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AT&S Company Presentation March 2016

The document provides an overview of AT&S, a leading high-tech printed circuit board company. Some key points: - AT&S has a global footprint with production facilities in Europe focusing on high mix/low volume and Asia focusing on high volume/low mix. - Their strategy is focused on high-end technologies like HDI PCBs and IC substrates for applications in growing markets like mobile devices, automotive, medical and more. - They are making a major investment in a new plant in Chongqing, China to expand their production of IC substrates and a new segment of substrate-like PCBs. - Financial highlights show continued revenue growth, above industry average EBITDA

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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 March 2016
1 Company Overview Strategy & Market Annex Financials Table of Contents
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
AT&S – Key Facts Strong track record1 Balanced portfolio / Global customer base2 7% € in millions 3 Split revenue: Business Unit, Q1-Q3 2015/16 Split revenue: Customer Region, Q1-Q3 2015/16 based on sold to party 23% 6% 14% 57% Germany/Austria Other European countries Asia Americas 488 514 542 590 667 489 584 96 103 102 127 168 127 140 47 42 31 54 90 71 76 2010/11 2011/12 2012/13 2013/14 2014/15 Q1-Q3 2014/15 Q1-Q3 2015/16 Revenue EBITDA EBIT +5%+5% +9% +13% +19% Revenue growth 60% 40% Mobile Devices & Substrates Automotive, Industrial, Medical
4 Global footprint ensures proximity to supply chain & cost efficiency  European production facilities: high mix/low volume  Asian production facilities: high volume/low mix  Sales network spanning three continents  About ~8,700 employees Plant Shanghai, China Staff: ~4,600 Plant Ansan, Korea Staff: ~300 Plant Nanjangud, India Staff: ~1,200 Plant Chongqing, China under construction Staff: ~1,300 Plant Leoben, Austria Headquarters Staff: ~ 1,000 Plant Fehring, Austria Staff: ~300 AT&S sales officesAT&S plants
► 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% 68.0 88.7 120.9 104.5 115.9 112.2 123.4 Q1 14/15Q2 14/15Q3 14/15Q4 14/15Q1 15/16Q2 15/16Q3 15/16 72.6 71.7 65.9 72.6 77.8 79.5 72.7 Q1 14/15Q2 14/15Q3 14/15Q4 14/15Q1 15/16Q2 15/16Q3 15/16
6 Company Overview Strategy & Market Annex Financials Table of Contents
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
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
9 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
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%
The world is changing – miniaturisation & modularisation as main drivers 11 2003/04 2013 2016 2024 ? Type Mobile Phone Smartphone System in Package All in One PCB 125x55mm 85x20mm 30x30mm 20x20 ? Form Factor 1 0.25 0.13 0.06 ? Line/Space 100/100µm 40/40µm 30/30µm 20/20µm ? Technology 1-n-1 Anylayer Anylayer&Embedding ?
12 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 AT&S’ answer: Extended Technology Portfolio starting 2016 Why AT&S is entering the substrate-like PCB market:  Ongoing miniaturisation and increasing modularisation  Positioning for next technology generation in early stage
13 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 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
Investment Project Chongqing - Overview 14  Location: Chongqing, Central China  Total investment: € 480m in first phase (until mid 2017)  Expected start-up costs of € 110m (€ 90m 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.*
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 15
(as of 31/12/2015) Completion of Infrastructure Start Equipment Characterisation Certification Start Training Start Equipment Ordering Plant Layout Product- Specification Start of Production with first production line up to High Volume Mass Production  16     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 31/12/2015: € 195.6m1)  Certification received on February 23, 2016  Start of production for first production line in 4th quarter 2015/16 (Jan 01 – March 31, 2016)  Starting Q4 2015/16: impact of ramp-up costs Project Status IC Substrates - Chongqing I 1) CAPEX for tangible fixed assets Start Equipment Installation
 Investment as at 31/12/2015: € 45.3m1)  First sample quantities of SLPs are already being produced in plant Shanghai  Infrastructure SLP in Chongqing is being completed, equipment is ordered  Start of production of first production line is scheduled for second half of calendar year 2016 Q4 Start Building & Infrastructure Start of Production with first production line up to High Volume Mass Production Q1 Q2 Q3 FY 2014/15 Q4 Q1 Q2 Q3 FY 2015/16 Q4 Q1 Q2 Q3 FY 2016/17 FY 2017/18 Q1 Q2 Q3 Q4 Equipment Installation Qualification 17 Substrate-like PCBs – Chongqing II (as of 31/12/2015) 1) CAPEX for tangible fixed assets
18 Driving Future Trends in Customer Segments: 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
19 Company Overview Strategy & Market Annex Financials Table of Contents
20 Sound top-line growth, above industry margins and increasing cash conversion 488 514 542 590 667 489 584 96 103 102 127 168 127 140 19.7%20.1% 18.9% 21.6% 25.1% 26.0% 24.0% € in millions 71 87 72 105 144 95 130 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 81% in Q1-Q3 2015/16  EBITDA increase due to good product mix and high capacity utilisation  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
21 Capex & Staff CAPEX CAPEX reflects investments in Chongqing project (whereof € 122.1m) and technology investments in existing locations . 113 40 90 165 130 177 2011/12 2012/13 2013/14 2014/15 Q1-Q3 2014/15 Q1-Q3 2015/16 STAFF* The increased headcount is primarily based on the Chongqing project. 7,417 7,321 7,027 7,638 8,688 2011/12 2012/13 2013/14 2014/15 Q1-Q3 2015/16 123 60954 1,289 * incl. leased personnel, FTE, average for the period(€ in millions) Core business Employees project Chongqing
Financials Q1-Q3 2015/16 22 € in thousands (unless otherwise indicated) 01.04.2015 – 31.12.2015 01.04.2014 – 31.12.2014 STATEMENT OF PROFIT OR LOSS Revenue 584,333 489,416 produced in Asia 81% 79% produced in Europe 19% 21% EBITDA 140,233 127,284 EBITDA margin 24.0% 26.0% EBIT 76,074 70,811 EBIT margin 13.0% 14.5% Finance costs - net (2,664) (4,376) Income Taxes (13,182) (16,097) Profit for the period 60,228 50,338 Cash Earnings 124,292 106,751 EPS in € 1.55 1.29 EBITDA increase of 10.2% based on high capacity utilisation and good product mix; Positive FX effects of € 10.9m included. Revenue increase of 19.4%: 7.6% from organic growth and 11.8% from FX effects. Higher interest expenses overcompensated by higher interest income and capitalised interests for qualified assets EBITDA margin decline in comparison to very high benchmark of 26.0% in Q1-Q3 2014/15
23 Profit for the period and earnings per share  Earnings per share increased by 19.6% 23.3 23.3 23.3 30.8 38.9 38.9 38.9 1.51 1.14 0.62 1.24 1.78 1.29 1.55 -20 -15 -10 -5 0 0 10 20 30 40 50 2010/11 2011/12 2012/13 2013/14 2014/15 Q1-Q3 2014/15 Q1-Q3 2015/16 Number of shares, average number; in million pcs. Earnings per share; in €
Financials Q1-Q3 2015/16 24 € in thousands (unless otherwise indicated) 31.12.2015 31.03.2015 STATEMENT OF FINANCIAL POSITION Non-current assets 836,746 712,757 Current assets 639,343 508,055 Equity 599,649 604,358 Non-current liabilities 548,189 413,070 Current liabilities 328,251 203,384 Total assets 1,476,089 1,220,812 Net debt 192,420 130,510 Net gearing 32.1% 21.6% Net working capital 81,271 95,319 Net working capital per revenue 10.4% 14.3% Equity ratio 40.6% 49.5% Improvement of net income was overcompensated by negative FX effects
25 Financial debt, cash and net debt 212 273 299 372 405 18 31 82 261 274 194 243 217 111 131 2010/11 2011/12 2012/13 2013/14 2014/15 Gross debt Cash Net debt
26 Net debt/EBITDA 2.0 2.3 2.1 0.9 0.8 2010/11 2011/12 2012/13 2013/14 2014/15  Expected multiple in temporary peak of Chongqing investments: < 3.5x
27 Overview Debt Portfolio Duration Maturity € in millions < 1 Year 1-5 Years > 5 Years Total Corporate Bond 82.3 - - 82.3 Export Loans 32.0 - - 32.0 Public funds and other - 2.7 1.4 4.1 Bank Borrowings 16.8 381.9 102.3 501.0 Total 31/12/2015 131.1 384.6 103.7 619.4 Total 31/03/2015 46.0 321.6 37.7 405.3  Average debt portfolio duration: 4.0 years (2014/15: 3.8 years)  Average financing costs of 2.7%  153m € of credit lines not utilised Refinancing 2015/16
Financials Q1-Q3 2015/16 28 € in thousands 01.04.2015 – 31.12.2015 01.04.2014 – 31.12.2014) STATEMENT OF CASH FLOWS Profit for the period 60,228 50,338 Non cash bearing of profit or loss 63,195 65,442 Changes in Working Capital 6,475 (20,406) Cash flow from operating activities 129,898 95,374 Cash flow from investing activities (175,667) (130,433) Cash flow from financing activities 204,117 16,838 Change in cash and cash equivalents 158,348 (18,221) Decrease in Net Working Capital due to improved customer payment term. Continuous planned high CAPEX based on investments in Chongqing and continuous upgrades of existing production facilities.
29 Net Working Capital Management Net Working Capital Development - € in millions and in % of revenue 92 103 92 95 81 18.0% 19.0% 15.6% 14.3% 10.4% 2011/12 2012/13 2013/14 2014/15 Q3 2015/16 Net Working Capital development Net Working Capital % of revenue
AT&S - Stock Profile Listing: Vienna Stock Exchange, Prime Standard Indices: ATX Prime, WBI ThomsonReuters (A): ATSV.VI Bloomberg (A): ATS AV Annual Results 2015/16 10 May 2016 Record Date Annual General Meeting 27 June 2016 22nd Annual General Meeting 07 July 2016 Ex-Dividend Day 26 July 2016 Record Date Dividend 27 July 2016 Dividend Payment Day 28 July 2016 Results for the first quarter 2016/17 28 July 2016 Results for the first half-year 2016/17 03 November 2016 30 Financial Calendar 1 year development / Daily volume ATX Prime AT&S # of shares outstanding 38.85m Avg. daily volume: 78.800 shares Performance ytd: -8.99% Performance 1 year: -9.39% Dividend 2014/15: EUR 0.36/per share Dividend yield: 2.5%
31 14.9% of Free Float not identified AT&S – Shareholder structure
32 Outlook FY 2015/16  Management expects the satisfactory capacity utilisation to continue for the financial year 2015/16 provided that the macroeconomic environment remains stable and customer demand continues at a good level.  On the basis of the organic growth in the first nine months, an expected seasonality in the next three months, management confirms its revenue guidance of EUR 740 million.  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 a similar level of the previous year.
33 Company Overview Strategy & Market Annex Financials Table of Contents
34 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
35 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
Management 36 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
37 Milestones
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 38 The importance of sustainability is rising within:  Authorities (basis for securing operation licences)  Customers (relevant for placing orders)
AT&S saves CO2 and Water… 39 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
Visit: www.ats.net; Twitter @AT&S IR_PR; YouTube AtundS 40 AT&S – first choice for advanced applications IR Contact: Elke Koch Fabriksgasse 13, 8700 Leoben/Austria Tel: +43 3842 200 5925 Mobile: +43 676 8955 5925 Fax: +43 3842 200 15909 e.koch@ats.net www.ats.net
Disclaimer 41 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 otherwise) for any loss whatsoever out of the use of or otherwise in connection with this presentation. AT&S undertakes no obligation to update or revise any forward- looking statements, whether as a result of changed assumptions or expectations, new information or future events. This presentation does not constitute a recommendation, an offer or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute any financial analysis or financial research and may not be construed to be or form part of a prospectus. This presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

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AT&S Company Presentation March 2016

  • 1.
    AT & SAustria 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 March 2016
  • 2.
    1 Company Overview Strategy &Market Annex Financials Table of Contents
  • 3.
    2 AT&S – aworld 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 – KeyFacts Strong track record1 Balanced portfolio / Global customer base2 7% € in millions 3 Split revenue: Business Unit, Q1-Q3 2015/16 Split revenue: Customer Region, Q1-Q3 2015/16 based on sold to party 23% 6% 14% 57% Germany/Austria Other European countries Asia Americas 488 514 542 590 667 489 584 96 103 102 127 168 127 140 47 42 31 54 90 71 76 2010/11 2011/12 2012/13 2013/14 2014/15 Q1-Q3 2014/15 Q1-Q3 2015/16 Revenue EBITDA EBIT +5%+5% +9% +13% +19% Revenue growth 60% 40% Mobile Devices & Substrates Automotive, Industrial, Medical
  • 5.
    4 Global footprint ensuresproximity to supply chain & cost efficiency  European production facilities: high mix/low volume  Asian production facilities: high volume/low mix  Sales network spanning three continents  About ~8,700 employees Plant Shanghai, China Staff: ~4,600 Plant Ansan, Korea Staff: ~300 Plant Nanjangud, India Staff: ~1,200 Plant Chongqing, China under construction Staff: ~1,300 Plant Leoben, Austria Headquarters Staff: ~ 1,000 Plant Fehring, Austria Staff: ~300 AT&S sales officesAT&S plants
  • 6.
    ► volatility dueto 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% 68.0 88.7 120.9 104.5 115.9 112.2 123.4 Q1 14/15Q2 14/15Q3 14/15Q4 14/15Q1 15/16Q2 15/16Q3 15/16 72.6 71.7 65.9 72.6 77.8 79.5 72.7 Q1 14/15Q2 14/15Q3 14/15Q4 14/15Q1 15/16Q2 15/16Q3 15/16
  • 7.
    6 Company Overview Strategy &Market Annex Financials Table of Contents
  • 8.
    AT&S Positioning Strategy Strategicfocus 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 segmentsand 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.
    9 Market Player/Position HDITechnology 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
  • 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.
    The world ischanging – miniaturisation & modularisation as main drivers 11 2003/04 2013 2016 2024 ? Type Mobile Phone Smartphone System in Package All in One PCB 125x55mm 85x20mm 30x30mm 20x20 ? Form Factor 1 0.25 0.13 0.06 ? Line/Space 100/100µm 40/40µm 30/30µm 20/20µm ? Technology 1-n-1 Anylayer Anylayer&Embedding ?
  • 13.
    12 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 AT&S’ answer: Extended Technology Portfolio starting 2016 Why AT&S is entering the substrate-like PCB market:  Ongoing miniaturisation and increasing modularisation  Positioning for next technology generation in early stage
  • 14.
    13 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 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
  • 15.
    Investment Project Chongqing- Overview 14  Location: Chongqing, Central China  Total investment: € 480m in first phase (until mid 2017)  Expected start-up costs of € 110m (€ 90m 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.*
  • 16.
    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 15
  • 17.
    (as of 31/12/2015) Completionof Infrastructure Start Equipment Characterisation Certification Start Training Start Equipment Ordering Plant Layout Product- Specification Start of Production with first production line up to High Volume Mass Production  16     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 31/12/2015: € 195.6m1)  Certification received on February 23, 2016  Start of production for first production line in 4th quarter 2015/16 (Jan 01 – March 31, 2016)  Starting Q4 2015/16: impact of ramp-up costs Project Status IC Substrates - Chongqing I 1) CAPEX for tangible fixed assets Start Equipment Installation
  • 18.
     Investment asat 31/12/2015: € 45.3m1)  First sample quantities of SLPs are already being produced in plant Shanghai  Infrastructure SLP in Chongqing is being completed, equipment is ordered  Start of production of first production line is scheduled for second half of calendar year 2016 Q4 Start Building & Infrastructure Start of Production with first production line up to High Volume Mass Production Q1 Q2 Q3 FY 2014/15 Q4 Q1 Q2 Q3 FY 2015/16 Q4 Q1 Q2 Q3 FY 2016/17 FY 2017/18 Q1 Q2 Q3 Q4 Equipment Installation Qualification 17 Substrate-like PCBs – Chongqing II (as of 31/12/2015) 1) CAPEX for tangible fixed assets
  • 19.
    18 Driving Future Trendsin Customer Segments: 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
  • 20.
    19 Company Overview Strategy &Market Annex Financials Table of Contents
  • 21.
    20 Sound top-line growth,above industry margins and increasing cash conversion 488 514 542 590 667 489 584 96 103 102 127 168 127 140 19.7%20.1% 18.9% 21.6% 25.1% 26.0% 24.0% € in millions 71 87 72 105 144 95 130 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 81% in Q1-Q3 2015/16  EBITDA increase due to good product mix and high capacity utilisation  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
  • 22.
    21 Capex & Staff CAPEX CAPEXreflects investments in Chongqing project (whereof € 122.1m) and technology investments in existing locations . 113 40 90 165 130 177 2011/12 2012/13 2013/14 2014/15 Q1-Q3 2014/15 Q1-Q3 2015/16 STAFF* The increased headcount is primarily based on the Chongqing project. 7,417 7,321 7,027 7,638 8,688 2011/12 2012/13 2013/14 2014/15 Q1-Q3 2015/16 123 60954 1,289 * incl. leased personnel, FTE, average for the period(€ in millions) Core business Employees project Chongqing
  • 23.
    Financials Q1-Q3 2015/16 22 €in thousands (unless otherwise indicated) 01.04.2015 – 31.12.2015 01.04.2014 – 31.12.2014 STATEMENT OF PROFIT OR LOSS Revenue 584,333 489,416 produced in Asia 81% 79% produced in Europe 19% 21% EBITDA 140,233 127,284 EBITDA margin 24.0% 26.0% EBIT 76,074 70,811 EBIT margin 13.0% 14.5% Finance costs - net (2,664) (4,376) Income Taxes (13,182) (16,097) Profit for the period 60,228 50,338 Cash Earnings 124,292 106,751 EPS in € 1.55 1.29 EBITDA increase of 10.2% based on high capacity utilisation and good product mix; Positive FX effects of € 10.9m included. Revenue increase of 19.4%: 7.6% from organic growth and 11.8% from FX effects. Higher interest expenses overcompensated by higher interest income and capitalised interests for qualified assets EBITDA margin decline in comparison to very high benchmark of 26.0% in Q1-Q3 2014/15
  • 24.
    23 Profit for theperiod and earnings per share  Earnings per share increased by 19.6% 23.3 23.3 23.3 30.8 38.9 38.9 38.9 1.51 1.14 0.62 1.24 1.78 1.29 1.55 -20 -15 -10 -5 0 0 10 20 30 40 50 2010/11 2011/12 2012/13 2013/14 2014/15 Q1-Q3 2014/15 Q1-Q3 2015/16 Number of shares, average number; in million pcs. Earnings per share; in €
  • 25.
    Financials Q1-Q3 2015/16 24 €in thousands (unless otherwise indicated) 31.12.2015 31.03.2015 STATEMENT OF FINANCIAL POSITION Non-current assets 836,746 712,757 Current assets 639,343 508,055 Equity 599,649 604,358 Non-current liabilities 548,189 413,070 Current liabilities 328,251 203,384 Total assets 1,476,089 1,220,812 Net debt 192,420 130,510 Net gearing 32.1% 21.6% Net working capital 81,271 95,319 Net working capital per revenue 10.4% 14.3% Equity ratio 40.6% 49.5% Improvement of net income was overcompensated by negative FX effects
  • 26.
    25 Financial debt, cashand net debt 212 273 299 372 405 18 31 82 261 274 194 243 217 111 131 2010/11 2011/12 2012/13 2013/14 2014/15 Gross debt Cash Net debt
  • 27.
    26 Net debt/EBITDA 2.0 2.3 2.1 0.9 0.8 2010/11 2011/122012/13 2013/14 2014/15  Expected multiple in temporary peak of Chongqing investments: < 3.5x
  • 28.
    27 Overview Debt PortfolioDuration Maturity € in millions < 1 Year 1-5 Years > 5 Years Total Corporate Bond 82.3 - - 82.3 Export Loans 32.0 - - 32.0 Public funds and other - 2.7 1.4 4.1 Bank Borrowings 16.8 381.9 102.3 501.0 Total 31/12/2015 131.1 384.6 103.7 619.4 Total 31/03/2015 46.0 321.6 37.7 405.3  Average debt portfolio duration: 4.0 years (2014/15: 3.8 years)  Average financing costs of 2.7%  153m € of credit lines not utilised Refinancing 2015/16
  • 29.
    Financials Q1-Q3 2015/16 28 €in thousands 01.04.2015 – 31.12.2015 01.04.2014 – 31.12.2014) STATEMENT OF CASH FLOWS Profit for the period 60,228 50,338 Non cash bearing of profit or loss 63,195 65,442 Changes in Working Capital 6,475 (20,406) Cash flow from operating activities 129,898 95,374 Cash flow from investing activities (175,667) (130,433) Cash flow from financing activities 204,117 16,838 Change in cash and cash equivalents 158,348 (18,221) Decrease in Net Working Capital due to improved customer payment term. Continuous planned high CAPEX based on investments in Chongqing and continuous upgrades of existing production facilities.
  • 30.
    29 Net Working CapitalManagement Net Working Capital Development - € in millions and in % of revenue 92 103 92 95 81 18.0% 19.0% 15.6% 14.3% 10.4% 2011/12 2012/13 2013/14 2014/15 Q3 2015/16 Net Working Capital development Net Working Capital % of revenue
  • 31.
    AT&S - StockProfile Listing: Vienna Stock Exchange, Prime Standard Indices: ATX Prime, WBI ThomsonReuters (A): ATSV.VI Bloomberg (A): ATS AV Annual Results 2015/16 10 May 2016 Record Date Annual General Meeting 27 June 2016 22nd Annual General Meeting 07 July 2016 Ex-Dividend Day 26 July 2016 Record Date Dividend 27 July 2016 Dividend Payment Day 28 July 2016 Results for the first quarter 2016/17 28 July 2016 Results for the first half-year 2016/17 03 November 2016 30 Financial Calendar 1 year development / Daily volume ATX Prime AT&S # of shares outstanding 38.85m Avg. daily volume: 78.800 shares Performance ytd: -8.99% Performance 1 year: -9.39% Dividend 2014/15: EUR 0.36/per share Dividend yield: 2.5%
  • 32.
    31 14.9% of FreeFloat not identified AT&S – Shareholder structure
  • 33.
    32 Outlook FY 2015/16 Management expects the satisfactory capacity utilisation to continue for the financial year 2015/16 provided that the macroeconomic environment remains stable and customer demand continues at a good level.  On the basis of the organic growth in the first nine months, an expected seasonality in the next three months, management confirms its revenue guidance of EUR 740 million.  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 a similar level of the previous year.
  • 34.
    33 Company Overview Strategy &Market Annex Financials Table of Contents
  • 35.
    34 AT&S Product Portfolio HDI any-layerprinted 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
  • 36.
    35 AT&S Product Portfolio Flexibleprinted 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
  • 37.
    Management 36 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
  • 38.
  • 39.
    Five core dimensionsof 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 38 The importance of sustainability is rising within:  Authorities (basis for securing operation licences)  Customers (relevant for placing orders)
  • 40.
    AT&S saves CO2and Water… 39 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
  • 41.
    Visit: www.ats.net; Twitter@AT&S IR_PR; YouTube AtundS 40 AT&S – first choice for advanced applications IR Contact: Elke Koch Fabriksgasse 13, 8700 Leoben/Austria Tel: +43 3842 200 5925 Mobile: +43 676 8955 5925 Fax: +43 3842 200 15909 e.koch@ats.net www.ats.net
  • 42.
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