AZ Electronic Mtrls (AZEM) - Interim Management Statement
RNS Number : 4744P
AZ Electronic Materials S.A.
25 October 2012
25 October 2012
AZ ELECTRONIC MATERIALS S.A.
Interim Management Statement
AZ Electronic Materials S.A. ("AZ" or "Group") today publishes its Interim
Management Statement forthe periodfrom1 Julyto24 October 2012. Unless
otherwise indicated, the unaudited financial information, stated in US
dollars, is for the three month period to 30 September 2012 ("Q3"), as
compared to the corresponding period last year.
Summary and outlook
AZ confirms that trading conditions during Q3 were consistent with those
anticipated at the time of our 2012 half-year results, announced on 23 August
2012. Current trading in October shows that overall the business is performing
in line with our expectations, which for the 2012 full year are unchanged.
AZ made solid progress in the period against the backdrop of an uncertain
macroeconomic environment. Group revenue in Q3 increased by 1% year-on-year to
$203.5m (Q3 2011: $202.0m), and on a constant currency basis was up 4% on Q3
2011. Group revenue for the nine months ended 30 September 2012 was $587.1m,
down 1% from the same period last year (flat at constant currencies). The
Group's EBITDA margin in Q3 was in line with our expectations.
Divisional information and financial position
The divisional mix of revenue in Q3 was in line with our expectations.
In the IC Materials division, revenue in Q3 decreased by 3% year-on-year to
$135.4m (Q3 2011: $140.2m), and on a constant currency basis was flat against
Q3 2011. As expected, certain customers in the memory sector undertook modest
wafer capacity reductions in the third quarter, causing some short-term
variation in the pattern of demand for AZ's materials. Revenue for the nine
months ended 30 September 2012 was $401.2m, down 2% from the same period last
year (down 1% at constant currencies).
The Optronics business made good progress in the third quarter of 2012, driven
by improved trading conditions in the global flat panel industry and recent
customer wins in Taiwan and Japan. Revenue in Q3 increased by 11% year-on-year
to $63.2m (Q3 2011: $57.0m), and on a constant currency basis was up 14% on Q3
2011. Revenue for the nine months ended 30 September 2012 was $171.3m, up 3%
from the same period last year (up 4% at constant currencies).
In our Printing and Other division, revenue in Q3 increased by 2% year-on-year
to $4.9m (Q3 2011: $4.8m), and on a constant currency basis was up 14% on Q3
2011. Revenue for the nine months ended 30 September 2012 was $14.6m, down 17%
from the same period last year (down 11% at constant currencies).
Netdebt at30 September 2012 was $305.4m, a reduction of $24.1m since 30 June
2012, reflecting the Group's continuing strong operating cash generation. The
Group retains a healthy financial position with a strong balance sheet. The
Group continues to focus on product innovation and strong cash generation that
will enable it to take full advantage of the long term structural growth of
its end markets.
For further information, please contact:
Majid Nazir, Head of Investor Relations Tel +44 (0) 20 8622 3825
Edward Bridges / Nick Hasell Tel +44 (0) 20 7269 7147
The Company will host a conference call for analysts at 8.30am (BST) today:
Dial-in: +44 (0) 1452 562 815. Please quote "AZ Electronic Materials" to gain
access to the call.
Cautionary statement regarding forward-looking statements
This announcement may contain certain forward-looking statements with respect
to the operations, performance and financial condition of the AZ Group. These
statements are made in good faith and are based on current expectations and
beliefs, as well as assumptions about future events. By their nature, future
events and circumstances can cause results and developments to differ
materially from those anticipated. Except as required by the Listing Rules and
applicable law, the Company undertakes no obligation to update any
forward-looking statements contained in this announcement, whether as a result
of new information, future events or otherwise. Nothing in this announcement
should be construed as a profit forecast or an invitation to deal in the
securities of the Company.
AZ is a leading global producer and supplier of high quality, high-purity
specialty chemical materials, operating in the high growth electronics market.
Its materials are widely used in integrated circuits ("ICs") and devices, flat
panel displays ("FPDs"), light-emitting diodes ("LEDs") and photolithographic
printing. AZ is a critical partner to the leading global electronic players
because our chemical technology allows them to enhance existing processes and
enables them to innovate new products. This is critically important in the
"digital world" where there is increasing global demand and a drive towards
smaller, faster, more powerful and less expensive technology. AZ operates in
10 countries, namely China, India, South Korea, Taiwan, Hong Kong, Japan,
Singapore, the USA, France and Germany. It also has corporate and support
services offices in Luxembourg, the UK and Hong Kong, and employs over 1,000
This information is provided by RNS
The company news service from the London Stock Exchange
IMSMMMZGVDDGZZM -0- Oct/25/2012 06:00 GMT
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