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AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
AT&S
First choice for advanced applications
Investor and Analyst Presentation
February 2019
Investor and Analyst Presentation 1
Table of Contents
Company Overview
Market & Strategy
Financials
Outlook
Annex
Investor and Analyst Presentation 2
AT&S – a world leading high-tech PCB & IC substrates company
High-end interconnect solutions
for
Mobile Devices, Automotive, Industrial,
Medical Applications and Semiconductor
Industry
Outperforming
market growth
over the last
decade
€ 1bn
revenue in
FY 2017/18
Among top 10
PCB producers
worldwide*
# 3
in high-end technology
worldwide*
10,000
Employees**
Efficient global production
footprint with
6
plants in Europe and Asia
* For CY 2017
Source: N.T. Information Ltd (July 2018); Prismark
** For AT&S FY 2017/18
Investor and Analyst Presentation 3
Investment highlights
Leading provider of high-end technologies and applications
• Highly advanced position in miniaturisation and modularisation
• Technology advantage at mSAP due to timely extension of the IC substrates technology
Successful industrialisation of leading-edge technologies combined with highest quality
• Outstanding process know-how, productivity and efficiency
Long-standing customer relationships with technology and market leaders
Solid balance sheet with strengthened equity ratio of 46.5% in 2017/18
• Attractive dividend policy
Market outperformance and high profitability
• AT&S 5Y CAGR of 12.9% vs PCB and substrates market rate of 0.6%
• Above industry average EBITDA margin 20 – 25%
• Strong cash flow generation and therefore improved internal financing capabilities
Investor and Analyst Presentation 4
Market Segments & Product Applications
Computer,
Communications,
Consumer Appliances
Smartphones, Tablets,
Wearables, Ultrabooks,
Cameras
Industrial
Machine-2-Machine
Communication,
Robots, Industrial
Computer,
X2X Communication
Automotive
Advanced Driver
Assistance Systems,
Emergency-Call, X2X
Communication
Medical
Patient
Monitoring, Hearing Aids,
Pacemaker,
Neurostimulation, Drug
Delivery, Prosthesis
IC substrates
High Performance
Computer, Microserver
Segment Mobile Devices & Substrates Segment Automotive, Industrial, Medical
Investor and Analyst Presentation 5
AT&S – Key Facts
590
667
763
815
992
766 790
127
168 168
131*
226
190 221
54
90 77*
7*
90
89 122
2013/14 2014/15 2015/16 2016/17 2017/18 Q1-3
2017/18
Q1-3
2018/19
Revenue EBITDA EBIT
+3%
Strong growth track record1 Balanced portfolio/Global customer base2
7%
+13%
+14%
+7%
€ in millions
*Based on ramp-up effects for new plants in China
** Figures in parentheses refer to same period last year
Revenue growth
+22%
Revenue split by segment: Q1-3 2018/19**
Revenue split by customer: Q1-3 2018/19**
(based on customer’s headquarters)
5
68% (67%)
32% (33%)
Mobile Devices & Substrates
Automotive, Industrial,
Medical
67% (63%)
19% (21%)
7% (10%)
7% (6%)
Americas
Germany/Austria
Asia
Other European countries
Investor and Analyst Presentation 6
Global footprint ensures proximity
to supply chain & cost efficiency
973* 406* 1,217* 2,369* 4,510* 293*
Shanghai
China
Ansan
Korea
Chongqing
China
Leoben, Headquarters
Austria
Fehring
Austria
Nanjangud
India
AT&S plant & sales office
AT&S sales office
AT&S Headquarters
*Staff, Average, FTE, Q1-3 2018/19; 74 employees in other locations
Investor and Analyst Presentation 7
Table of Contents
Company Overview
Market & Strategy
Financials
Outlook
Annex
Investor and Analyst Presentation 8
PCB & IC substrates market – Overview
15.3 15.8
18.6 19.9
8.3
9.0
5.5
5.9
3.9
4.22.5
2.65.6
5.9
2018 2020
IC Substrates
Military/Aerospace
Industrial/Medical
Automotive
Consumer
Communication
Computing
3.0%
3.9%
4.3%
1.8%
3.5%
2.3%
59.7
63.4
Forecast for the total PCB & IC substrates market
until 2020: CAAGR of 3.1%
2.8%
USD in billions
8
Source: Prismark, February 2018; Yole, March 2018
IC substrates
− Cloud computing drives data center expansions
− Strong increase in server investments drives AT&S high-value IC substrate
business
Automotive
− Despite a temporary slowdown, future AT&S PCB business is strongly
driven by autonomous driving (e.g. RADAR, LIDAR, cameras, …), vehicle-to-
X communication modules and power module PCBs for electrification of
vehicles
Consumer
− Market trend towards wireless connectivity of smart devices enabling IoT
drives the need for high-end PCBs and substrates for module applications
Communication
− Despite a short-term slowdown and expected flat development in 2019
smartphone unit sales, high-end PCB demand for mainboards and modules
will grow
− AI processors (e.g. voice and imaging data analysis) and enhanced wireless
connectivity and sensors are expected to increase demand for PCBs and
substrates
Investor and Analyst Presentation 9
Strategic focus on high-end technologies
AT&S Revenue structure in FY 2017/18 – based on technologies
High-end
HDI PCBs and
IC substrates
~ 30%
Single-sided (SS), double-sided (DS), multilayer- (ML),
flex and rigid-flex (RF) PCBs
~ 70%
High-end technology share > 75%
HDI and any-layer PCBs,
Embedding, IC Substrates
Complementary technology
share: < 25%
SS, DS, ML,
Flex, RF
Structure of general PCB market – based on technologies
Source: Prismark PCB Report 2Q17/ August 2017; AT&S Controlling
Investor and Analyst Presentation 10
Future positioning
as leading high-end interconnect solutions provider
Core business
New technologies
and interconnect
solutions
Extended technology
toolbox
Additional customers
Additional applications
Broader positioning in the
value chain
+
MorethanAT&S
Overview of the transformation from a high-end
PCB manufacturer to a high-end interconnect
solutions provider:
Investor and Analyst Presentation 11
Medium-term strategy – More than AT&S
AT&S outperformed a flat market in the past 6 years
− by scaling high-end any-layer technology
− by leveraging HDI technology to the Computer-, Consumer-,
Automotive-, Industrial and Medical market
Positioning as a leading high-end interconnect provider
100.8 103.2 96.4 94.6 10…
108.9
123.1
140.8
150.4
183.0
60
100
140
180
220
260
300
2012* 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e
PCB & substrates market AT&S revenue
276.8
120.53.0% p.a.
8.6% p.a.
*Index (2012 = 100)
2012: PCB & substrates market: USD 55.7bn; AT&S revenue: € 542m
Source: AT&S, Prismark (February 2018), Yole (March 2018)
Path of value-added growth will be pursued
consistently
Focus on leading position in terms of technology,
quality and results
New revenue target of € 1.5 billion
EBITDA margin of 20 to 25%
Investor and Analyst Presentation 12
From vision to strategy
Targets/Key Performance
Indicators
Strategy
Expansion of technology leadership
• Leading provider of new interconnect solutions
• Innovation revenue rate: > 20%
Focus on high-end technologies and applications
Focus on innovative solutions “More than AT&S”
Medium-term profitable growth
• Medium-term revenue target of € 1.5 billion
• Medium-term EBITDA margin target of 20-25%
Focus on fast-growing and profitable applications
Highest service level and customer orientation
Operational excellence
Focus on cash flow generation
Creation of shareholder value
• Long-term ROCE ≥ 12%
Sustainable business development with focus on ROCE
Transparent dividend payout
Vision:
“First choice
for advanced
application”
Sustainable Management
• Fulfill and further develop standards in the area
of quality, environment, health & safety…
Active Human resource development
Committed to highest business ethics
Investor and Analyst Presentation 13
Market Player/Position HDI Technology (high end segment)
Market position HDI Technology (2017)
Revenue (USD in millions) 1)
Rank Supplier Country/Region mSAP IC Substrates HDI Non HDI PCBs Total revenue
1 Compeq TWN 898 880 1,778
2 TTM USA 837 1,750 2,658
3 AT&S AUT 794 325 1,119
4 Unimicron TWN 781 489 2,240
5 Tripod TWN 361 1,053 1,510
6 Meiko JPN 341 606 947
7 Unitech TWN 319 279 598
8 Zhen Ding TWN 298 3,290 3,588
9 Korea Circuit KOR 288 236 524
10 DAP KOR 268 - 2682)
Source: AT&S Market Intelligence
1) Prismark 718.3/044skc; published 2018
2) NTI-100/2017; published 2018
Investor and Analyst Presentation 14
Market trends
Miniaturization and modularization still the main trends
14
Source: Yole , AT&S AG (2018)
Investor and Analyst Presentation 15
Driving the industry
Miniaturization & modularization
?
2003/04 2013 2017 202X
TYPE Mobile Phone Smartphone Smartphone All in One
PCB 125x55mm 85x20mm 80x20mm 25x25mm?
FORM FACTOR 1 0.25 0.23 0.06?
LINE/SPACE 100/100µm 40/40µm 30/30µm 10/10µm
TECHNOLOGY 1-n-1 Any-layer mSAP – Any-layer FO/SAP/mSAP
Investor and Analyst Presentation 16
R&D as the key for technological leadership
International
R&D Partners
As of FY 2017/18 (ended 31/03/2018)
* Revenue generated with products with new, innovative technologies introduced to the market within the last three years
R&D
Headquarters
Austria
Industrialization at the respective
production site
6.6%
R&D Quota
(equivalent to € 65.8 million)
40.4%
Innovation Revenue Rate *
International
R&D Partners
258
Patents
Investor and Analyst Presentation 17
Table of Contents
Company Overview
Market & Strategy
Financials
Outlook
Annex
Investor and Analyst Presentation 18
Key highlights
Revenue growth and excellent profitability in the first nine months
− Well diversified product, technology and customer portfolio ensures positive business development
− Very good demand for IC substrates
− Good development in Medical & Healthcare
− Weaker demand for mobile devices, especially in the last quarter
− Supply constraints in key components are slowing down demand in Automotive and Industrial
− Temporary reduced demand for automotive PCBs
Revenue slightly grows to € 790.1 mn
EBITDA increases to € 220.5 mn
Successful positioning in the high-frequency product area
18
Investor and Analyst Presentation 19
280.2
225.9 222.1
294.8
273.3
765.9
790.1
85.9
35.7 52.0
86.3 82.2
190.3
220.5
Q3 2017/18Q4 2017/18Q1 2018/19Q2 2018/19Q3 2018/19 Q1-3
2017/18
Q1-3
2018/19Revenue EBITDA and margin
29.3%30.7% 23.4%15.8% 30.1% 24.8% 27.9%
Revenue and EBITDA development
€ in millions
Revenue split by segment: Q1-3 2018/19
Revenue split by region*: Q1-3 2018/19
19
68% (67%)
32% (33%)
Mobile Devices & Substrates
Automotive, Industrial,
Medical
67% (63%)
19% (21%)
7% (10%)
7% (6%)
Americas
Germany/Austria
Asia
Other European countries
19
Revenue: YoY: +3.2%: Good demand for IC substrates and in Medical & Healthcare
EBITDA: YoY: +15.9%: Efficiency improvements and absence of start-up costs in Chongqing
*based on customer’s headquarters; figures in parentheses refer to same
period last year
Investor and Analyst Presentation 20
Business Development – Mobile Devices & Substrates
199.6
137.2 137.8
208.9
186.5
75.0
23.7
39.3
71.9 66.1
Q3 2017/18 Q4 2017/18 Q1 2018/19 Q2 2018/19 Q3 2018/19
Revenue EBITDA
Actually weaker demand for mobile devices
Revenue negatively impacted by FX effects
Absence of start-up costs from Chongqing
Improved product portfolio for IC substrates
Successfully implemented efficiency and
productivity improvement measures
€ in millions (unless
otherwise indicated)
Q1-3 2017/18 Q1-3 2018/19 Change in %
Revenue 580.0 601.5 3.7%
Revenue with external
customers 510.8 533.2 4.4%
EBITDA 155.3 177.2 14.1%
EBITDA margin 26.8% 29.5%
€ in millions; * Revenue with external customers
Revenue* and EBITDA
Investor and Analyst Presentation 21
79.3
87.7 83.3 84.3 85.0
9.3
14.5 12.0 12.4 13.9
Q3 2017/18 Q4 2017/18 Q1 2018/19 Q2 2018/19 Q3 2018/19
Revenue EBITDA
Business Development – Automotive, Industrial, Medical
Medical & Healthcare with high demand
Temporarily lower demand in the car
industry
Supply constraints in key components are
slowing demand in Automotive and
Industrial
EBITDA margin improved due to product mix,
positive FX effects offset decline in volumes
€ in millions (unless
otherwise indicated)
Q1-3 2017/18 Q1-3 2018/19 Change in %
Revenue 270.8 270.6 -0.1%
Revenue with external
customers 251.6 252.7 0.4%
EBITDA 32.3 38.3 18.4%
EBITDA margin 11.9% 14.1%
Revenue* and EBITDA
€ in millions; * Revenue with external customers
Investor and Analyst Presentation 22
Net CAPEX
€ in millions
90.3
164.8
254.3
240.7
141.7
124.6
63.2
2013/14 2014/15 2015/16 2016/17 2017/18 Q1-3
2017/18
Q1-3
2018/19
Investor and Analyst Presentation 23
Financials Q1-3 2018/19
IC substrates and Medical & Healthcare with
good demand
Negatively impacted by FX development
Better product mix
Efficiency and productivity gains
Absence of start-up costs from Chongqing
Other result positively impacted by FX
development
Lower interest net-expenses
Positive FX effects
Tax scheme in Shanghai considered
€ in thousands (unless otherwise stated)
Q1-3 2017/18 Q1-3 2018/19
Change
YoY
STATEMENT OF PROFIT OR LOSS
Revenue 765,900 790,114 3.2%
produced in Asia 85% 86% 1pp
produced in Europe 15% 14% (1pp)
EBITDA 190,276 220,475 15.9%
EBITDA margin 24.8% 27.9% 3.1pp
EBIT 88,801 121,528 36.9%
EBIT margin 11.6% 15.4% 3.8pp
Finance costs – net (11,283) (2,583) 77.1%
Income taxes (29,742) (26,689) 10.3%
Profit for the period 47,776 92,256 93.1%
Earnings per share € 1.21 € 2.21 93.1%
Investor and Analyst Presentation 24
Financials Q1-3 2018/19
Increase mainly due to higher profit
Negatively impacted by FX effects
Seasonal effects and impact of IFRS 15
triggered increase in accounts receivables
Increase in cash, financial assets and accounts
receivables
Issue of a promissory note led to higher total
assets and therefore lower equity ratio
€ in thousands (unless otherwise stated)
31 Mar 2018 31 Dec 2018 Change
STATEMENT OF FINANCIAL
POSITION
Non-current assets 944,267 848,158 (10.2%)
Current assets 586,172 970,043 65.5%
Equity 711,391 780,450 9.7%
Non-current liabilities 515,276 744,879 44.6%
Current liabilities 303,772 292,872 (3.6%)
Total assets 1,530,439 1,818,201 18.8%
Net debt 209,237 136,701 (34.7%)
Net gearing 29.4% 17.5% (11.9pp)
Net working capital 72,437 155,790 >100%
Net working capital per revenue 7.3% 14.8% 7.5pp
Equity ratio 46.5% 42.9% (3.6pp)
Issue of a promissory note
Investor and Analyst Presentation 25
Financials Q1-3 2018/19
Thereof CAPEX (€ 63mn) and temporary net
investment in financial assets (€ 192mn)
Based on improved operating cash flow and
lower CAPEX needs
Issue of a promissory note
Repayments of borrowings
€ in thousands
Q1-3 2017/18 Q1-3 2018/19
Change
YoY
STATEMENT OF CASH FLOWS
Operating result (EBIT) 88,801 121,528 36.9%
Paid/received interests (10,446) (5,595) 46.4%
Paid taxes (14,697) (25,674) (74.7%)
Non cash bearing of profit or loss 106,648 88,829 (16.7%)
Cash flow from operating activities
before changes in working capital
170,305 179,088 5.2%
Changes in working capital (49,293) (25,878) 47.5%
Cash flow from operating activities 121,012 153,210 26.6%
Cash flow from investing activities (246,612) (255,694) (3.7%)
Cash flow from financing activities 135,419 200,984 48.4%
Change in cash and cash equivalents 9,819 98,500 >100%
Operating free cash flow1)
(3,631) 89,966 >100%
Free cash flow2)
(125,600) (102,484) 18.4%
1)
Cash flow from operating activities minus Net CAPEX
2)
Cash flow from operating activities minus cash flow from investing activities
Investor and Analyst Presentation 26
Table of Contents
Company Overview
Market & Strategy
Financials
Outlook
Annex
Investor and Analyst Presentation 27
IC substrates
for mobile
2-4 layers
IC substrates
for PC, server
4-6 layers
IC substrates for AI
/ self driving car
10-20 layers
Global data traffic drives the need for processor ICs for servers (annual growth of 6%) supporting cloud computing
Autonomous driving, robotics and various smart consumer applications drive the need for Artificial Intelligence
requiring new AI Processors and Memories
− ~6% CAGR for ABF substrate market segment (~$ 2.8bn by 2021) served by AT&S
More complex applications like AI require higher layer counts and substrate sizes
Technology development for High Performance Computing
Artificial Intelligence and Servers drive the need for advanced substrates
Legend:
AI … Artificial Intelligence
GPU … Graphics Processing Unit (IC)
HBM … High Bandwidth Memory
Source: Techsearch, Prismark, Amkor, Intel
Investor and Analyst Presentation 28
Future-oriented investment in new technology development
On track to become one of the worldwide leading interconnect solutions provider
Mega trends such as connected systems, autonomous driving or artificial intelligence require higher data rates
and volumes as well as high performance density
Global data traffic increases at ~50% annually
Good opportunity for AT&S to initiate the next step in technology development
Second phase of expansion at plant 1 in Chongqing with an investment volume of up to € 160 million
− Stepwise technology implementation in the next two to three years
Investor and Analyst Presentation 29
Outlook for 2018/19
Guidance for the financial year 2018/19
− Based on the accumulated revenue development in the current financial year, the current market
development and the projection for the remaining months
− Revenue growth of around 3% (previously up 6 to 8%)
− EBITDA margin in the range of 24 to 26% confirmed
Due to later cash-effective investments for the second phase in plant 1 in Chongqing total CAPEX for
2018/19 expected in the range of € 100 to 120 million
Investor and Analyst Presentation 30
Table of Contents
Company Overview
Market & Strategy
Financials
Outlook
Annex
Investor and Analyst Presentation 31
AT&S – Stock Profile
Listing: Vienna Stock Exchange,
Prime Standard
Indices: ATX, Vönix, WBI
Thomson Reuters (A): ATSV.VI
Bloomberg (A): ATS:AV
Annual Results 2018/19 07 May 2019
Annual General Meeting 04 July 2019
Ex-Dividend Day 23 July 2019
Financial Calendar Shareholder structure
# of shares outstanding 38.85m
Average daily volume*: ~ 137,000 shares
Performance 1 year*: -30%
Dividend 2017/18: € 0.36 per share
* 01/02/2018 – 31/01/2019
Investor and Analyst Presentation 32
Headcount*
* incl. contractors, FTE, average for the period
7,027
7,638
8,759
9,526
9,981 10,039
9,842
2013/14 2014/15 2015/16 2016/17 2017/18 Q1-3 2017/18 Q1-3 2018/19
Investor and Analyst Presentation 33
Key credit figures
299
372
405
523
593
540
82 261 274 260 212 331
217
111
131
263
381
209
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Gross debt Financial assets and cash Net debt
0.9 0.8
1.6
2.9
0.9
2013/14 2014/15 2015/16 2016/17 2017/18
Target: < 3x
Net debt/EBITDA
Net debt decrease based on lower net capex
(Chongqing phase I finished) & Hybrid bond issue
€ in millions
Gross debt, financial assets and cash, net debt
Multiple
Investor and Analyst Presentation 34
Net Working Capital Management
€ in millions; % of revenue
Net Working Capital development
103
92 95
88
24
72
19.0%
15.6%
14.3%
11.6%
3.0%
7.3%
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Net working capital Net working capital per revenue
Investor and Analyst Presentation 35
AT&S Product Portfolio – I
ECP®:
Embedded Component Packaging IC substrates Substrate-like printed circuit boards
mSAP
Embedded Component Packaging allows to embed
active/passive components (e.g. wafer level dies) within
the layers of a PCB – contributes to miniaturization.
IC substrates serve as interconnection platform with
higher density (Line/Space < 15 micron) between
semiconductors (Chips) & PCBs .
Substrate-like PCBs (mSAP technology) are the next
evolution of high-end HDI PCBs with higher density:
Line/Space < 30 micron.
Production site
Leoben, Shanghai Chongqing Chongqing, Shanghai
Applications
Devices such as smartphones, tablets, digital
cameras and hearing aids
High-end processors for
Computer, Communication, Automotive, Industrial
Mobile applications like smartphones
Investor and Analyst Presentation 36
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 miniaturization, 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 miniaturization.
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-
3.2mm.
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
AT&S Product Portfolio – II
Investor and Analyst Presentation 37
Flexible printed
circuit boards
Semi-flexible printed
circuit boards
Rigid-flex printed
circuit boards
Flexible printed circuit
boards on aluminum
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 aluminum
heat sink to which the
LEDs are then attached.
Production site
Ansan, Fehring Fehring 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
AT&S Product Portfolio – III
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 sites: Leoben, Shanghai
2.5D® Technology
Platform
Combines mechanical and electronic
miniaturization, 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
Investor and Analyst Presentation 38
Management
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:
− Degree in Production Engineering from
Rosenheim University of Applied
Sciences
Monika Stoisser-Göhring, CFO
CFO since 2017
Previous positions include:
− Since 2011 with AT&S in senior
positions in Finance and Human
Resources
− Various positions at international
accounting and tax consulting
companies
Education:
− Certified Tax Consultant
− Degree in Business Administration
from Karl-Franzens University Graz
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
1)He was already with the founding company of AT&S
Investor and Analyst Presentation 39
Milestones in the Group’s history
1987
Founding of the Group, emerging
from several companies owned by
the Austrian State Owned
Industries
1994
Privatization and
acquisition by Messrs
Androsch, Dörflinger, Zoidl
1999
Initial public offering on Frankfurt Stock Exchange
(„Neuer Markt“). Acquisition of Indal Electronics
Ltd., largest Indian printed circuit board plant
(Nanjangud) – today, AT&S India Private Limited
2002
Start of production at new Shanghai
facility – one of the leading HDI
production sites in the world
2010
Start of production
at plant II in India
2009
New production direction: Austrian
plants produce for high-value niches
in the automotive and industrial
segment; Shanghai focuses on the
high-end mobile devices segment
2008
AT&S change
to Vienna Stock
Exchange 2006
Acquisition of Korean
flexible printed circuit
board manufacturer,
Tofic Co. Ltd. – today,
AT&S Korea Co., Ltd.
2015
AT&S again achieves record high sales and
earnings for financial year 2014/15 and
decides to increase the investment program in
Chongqing from € 350 million to € 480 million
2011
Construction starts on new
plant in Chongqing, China
Capacity increase in
Shanghai by 30%
2013
AT&S enters the IC substrate
market in cooperation with a
leading manufacturer of
semiconductors
2017
Successful introduction and
optimisation of the mSAP
technology in Shanghai and
Chongqing
2016
AT&S starts serial production
of IC substrates at the plant
in Chongqing
Investor and Analyst Presentation 40
A sustainability benchmark in the industry
“Highest resource
efficiency“
“Highest standards at all
locations worldwide“
“Highest
transparency“
Intensities
Sustainability reporting since 2012/13
Gold recognition from the Responsible
Business Alliance
Public conflict minerals reporting (in-line
with Responsible Minerals Initiative)
Public CDP reporting on climate change
(C score) and water (B- score)
Environment: ISO 14001
Safety: OHSAS 18001
Energy: ISO 50001
Quality: ISO 9001, ISO/TS 16949
AS/EN 9100, DS/EN 13485
Revenue +21.7%
CO2 footprint -20.3%
Water withdrawal -20.4%
Waste -26.0%
YoY change in %
Investor and Analyst Presentation 41
AT&S – First choice for advanced applications
IR contact
Gerda Königstorfer
Tel: +43 3842 200 5925
Mobile: +43 676 8955 5925
Fax: +43 3842 200 15909
g.koenigstorfer@ats.net
Johannes Mattner
Tel: +43 3842 200 5450
Mobile: +43 676 8955 6093
j.mattner@ats.net
Fabriksgasse 13,
8700 Leoben/Austria
www.ats.net
Visit: www.ats.net; @AT&S IR_PR; AtundS
Investor and Analyst Presentation 42
Disclaimer
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 Investor and Analyst Presentation January 2019

  • 1. AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net AT&S First choice for advanced applications Investor and Analyst Presentation February 2019
  • 2. Investor and Analyst Presentation 1 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
  • 3. Investor and Analyst Presentation 2 AT&S – a world leading high-tech PCB & IC substrates company High-end interconnect solutions for Mobile Devices, Automotive, Industrial, Medical Applications and Semiconductor Industry Outperforming market growth over the last decade € 1bn revenue in FY 2017/18 Among top 10 PCB producers worldwide* # 3 in high-end technology worldwide* 10,000 Employees** Efficient global production footprint with 6 plants in Europe and Asia * For CY 2017 Source: N.T. Information Ltd (July 2018); Prismark ** For AT&S FY 2017/18
  • 4. Investor and Analyst Presentation 3 Investment highlights Leading provider of high-end technologies and applications • Highly advanced position in miniaturisation and modularisation • Technology advantage at mSAP due to timely extension of the IC substrates technology Successful industrialisation of leading-edge technologies combined with highest quality • Outstanding process know-how, productivity and efficiency Long-standing customer relationships with technology and market leaders Solid balance sheet with strengthened equity ratio of 46.5% in 2017/18 • Attractive dividend policy Market outperformance and high profitability • AT&S 5Y CAGR of 12.9% vs PCB and substrates market rate of 0.6% • Above industry average EBITDA margin 20 – 25% • Strong cash flow generation and therefore improved internal financing capabilities
  • 5. Investor and Analyst Presentation 4 Market Segments & Product Applications Computer, Communications, Consumer Appliances Smartphones, Tablets, Wearables, Ultrabooks, Cameras Industrial Machine-2-Machine Communication, Robots, Industrial Computer, X2X Communication Automotive Advanced Driver Assistance Systems, Emergency-Call, X2X Communication Medical Patient Monitoring, Hearing Aids, Pacemaker, Neurostimulation, Drug Delivery, Prosthesis IC substrates High Performance Computer, Microserver Segment Mobile Devices & Substrates Segment Automotive, Industrial, Medical
  • 6. Investor and Analyst Presentation 5 AT&S – Key Facts 590 667 763 815 992 766 790 127 168 168 131* 226 190 221 54 90 77* 7* 90 89 122 2013/14 2014/15 2015/16 2016/17 2017/18 Q1-3 2017/18 Q1-3 2018/19 Revenue EBITDA EBIT +3% Strong growth track record1 Balanced portfolio/Global customer base2 7% +13% +14% +7% € in millions *Based on ramp-up effects for new plants in China ** Figures in parentheses refer to same period last year Revenue growth +22% Revenue split by segment: Q1-3 2018/19** Revenue split by customer: Q1-3 2018/19** (based on customer’s headquarters) 5 68% (67%) 32% (33%) Mobile Devices & Substrates Automotive, Industrial, Medical 67% (63%) 19% (21%) 7% (10%) 7% (6%) Americas Germany/Austria Asia Other European countries
  • 7. Investor and Analyst Presentation 6 Global footprint ensures proximity to supply chain & cost efficiency 973* 406* 1,217* 2,369* 4,510* 293* Shanghai China Ansan Korea Chongqing China Leoben, Headquarters Austria Fehring Austria Nanjangud India AT&S plant & sales office AT&S sales office AT&S Headquarters *Staff, Average, FTE, Q1-3 2018/19; 74 employees in other locations
  • 8. Investor and Analyst Presentation 7 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
  • 9. Investor and Analyst Presentation 8 PCB & IC substrates market – Overview 15.3 15.8 18.6 19.9 8.3 9.0 5.5 5.9 3.9 4.22.5 2.65.6 5.9 2018 2020 IC Substrates Military/Aerospace Industrial/Medical Automotive Consumer Communication Computing 3.0% 3.9% 4.3% 1.8% 3.5% 2.3% 59.7 63.4 Forecast for the total PCB & IC substrates market until 2020: CAAGR of 3.1% 2.8% USD in billions 8 Source: Prismark, February 2018; Yole, March 2018 IC substrates − Cloud computing drives data center expansions − Strong increase in server investments drives AT&S high-value IC substrate business Automotive − Despite a temporary slowdown, future AT&S PCB business is strongly driven by autonomous driving (e.g. RADAR, LIDAR, cameras, …), vehicle-to- X communication modules and power module PCBs for electrification of vehicles Consumer − Market trend towards wireless connectivity of smart devices enabling IoT drives the need for high-end PCBs and substrates for module applications Communication − Despite a short-term slowdown and expected flat development in 2019 smartphone unit sales, high-end PCB demand for mainboards and modules will grow − AI processors (e.g. voice and imaging data analysis) and enhanced wireless connectivity and sensors are expected to increase demand for PCBs and substrates
  • 10. Investor and Analyst Presentation 9 Strategic focus on high-end technologies AT&S Revenue structure in FY 2017/18 – based on technologies High-end HDI PCBs and IC substrates ~ 30% Single-sided (SS), double-sided (DS), multilayer- (ML), flex and rigid-flex (RF) PCBs ~ 70% High-end technology share > 75% HDI and any-layer PCBs, Embedding, IC Substrates Complementary technology share: < 25% SS, DS, ML, Flex, RF Structure of general PCB market – based on technologies Source: Prismark PCB Report 2Q17/ August 2017; AT&S Controlling
  • 11. Investor and Analyst Presentation 10 Future positioning as leading high-end interconnect solutions provider Core business New technologies and interconnect solutions Extended technology toolbox Additional customers Additional applications Broader positioning in the value chain + MorethanAT&S Overview of the transformation from a high-end PCB manufacturer to a high-end interconnect solutions provider:
  • 12. Investor and Analyst Presentation 11 Medium-term strategy – More than AT&S AT&S outperformed a flat market in the past 6 years − by scaling high-end any-layer technology − by leveraging HDI technology to the Computer-, Consumer-, Automotive-, Industrial and Medical market Positioning as a leading high-end interconnect provider 100.8 103.2 96.4 94.6 10… 108.9 123.1 140.8 150.4 183.0 60 100 140 180 220 260 300 2012* 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e PCB & substrates market AT&S revenue 276.8 120.53.0% p.a. 8.6% p.a. *Index (2012 = 100) 2012: PCB & substrates market: USD 55.7bn; AT&S revenue: € 542m Source: AT&S, Prismark (February 2018), Yole (March 2018) Path of value-added growth will be pursued consistently Focus on leading position in terms of technology, quality and results New revenue target of € 1.5 billion EBITDA margin of 20 to 25%
  • 13. Investor and Analyst Presentation 12 From vision to strategy Targets/Key Performance Indicators Strategy Expansion of technology leadership • Leading provider of new interconnect solutions • Innovation revenue rate: > 20% Focus on high-end technologies and applications Focus on innovative solutions “More than AT&S” Medium-term profitable growth • Medium-term revenue target of € 1.5 billion • Medium-term EBITDA margin target of 20-25% Focus on fast-growing and profitable applications Highest service level and customer orientation Operational excellence Focus on cash flow generation Creation of shareholder value • Long-term ROCE ≥ 12% Sustainable business development with focus on ROCE Transparent dividend payout Vision: “First choice for advanced application” Sustainable Management • Fulfill and further develop standards in the area of quality, environment, health & safety… Active Human resource development Committed to highest business ethics
  • 14. Investor and Analyst Presentation 13 Market Player/Position HDI Technology (high end segment) Market position HDI Technology (2017) Revenue (USD in millions) 1) Rank Supplier Country/Region mSAP IC Substrates HDI Non HDI PCBs Total revenue 1 Compeq TWN 898 880 1,778 2 TTM USA 837 1,750 2,658 3 AT&S AUT 794 325 1,119 4 Unimicron TWN 781 489 2,240 5 Tripod TWN 361 1,053 1,510 6 Meiko JPN 341 606 947 7 Unitech TWN 319 279 598 8 Zhen Ding TWN 298 3,290 3,588 9 Korea Circuit KOR 288 236 524 10 DAP KOR 268 - 2682) Source: AT&S Market Intelligence 1) Prismark 718.3/044skc; published 2018 2) NTI-100/2017; published 2018
  • 15. Investor and Analyst Presentation 14 Market trends Miniaturization and modularization still the main trends 14 Source: Yole , AT&S AG (2018)
  • 16. Investor and Analyst Presentation 15 Driving the industry Miniaturization & modularization ? 2003/04 2013 2017 202X TYPE Mobile Phone Smartphone Smartphone All in One PCB 125x55mm 85x20mm 80x20mm 25x25mm? FORM FACTOR 1 0.25 0.23 0.06? LINE/SPACE 100/100µm 40/40µm 30/30µm 10/10µm TECHNOLOGY 1-n-1 Any-layer mSAP – Any-layer FO/SAP/mSAP
  • 17. Investor and Analyst Presentation 16 R&D as the key for technological leadership International R&D Partners As of FY 2017/18 (ended 31/03/2018) * Revenue generated with products with new, innovative technologies introduced to the market within the last three years R&D Headquarters Austria Industrialization at the respective production site 6.6% R&D Quota (equivalent to € 65.8 million) 40.4% Innovation Revenue Rate * International R&D Partners 258 Patents
  • 18. Investor and Analyst Presentation 17 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
  • 19. Investor and Analyst Presentation 18 Key highlights Revenue growth and excellent profitability in the first nine months − Well diversified product, technology and customer portfolio ensures positive business development − Very good demand for IC substrates − Good development in Medical & Healthcare − Weaker demand for mobile devices, especially in the last quarter − Supply constraints in key components are slowing down demand in Automotive and Industrial − Temporary reduced demand for automotive PCBs Revenue slightly grows to € 790.1 mn EBITDA increases to € 220.5 mn Successful positioning in the high-frequency product area 18
  • 20. Investor and Analyst Presentation 19 280.2 225.9 222.1 294.8 273.3 765.9 790.1 85.9 35.7 52.0 86.3 82.2 190.3 220.5 Q3 2017/18Q4 2017/18Q1 2018/19Q2 2018/19Q3 2018/19 Q1-3 2017/18 Q1-3 2018/19Revenue EBITDA and margin 29.3%30.7% 23.4%15.8% 30.1% 24.8% 27.9% Revenue and EBITDA development € in millions Revenue split by segment: Q1-3 2018/19 Revenue split by region*: Q1-3 2018/19 19 68% (67%) 32% (33%) Mobile Devices & Substrates Automotive, Industrial, Medical 67% (63%) 19% (21%) 7% (10%) 7% (6%) Americas Germany/Austria Asia Other European countries 19 Revenue: YoY: +3.2%: Good demand for IC substrates and in Medical & Healthcare EBITDA: YoY: +15.9%: Efficiency improvements and absence of start-up costs in Chongqing *based on customer’s headquarters; figures in parentheses refer to same period last year
  • 21. Investor and Analyst Presentation 20 Business Development – Mobile Devices & Substrates 199.6 137.2 137.8 208.9 186.5 75.0 23.7 39.3 71.9 66.1 Q3 2017/18 Q4 2017/18 Q1 2018/19 Q2 2018/19 Q3 2018/19 Revenue EBITDA Actually weaker demand for mobile devices Revenue negatively impacted by FX effects Absence of start-up costs from Chongqing Improved product portfolio for IC substrates Successfully implemented efficiency and productivity improvement measures € in millions (unless otherwise indicated) Q1-3 2017/18 Q1-3 2018/19 Change in % Revenue 580.0 601.5 3.7% Revenue with external customers 510.8 533.2 4.4% EBITDA 155.3 177.2 14.1% EBITDA margin 26.8% 29.5% € in millions; * Revenue with external customers Revenue* and EBITDA
  • 22. Investor and Analyst Presentation 21 79.3 87.7 83.3 84.3 85.0 9.3 14.5 12.0 12.4 13.9 Q3 2017/18 Q4 2017/18 Q1 2018/19 Q2 2018/19 Q3 2018/19 Revenue EBITDA Business Development – Automotive, Industrial, Medical Medical & Healthcare with high demand Temporarily lower demand in the car industry Supply constraints in key components are slowing demand in Automotive and Industrial EBITDA margin improved due to product mix, positive FX effects offset decline in volumes € in millions (unless otherwise indicated) Q1-3 2017/18 Q1-3 2018/19 Change in % Revenue 270.8 270.6 -0.1% Revenue with external customers 251.6 252.7 0.4% EBITDA 32.3 38.3 18.4% EBITDA margin 11.9% 14.1% Revenue* and EBITDA € in millions; * Revenue with external customers
  • 23. Investor and Analyst Presentation 22 Net CAPEX € in millions 90.3 164.8 254.3 240.7 141.7 124.6 63.2 2013/14 2014/15 2015/16 2016/17 2017/18 Q1-3 2017/18 Q1-3 2018/19
  • 24. Investor and Analyst Presentation 23 Financials Q1-3 2018/19 IC substrates and Medical & Healthcare with good demand Negatively impacted by FX development Better product mix Efficiency and productivity gains Absence of start-up costs from Chongqing Other result positively impacted by FX development Lower interest net-expenses Positive FX effects Tax scheme in Shanghai considered € in thousands (unless otherwise stated) Q1-3 2017/18 Q1-3 2018/19 Change YoY STATEMENT OF PROFIT OR LOSS Revenue 765,900 790,114 3.2% produced in Asia 85% 86% 1pp produced in Europe 15% 14% (1pp) EBITDA 190,276 220,475 15.9% EBITDA margin 24.8% 27.9% 3.1pp EBIT 88,801 121,528 36.9% EBIT margin 11.6% 15.4% 3.8pp Finance costs – net (11,283) (2,583) 77.1% Income taxes (29,742) (26,689) 10.3% Profit for the period 47,776 92,256 93.1% Earnings per share € 1.21 € 2.21 93.1%
  • 25. Investor and Analyst Presentation 24 Financials Q1-3 2018/19 Increase mainly due to higher profit Negatively impacted by FX effects Seasonal effects and impact of IFRS 15 triggered increase in accounts receivables Increase in cash, financial assets and accounts receivables Issue of a promissory note led to higher total assets and therefore lower equity ratio € in thousands (unless otherwise stated) 31 Mar 2018 31 Dec 2018 Change STATEMENT OF FINANCIAL POSITION Non-current assets 944,267 848,158 (10.2%) Current assets 586,172 970,043 65.5% Equity 711,391 780,450 9.7% Non-current liabilities 515,276 744,879 44.6% Current liabilities 303,772 292,872 (3.6%) Total assets 1,530,439 1,818,201 18.8% Net debt 209,237 136,701 (34.7%) Net gearing 29.4% 17.5% (11.9pp) Net working capital 72,437 155,790 >100% Net working capital per revenue 7.3% 14.8% 7.5pp Equity ratio 46.5% 42.9% (3.6pp) Issue of a promissory note
  • 26. Investor and Analyst Presentation 25 Financials Q1-3 2018/19 Thereof CAPEX (€ 63mn) and temporary net investment in financial assets (€ 192mn) Based on improved operating cash flow and lower CAPEX needs Issue of a promissory note Repayments of borrowings € in thousands Q1-3 2017/18 Q1-3 2018/19 Change YoY STATEMENT OF CASH FLOWS Operating result (EBIT) 88,801 121,528 36.9% Paid/received interests (10,446) (5,595) 46.4% Paid taxes (14,697) (25,674) (74.7%) Non cash bearing of profit or loss 106,648 88,829 (16.7%) Cash flow from operating activities before changes in working capital 170,305 179,088 5.2% Changes in working capital (49,293) (25,878) 47.5% Cash flow from operating activities 121,012 153,210 26.6% Cash flow from investing activities (246,612) (255,694) (3.7%) Cash flow from financing activities 135,419 200,984 48.4% Change in cash and cash equivalents 9,819 98,500 >100% Operating free cash flow1) (3,631) 89,966 >100% Free cash flow2) (125,600) (102,484) 18.4% 1) Cash flow from operating activities minus Net CAPEX 2) Cash flow from operating activities minus cash flow from investing activities
  • 27. Investor and Analyst Presentation 26 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
  • 28. Investor and Analyst Presentation 27 IC substrates for mobile 2-4 layers IC substrates for PC, server 4-6 layers IC substrates for AI / self driving car 10-20 layers Global data traffic drives the need for processor ICs for servers (annual growth of 6%) supporting cloud computing Autonomous driving, robotics and various smart consumer applications drive the need for Artificial Intelligence requiring new AI Processors and Memories − ~6% CAGR for ABF substrate market segment (~$ 2.8bn by 2021) served by AT&S More complex applications like AI require higher layer counts and substrate sizes Technology development for High Performance Computing Artificial Intelligence and Servers drive the need for advanced substrates Legend: AI … Artificial Intelligence GPU … Graphics Processing Unit (IC) HBM … High Bandwidth Memory Source: Techsearch, Prismark, Amkor, Intel
  • 29. Investor and Analyst Presentation 28 Future-oriented investment in new technology development On track to become one of the worldwide leading interconnect solutions provider Mega trends such as connected systems, autonomous driving or artificial intelligence require higher data rates and volumes as well as high performance density Global data traffic increases at ~50% annually Good opportunity for AT&S to initiate the next step in technology development Second phase of expansion at plant 1 in Chongqing with an investment volume of up to € 160 million − Stepwise technology implementation in the next two to three years
  • 30. Investor and Analyst Presentation 29 Outlook for 2018/19 Guidance for the financial year 2018/19 − Based on the accumulated revenue development in the current financial year, the current market development and the projection for the remaining months − Revenue growth of around 3% (previously up 6 to 8%) − EBITDA margin in the range of 24 to 26% confirmed Due to later cash-effective investments for the second phase in plant 1 in Chongqing total CAPEX for 2018/19 expected in the range of € 100 to 120 million
  • 31. Investor and Analyst Presentation 30 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
  • 32. Investor and Analyst Presentation 31 AT&S – Stock Profile Listing: Vienna Stock Exchange, Prime Standard Indices: ATX, Vönix, WBI Thomson Reuters (A): ATSV.VI Bloomberg (A): ATS:AV Annual Results 2018/19 07 May 2019 Annual General Meeting 04 July 2019 Ex-Dividend Day 23 July 2019 Financial Calendar Shareholder structure # of shares outstanding 38.85m Average daily volume*: ~ 137,000 shares Performance 1 year*: -30% Dividend 2017/18: € 0.36 per share * 01/02/2018 – 31/01/2019
  • 33. Investor and Analyst Presentation 32 Headcount* * incl. contractors, FTE, average for the period 7,027 7,638 8,759 9,526 9,981 10,039 9,842 2013/14 2014/15 2015/16 2016/17 2017/18 Q1-3 2017/18 Q1-3 2018/19
  • 34. Investor and Analyst Presentation 33 Key credit figures 299 372 405 523 593 540 82 261 274 260 212 331 217 111 131 263 381 209 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Gross debt Financial assets and cash Net debt 0.9 0.8 1.6 2.9 0.9 2013/14 2014/15 2015/16 2016/17 2017/18 Target: < 3x Net debt/EBITDA Net debt decrease based on lower net capex (Chongqing phase I finished) & Hybrid bond issue € in millions Gross debt, financial assets and cash, net debt Multiple
  • 35. Investor and Analyst Presentation 34 Net Working Capital Management € in millions; % of revenue Net Working Capital development 103 92 95 88 24 72 19.0% 15.6% 14.3% 11.6% 3.0% 7.3% 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Net working capital Net working capital per revenue
  • 36. Investor and Analyst Presentation 35 AT&S Product Portfolio – I ECP®: Embedded Component Packaging IC substrates Substrate-like printed circuit boards mSAP Embedded Component Packaging allows to embed active/passive components (e.g. wafer level dies) within the layers of a PCB – contributes to miniaturization. IC substrates serve as interconnection platform with higher density (Line/Space < 15 micron) between semiconductors (Chips) & PCBs . Substrate-like PCBs (mSAP technology) are the next evolution of high-end HDI PCBs with higher density: Line/Space < 30 micron. Production site Leoben, Shanghai Chongqing Chongqing, Shanghai Applications Devices such as smartphones, tablets, digital cameras and hearing aids High-end processors for Computer, Communication, Automotive, Industrial Mobile applications like smartphones
  • 37. Investor and Analyst Presentation 36 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 miniaturization, 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 miniaturization. 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- 3.2mm. 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 AT&S Product Portfolio – II
  • 38. Investor and Analyst Presentation 37 Flexible printed circuit boards Semi-flexible printed circuit boards Rigid-flex printed circuit boards Flexible printed circuit boards on aluminum 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 aluminum heat sink to which the LEDs are then attached. Production site Ansan, Fehring Fehring 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 AT&S Product Portfolio – III 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 sites: Leoben, Shanghai 2.5D® Technology Platform Combines mechanical and electronic miniaturization, 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
  • 39. Investor and Analyst Presentation 38 Management 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: − Degree in Production Engineering from Rosenheim University of Applied Sciences Monika Stoisser-Göhring, CFO CFO since 2017 Previous positions include: − Since 2011 with AT&S in senior positions in Finance and Human Resources − Various positions at international accounting and tax consulting companies Education: − Certified Tax Consultant − Degree in Business Administration from Karl-Franzens University Graz 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 1)He was already with the founding company of AT&S
  • 40. Investor and Analyst Presentation 39 Milestones in the Group’s history 1987 Founding of the Group, emerging from several companies owned by the Austrian State Owned Industries 1994 Privatization and acquisition by Messrs Androsch, Dörflinger, Zoidl 1999 Initial public offering on Frankfurt Stock Exchange („Neuer Markt“). Acquisition of Indal Electronics Ltd., largest Indian printed circuit board plant (Nanjangud) – today, AT&S India Private Limited 2002 Start of production at new Shanghai facility – one of the leading HDI production sites in the world 2010 Start of production at plant II in India 2009 New production direction: Austrian plants produce for high-value niches in the automotive and industrial segment; Shanghai focuses on the high-end mobile devices segment 2008 AT&S change to Vienna Stock Exchange 2006 Acquisition of Korean flexible printed circuit board manufacturer, Tofic Co. Ltd. – today, AT&S Korea Co., Ltd. 2015 AT&S again achieves record high sales and earnings for financial year 2014/15 and decides to increase the investment program in Chongqing from € 350 million to € 480 million 2011 Construction starts on new plant in Chongqing, China Capacity increase in Shanghai by 30% 2013 AT&S enters the IC substrate market in cooperation with a leading manufacturer of semiconductors 2017 Successful introduction and optimisation of the mSAP technology in Shanghai and Chongqing 2016 AT&S starts serial production of IC substrates at the plant in Chongqing
  • 41. Investor and Analyst Presentation 40 A sustainability benchmark in the industry “Highest resource efficiency“ “Highest standards at all locations worldwide“ “Highest transparency“ Intensities Sustainability reporting since 2012/13 Gold recognition from the Responsible Business Alliance Public conflict minerals reporting (in-line with Responsible Minerals Initiative) Public CDP reporting on climate change (C score) and water (B- score) Environment: ISO 14001 Safety: OHSAS 18001 Energy: ISO 50001 Quality: ISO 9001, ISO/TS 16949 AS/EN 9100, DS/EN 13485 Revenue +21.7% CO2 footprint -20.3% Water withdrawal -20.4% Waste -26.0% YoY change in %
  • 42. Investor and Analyst Presentation 41 AT&S – First choice for advanced applications IR contact Gerda Königstorfer Tel: +43 3842 200 5925 Mobile: +43 676 8955 5925 Fax: +43 3842 200 15909 g.koenigstorfer@ats.net Johannes Mattner Tel: +43 3842 200 5450 Mobile: +43 676 8955 6093 j.mattner@ats.net Fabriksgasse 13, 8700 Leoben/Austria www.ats.net Visit: www.ats.net; @AT&S IR_PR; AtundS
  • 43. Investor and Analyst Presentation 42 Disclaimer 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.