- AT&S is a leading high-tech printed circuit board (PCB) company based in Austria with production facilities in Europe and Asia.
- The company is strategically focusing on high-end technologies like HDI PCBs and IC substrates for applications in mobile devices, automotive, industrial, and medical markets.
- AT&S is currently investing €480 million to build a new plant in Chongqing, China that will produce IC substrates and substrate-like PCBs starting in 2016, allowing the company to enter new high-growth market segments.
1. AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben
Tel +43 (0) 3842 200-0 | E-Mail info@ats.net
www.ats.net
AT&S
first choice for advanced applications
Company Presentation
Oktober 2015
3. 2
AT&S – a world leading high-tech PCB company
Megatrend-driven
markets with attractive
growth potential
Entering a new high-end
business segment by
2016
Pure high-end segment play
Technology & quality leader
Largest European PCB
producer
Partner of choice for blue
chip customer base
Balanced industry portfolio
Strong Asian production
footprint with focus on
high volume/low mix
European footprint: high
mix/low volume
Operational excellence:
Outstanding process
know-how, productivity
and efficiency
One of the most profitable
players in the industry:
above industry EBITDA
margins
Strong cash flow generation
Proven long term successful
financial track record
4. AT&S – Key Facts
Strong track record1 Balanced portfolio / Global customer base2
7%
€ in millions
3
Distribution revenue: Business Unit, Q1 2015/16
Distribution revenue: Customer Region, Q1 2015/16
based on sold to party
23%
6%
14%
57%
Germany/Austria
Other European
countries
Asia
Americas
60%
40%
Mobile Devices &
Substrates
Automotive,
Industrial, Medical
488
514
542
590
667
141
194
96 103 102
127
168
29 4647 42 31
54
90
13 24
2010/11 2011/12 2012/13 2013/14 2014/15 Q1
2014/15
Q1
2015/16
Revenue EBITDA EBIT
+5%+5% +9% +13% +38%
Revenue growth
5. 4
Global footprint ensures cost efficiency
European production facilities: high mix/low volume
Asian production facilities: high volume/low mix
Sales network spanning three continents
About ~8,500 employees
Plant Shanghai, China
Staff: ~4,600
Plant Ansan, Korea
Staff: ~300
Plant Nanjangud, India
Staff: ~1,100
Plant Chongqing, China
under construction
Staff: ~1,100
Plant Leoben, Austria
Headquarters
Staff: ~ 900
Plant Fehring, Austria
Staff: ~300
AT&S sales officesAT&S plants
6. 68.0
88.7
120.9
104.5 115.9
-
50,0
100,0
150,0
Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16
72.6 71.7
65.9
72.6 77.8
50,0
60,0
70,0
80,0
Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16
► volatility due to seasonal effects
5
Balanced high-end product portfolio
to level seasonality
Characteristic Selected ApplicationsSegment
1) Based on external revenue € in millions in Q1 2015/16
Mobile Devices &
Substrates
Advanced
Packaging
Selected Market
Leaders
GoPro
Sony
LG
Canon
Qualcomm
Blackberry
Lenovo
Huawei
Samsung
Xiaomi
ZTE
Intel
Apple
► stable business due to longer product life
time
Includes the segment Advanced Packaging (in the
process of being established) as well as group
management and financial activities
Others
(Revenue € in millions)
(Revenue € in millions)
Automotive,
Industrial,
Medical
Revenue
Share1)
Communication
Computing
Automotive:
Lighting, thermal, sensors,
safety, infotainment,
powertrain
Medical:
Patient monitoring,
therapy, diagnostic
Industrial:
Instrumentation &
control, power
solutions, lighting
Consumer
Electronics
Osram
Hella
Siemens
General Electric
Continental
Harmann
EADS
Texas Instruments
ST Microelectronics
Freescale
Semiconductor
RFMD
TDK-Epcos
Qualcomm
60%
40%
8. AT&S Positioning Strategy
Strategic focus on high-end technologies
High-end
HDI PCBs and
IC-Substrates
~30%
High-end technology share > 70%
HDI and Anylayer PCBs, Embedding
Complementary
technology share: <30%
SS, DS, ML,
Flex, RF
Structure of general PCB market – based on technologies
Single-sided (SS), double-sided (DS), multilayer- (ML),
flex and rigid-flex (RF) PCBs
~70%
AT&S Revenue structure in 2014 - based on technologies
7
9. Strategy: Selecting segments and applications
Market segments – selected by AT&S:
Mobile Devices & Substrates Automotive Industrial Medical
Attractive, specific
application growth:
> 10 %
Potential for sustainable
high EBITDA margins :
> 20 %
Technological fit:
dense structures:
35 - 60 micrometer
Criteria for selection
Smartphones, Tablets,
Ultrabooks, Wearables ..
Navigation, Advanced
Driver Assistance
Systems, Infotainment..
Machine-2-Machine
Communication,
Industrial Computer…
Hearing Aids, Patient
Monitoring ..
1 2 3
Specific applications that show attractive, overall growth within our addressed market segments :
8
10. Market-Technology-Strategy
Focus on strategic applications with high growth rates and high technological requirements
Market growth
PCBs
Technology level
Total segment
market
Market
addressed by
AT&S
low
medium
high
Mobile Devices
Mobile
DevicesIndustrial
Automotive
low
medium high
Medical
Industrial
Automotive
Medical
Smartphones
Tablets, Notebooks
Wearables
Navigation
Infotainment
Driver Assistence Systems
Machine-2-Machine
Industrial Computer
Test & Reference
Hearing Aids
Pace Maker
9
11. Source: AT&S; Prismark (2015), JMS (2014), YOLE (2015)
Advanced Packaging represents the “Embedded die – package” forecast.
FC-Substrates represents “FC-BGA” and “FC-CSP” package substrates.
Market per Segments 2014 – 2019 [US$ in millions]
The Total PCB & Substrate Market will reach around
70 bn US $ in 2019
Overall Market development
Market per Technology 2014 – 2019 [US$ in millions]
10
CAGR 4% CAGR 4%
12. 11
Market Player/Position HDI Technology
Source: Prismark, August 2014; NTI CY2013; AT&S Strategy
Market position HDI Technology
Revenue (US$ in millions)
Rank Country Supplier HDI
Non HDI
PCBs
IC-
Substrates
Total
revenue
1 TWN Unimicron 682 671 795 2,148
2 TWN Compeq 538 509 - 1,047
3 AUT AT&S 530 248 - 778
4 KOR SEMCO 480 173 1,212 1,865
5 JPN Ibiden 426 - 1,080 1,506
6 USA TTM 406 962 - 1,368
7 TWN Zhen Ding 343 1,774 - 2,117
8 TWN Tripod 305 1,077 - 1,382
9 KOR DAP 279 21 - 300
10 TWN Unitech 236 304 - 540
13. Automotive growth1)
High-end PCB market outperforms
segment growth
Mobile Phones growth1)
Industrial growth1)
Medical growth1)
12
Other Mobile Devices growth1)
PCB market growth 1)2) HDI market growth1)3)
Source: Prismark May 2015, 1)based on US$ revenue estimates for 2015 vs. 2014 market, 2) Total PCB market of US$ 59.5bn estimates, 3) Total HDI PCB market of US$ 8.2bn estimates.
4) CAGAR 2014-2019
5.2%
IC Substrates growth4)
4.7%
3.1%
2.3%
6.7%
6.4%
5.9%
>10%
~15%
~7%
6.7%
1.3%
1.8%
2.9% ~6%
~5%
14. 13
General Description & Technology Application Areas Customer Base Market Size *
PCBs
PCBs are the interconnection platform for electric,
electronic & mechanical components (such as resistors ,
capacitors, IC’s, connectors; etc.)
Density: Line/ Space > 25micron
Computer, Consumer,
Communication, Automotive
Industrial, Medical
OEM´s
Tier 1
Tier 2
AT&S addresses
a market of
US$ 5.8bn
Substrate-like
PCBs
Substrate-like PCBs are the next evolution of high-end HDI
PCBs with higher density: Line/Space 20-30micron
Wearables and applications of
the “Internet of Things”
OEM’s
Tier 1
Tier 2
Technology in
introduction,
part of High –
end HDI and
Low-end
Substrate
market
* AT&S addresses part of a total market of USD 47.5bn/ source: Global Production Value 2014, Prismark, March 2015
Extended Technology Portfolio starting 2016:
Printed Circuit Boards (PCBs) and IC Substrates
Why AT&S is entering the substrate-like PCB market:
Ongoing miniaturisation and increasing modularisation
Positioning for next technology generation in early stage
15. 14
General Description & Technology Application Areas Customer Base Market Size *
IC Substrates
IC-Substrates serve as interconnection platform with
higher density (Line/Space < 15 micron) between
semiconductors (Chips) & PCBs
High-end processors for
Computer, Communication,
Automotive, Industrial
OEM’s
Semiconductor
Industry
AT&S addresses
a market of
US$ 5.1bn
* AT&S addresses part of a total market of USD 7,6bn/ source: Global Production Value 2014, Prismark, March 2015
Extended Technology Portfolio starting 2016:
Printed Circuit Boards (PCBs) and IC Substrates
Why AT&S is entering the IC Substrate market?
Market demand: “Advanced applications” need high-end microprocessors with increased performance
Technology: „High-end PCB-Technology” and Substrate-Technology for Semiconductors is merging
16. Investment project Chongqing - Overview
15
Location: Chongqing, Central China
Total investment: € 480m in first phase
(until mid 2017)
Expected start-up costs of € 70-90m
(€ 50-60m capitalised)
Expected CAPEX-revenue ratio: mean of 0.9 (at full
expansion)
Expected ramp-up:
> IC Substrates: Beginning of 2016
> Substrate-like PCBs: second half 2016
*at full expansion
Plant I Plant II
Products: IC Substrates Substrate-like PCBs
Capacity: 150,000 sqm/p.a.* 200,000 sqm/p.a.*
17. Layout Chongqing – IC-S & Substrate-like PCBs
Building 1: IC Substrate plant
Specifications:
Clean Room Class < 100
Building 2: Substrate-like PCB plant
Specifications:
Clean Room Class < 10,000 to
< 1,000 in special areas
16
18. (as of 30/06/2015)
Completion of
Infrastructure
Start Equipment
Characterisation
Certification
Start
Training
Start Equipment
Ordering
Plant Lay-out
Product-
Specification
Start of Production up to High Volume
Mass Production
17
Q4 Q1 Q2 Q3
FY 2013/14
Q4 Q1 Q2 Q3
FY 2014/15
Q3
FY 2012/13
Q4 Q1 Q2 Q3
FY 2015/16
Q4 Q1 Q2 Q3
FY 2016/17
Q4
Investment as at 30/06/2015: € 178.5m1)
Characterisations and certification for first line is ongoing
Start of production is scheduled for 2016
Project Status IC Substrates - Chongqing I
1) CAPEX in fixed tangible assets
Start Equipment Installation
19. Substrate-like PCBs are the next evolution of HDI technology, based on ongoing trend for miniaturisation and
modularisation
AT&S addresses next level of technology development and expands leading technology position
Technology synergies: Technology development of SLP takes place in plant Shanghai, first quantities will be
available 2015 out of Shanghai plant; high volume mass production of SLPs expected to start second half of
calendar year 2016 at new plant in Chongqing
Financed by current and future cashflows and existing debt facilities
18
Project status substrate-like PCBs – Chongqing II
Q4
Start Building & Infrastructure
Start of Production up to High Volume Mass Production
Q1 Q2 Q3
FY 2015/16
Q4 Q1 Q2 Q3
FY 2016/17 FY 2017/18
Q1 Q2 Q3 Q4
Equipment Installation
Qualification
20. 19
Driving Future Trends: Internet of Things (IoT) and
Application Structures
Healthcare
Glasses
Wearable Electronics
Smart Mobility Autonomous Driving
Car2Car Communication
Smart City Smart Lighting
Smart Buildings Home/Building Automatisation
Energy Management
Smart Production/Industry 4.0 Automatisation/Robotics
Production Control Systems
Smart Healthcare Connectivity (e.g. online patient
monitoring)
Smart Energy Smart Metering
30-50 billion of „Things“ will be connected in 2020
Wearables market forecast: USD 10 – 60 billion by 2018
Source: IHS, 2013
22. 21
Sound top-line growth, above industry margins
and increasing cash conversion
488
514
542
590
667
141
194
96
103 102
127
168
29
46
19.7%20.1%
18.9%
21.6%
25.1%
21.0%
23.0%
€ in millions
71
87
72
105
144
25
38
Revenue
Y-O-Y growth
Operating Cash Flow
Y-O-Y development
EBITDA and
EBITDA-margin
Continuous growth path up to full
capacity utilisation
Revenue with products out of
Asian production increased from
69% in 2010/11 to 80% in Q1
2015/16
EBITDA increase due to good product
mix, high capacity utilisation and
efficiency and cost programs
EBITDA margin guidance FY 2015/16:
>19% due to impact from ramp-up
Chongqing plant
Operating cash flow generation
driven by strong EBITDA
performance
€ in millions € in millions
23. Regular business
22
Capex & Staff
CAPEX
CAPEX increase reflects technology
investments in existing locations and
investments in Chongqing project (whereof
€ 25.6m).
113
40
90
165
43 40
2011/12 2012/13 2013/14 2014/15 Q1
2014/15
Q1
2015/16
STAFF*
The increased headcount is primarily based on
the Chongqing project.
7,417 7,321
7,027
7,638
8,390
2011/12 2012/13 2013/14 2014/15 Q1 2015/16
123
60954 1,049
* incl. leased personnel, FTE, average for the period(€ in millions)
Employees of project Chongqing
24. Financials Q1 2015/16
23
€ in thousands (unless otherwise
indicated)
01.04.2015 - 30.06.2015 01.04.2014 - 30.06.2014
STATEMENT OF PROFIT OR LOSS
Revenue 194,392 141,310
produced in Asia 80% 75%
produced in Europe 20% 25%
EBITDA 45,518 29,131
EBITDA margin 23.4% 20.6%
EBIT 23,813 13,324
EBIT margin 12.3% 9.4%
Finance costs - net (170) (2,665)
Income Taxes (3,993) (3,080)
Profit for the period 19,650 7,579
Cash Earnings 41.322 23.377
EPS in € (average number of shares
outstanding) 0.50 0.19
EBIT increase of € 10.5m: high revenue and
capacity utilisation and continuous
improvement activities.
Revenue increase of 37.6%:
20.9% from organic growth and 16.7%
from FX effects.
Effective group tax rate: 16.9% vs.
28.9% in Q1 2014/15: last years
number does not consider Shanghai
tax benefit.
Improvement despite slight increase of
interest expenses due to FX gains.
25. 24
Profit for the period and earnings per share
Earnings per share increased by 159.2%
23.3 23.3 23.3
30.8
38.9 38.9 38.9
1.51 1.14 0.62 1.24 1.78
0.19 0.50
-20
-15
-10
-5
0
0
10
20
30
40
50
2010/11 2011/12 2012/13 2013/14 2014/15 Q1
2014/15
Q1
2015/16
Number of shares, average number; in million pcs. Earnings per share; in €
26. Financials Q1 2015/16
25
€ in thousands (unless otherwise
indicated) 30.06.2015 31.03.2015
STATEMENT OF FINANCIAL POSITION
Non-current assets 735,546 712,757
Current assets 507,822 508,055
Equity 601,073 604,358
Non-current liabilities 415,221 413,070
Current liabilities 227,074 203,384
Total assets 1,243,368 1,220,812
Net debt 137,590 130,510
Net gearing 22.9% 21.6%
Net working capital 96,919 95,319
Net working capital per revenues 12.5% 14.3%
Equity ratio 48.3% 49.5%
Increase from profit of the period of
€ 19.6m overcompensated by negative
impact from FX out of translation.
Only slight increase despite high CAPEX due
to significantly improved cash flows from
operating activities.
29. 28
Overview Debt Portfolio Duration
Maturity
€ in millions < 1 Year 1-5 Years > 5 Years Total
Corporate Bond 3.1 99.7 - 102.8
Export Loans
32.0
- - 32.0
Public funds and other - 2.4 1.1 3.5
Bank Borrowings 13.3 220.1 37.4 270.8
Total 30/06/2015 48.4 322.2 38.5 409.1
Total 31/03/2015 46.0 321.6 37.7 405.3
Average debt portfolio duration: 3.6 years (2014/15: 3.8 years)
Average financing costs of 3.4%
177m € of credit lines not utilised
Refinancing 2015/16
30. Financials Q1 2015/16
29
€ in thousands 01.04.2015 – 30.06.2015 01.04.2014 – 30.06.2014)
STATEMENT OF CASH FLOWS
Profit for the period 19,650 7,579
Non cash bearing of profit or loss 25,078 18,416
Changes in Working Capital (7,041) (1,088)
Cash flow from operating activities 37,687 24,907
Cash flow from investing activities (40,331) (42,937)
Cash flow from financing activities 3,320 19,951
Change in cash and cash equivalents 676 1,921
Increase is based on higher business
activities; inventory was reduced.
Increase of € 12.8m creates solid base to
finance most of CAPEX.
Continuous high CAPEX activities to
finalise set up of Chongqing and
continuous upgrades of existing
production facilities.
31. 30
Net Working Capital Management
Net Working Capital Development - € in millions and in % of revenue
92
103
92 95
97
18.0%
19.0%
15.6%
14.3%
12.5%
2011/12 2012/13 2013/14 2014/15 Q1 2014/15
Net Working Capital development Net Working Capital % of revenue
32. AT&S - Stock Profile
Listing: Vienna Stock Exchange,
Prime Standard
Indices: ATX Prime, WBI
ThomsonReuters (A): ATSV.VI
Bloomberg (A): ATS AV
Half year results 2015/16 27 October 2015
3rd Quarter Results 2014/15 28 January 2016
Full year results 2015/16 10 May 2016
22nd Annual General Meeting 07 July 2016
31
Financial Calendar 1 year development / Daily volume
ATX Prime
AT&S
# of shares outstanding 38.85m
Avg. daily volume: 83,790 shares
Performance ytd: + 48.01%
Performance 1 year: + 48.83%
Dividend 2014/15: EUR 0.36/per share
Dividend yield: 2.5%
33. 32
14.9% of Free Float not identified
AT&S – Shareholder structure
34. 33
Outlook FY 2015/16
Provided a stable macroeconomic environment and continuous good
customer demand Management expects an ongoing high level of
capacity utilisation.
On the basis of the organic growth of the first quarter, a business
development at the level of the previous year in the next three
quarters and an average USD-EUR exchange rate of 1.19, the
Management Board has increased the revenue expected for the
financial year 2015/16 to € 725m.
Influenced by the expected costs of the start-up of the new plants in
Chongqing, the EBITDA margin should exceed 19% (guidance at the
beginning of the financial year: 18-20%). This includes an EBITDA
margin in the core business at the level of the previous year.
36. 35
AT&S Product Portfolio
HDI
any-layer printed circuit
boards
HDI microvia printed
circuit boards – high
density interconnect
Multilayer printed
circuit boards
Double-sided printed
circuit boards
IMS printed circuit
boards – insulated
metal substrate
Further technological
enhancement to HDI
microvia: All electrical
connections in HDI any-layer
boards consist of laser-drilled
microvias. Advantage:
further miniaturisation, and
higher performance and
reliability. AT&S produces HDI
any-layer in 4 to 12 layers.
HDI: high
density interconnect,
meaning laser-drilled
connections (microvias).
HDI is first step
towards miniaturisation.
AT&S can produce 4-layer
laser PCBs up to 6-n-6
HDI multi layer PCBs.
Found in almost every area of
industrial electronics. AT&S
produces printed circuit
boards with 4 to 28 layers, in
quantities from individual
prototypes to small batches
and mass production.
Used in all areas of
electronics.
AT&S focuses on double-
sided printed circuit boards
with thicknesses in the range
of 0.1-3.2 mm.
IMS: insulated metal
substrate. Primary function:
heat dissipation for use
mainly with LEDs and power
components.
Production site
Shanghai Shanghai, Leoben Leoben, Nanjangud, Fehring Fehring, Nanjangud Fehring
Applications
Smartphones, Tablets,
Notebooks
Mobile phones and nearly all
electronic applications
including automotive
(navigation, infotainment and
driver assistance systems)
Used in all electronic
applications including touch
panels, and in products
ranging from aircraft to
motorcycles, from storage
power plants to solar arrays
Primarily industrial and
automotive applications
Lighting industry
37. 36
AT&S Product Portfolio
Flexible printed
circuit boards
Semi-flexible printed
circuit boards
Rigid-flex printed
circuit boards
Flexible printed circuit
boards on aluminium
AT&S patented
technologies
Used to replace
wiring and connectors,
allowing for connections
and geometries that are
not possible with rigid
printed circuit boards.
More limited bend radius
than flexible printed circuit
boards. The use of a
standard thin laminate
makes them a cost-effective
alternative.
Combine the
advantages of flexible
and rigid printed circuit
boards, yielding benefits
for signal transmission,
size and stability.
Used when installing LEDs
in car headlights, for
example, where the
printed circuit board is
bonded to an aluminium
heat sink to which the
LEDs are then attached.
Production site
Ansan, Fehring Fehring Leoben, Ansan Ansan
Applications
Nearly all areas of
electronics, including
measuring devices and
medical applications
Automotive applications Industrial electronics,
such as production
machines and industrial
robots
Lighting, automotive,
building lighting
ECP: Embedded
Component Packaging
ECP® is a patented AT&S packaging
technology used to embed
active and passive electronic
components in the inner layers
of a printed circuit board. ECP®
technology is used in
ever smaller, more efficient and
more powerful devices, such
as smartphones, tablets, digital
cameras and hearing aids.
Production site: Leoben
2.5D® Technology
Platform
Combines mechanical and
electronic miniaturisation, and
enables partial reduction of the
thickness of a circuit board.
Advantage: populated assemblies
have a thinner profile.
Can be also used to
make cavities in the printed circuit
board, e.g. for acoustic
channels. Major application
for this technology is the 2.5D®
rigid-flex printed circuit board,
a lower cost alternative for flex-to
install applications.
Production sites:
Leoben, Shanghai
38. Management
37
Andreas Gerstenmayer, CEO
Joined AT&S as CEO in 2010
Previous positions include:
− 18 years of work experience at Siemens, including Managing Director with Siemens Transportation Systems
GmbH Austria and CEO of the Drive Technology business unit in Graz from 2003 to 2008
− Partner at FOCUSON Business Consulting GmbH after leaving Siemens
Education and other positions:
− Member of the Research Council of Styria
− Degree in Production Engineering from Rosenheim University of Applied Sciences
Heinz Moitzi, COO
COO since 2005; with AT&S since 19811)
Previous positions include:
− Various management positions within AT&S
− Measurement engineer with Leoben University of Mining and Metallurgy
Education:
− Degree from Higher Technical College of Electrical Engineering
Karl M. Asamer, CFO
Joined AT&S as CFO in 2014
Previous positions include:
− Managing Director of GEKA Group in Germany
− Managing Director of Sell GmbH in Germany
Education:
− Degree: doctorate in business administration in Linz, Austria
1)He was already with the founding company of AT&S
40. Five core dimensions of sustainability within AT&S
Energy and
carbon footprint
Water
AT&S – a learning
organisationResources
Thinking ahead –
shaping the future
CSR gains importance in long term success
Improving efficiency
Motivated and qualified staff
CSR as a key to sustainable business success
39
The importance of sustainability is rising within:
Authorities
(basis for securing operation licences)
Customers
(relevant for placing orders)
41. AT&S saves CO2 and Water…
40
Sustainability – Figures and Fields of Action
AT&S aims to minimise its
environmental footprint by
reducing the CO2 emissions
per m2 PCB attributable to
production processes by 5%
a year.
AT&S aims to reduce
the Group‘s annual
fresh water
consumption per m2
PCB by 3%.
765.2
834.7
783.9
734.0
2011/12 2012/13 2013/14 2014/15
Freshwater consumption
In liters per sqm weighted PCB
1)
47.4
51.0
50.7
49.0
2011/12 2012/13 2013/14 2014/15
CO2-Footprint
1)
In kg per sqm weighted PCB
1) Since 2012/13 calculation according to EICC standards
before that AT&S internal calculation
43. Disclaimer
42
This presentation is provided by AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, having its headquarter at Fabriksgasse 13, 8700 Leoben, Austria
(“AT&S”), and the contents are proprietary to AT&S and for information only.
AT&S does not provide any representations or warranties with regard to this presentation or for the correctness and completeness of the statements contained therein,
and no reliance may be placed for any purpose whatsoever on the information contained in this presentation, which has not been independently verified. You are
expressly cautioned not to place undue reliance on this information.
This presentation may contain forward-looking statements which were made on the basis of the information available at the time of preparation and on management‘s
expectations and assumptions. However, such statements are by their very nature subject to known and unknown risks and uncertainties. As a result, actual
developments, results, performance or events may vary significantly from the statements contained explicitly or implicitly herein.
Neither AT&S, nor any affiliated company, or any of their directors, officers, employees, advisors or agents accept any responsibility or liability (for negligence or
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