain items that will affect consolidated net income (loss), including but not limited to income taxes, we are unable to predict the k Consolidated net result (loss) without undue efforts to forecast interest expenses, net and foreign exchange income (loss) CONTACT: Contacts: Paul Goldberg 1 803 504 4731 paulgoldberg @ atotechcom Susanne Richter 49 30 349 85 418 press @ atotechcom
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