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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
Q1-3 2019/20
Investor and Analyst Presentation 1
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
Company Overview
Investor and Analyst Presentation 2
Among the top
PCB producers
worldwide
A world leading high-tech PCB & IC substrates company
* For CY 2018
Source: Prismark
** For AT&S FY 2018/19
High-end interconnect solutions
for
Mobile Devices, Automotive, Industrial,
Medical Applications and Semiconductor
Industry
Outperforming
market growth
over the last
decade
# 1
high-end PCB producer
worldwide*
€ 1bn
revenue in
FY 2018/19
~ 10,000
Employees**
Efficient global production
footprint with
6
plants in Europe and Asia
Investor and Analyst Presentation 3
Leading provider of high-end PCBs and IC substrates
Unique market position
Broad product portfolio to serve all growth markets
Long-standing customer relationships with technology and market leaders
Technology innovator due to continuous R&D efforts
Quality benchmark with outstanding process know-how, productivity and efficiency
Growth oriented strategy
Megatrend-driven markets with attractive growth potential
Address growth opportunities with incremental investments
Sustainable profitability
AT&S has constantly outperformed the PCB and substrates market over the last years
EBITDA margin of 20 – 25% above industry average
Strong cash flow generation and therefore improved internal financing capabilities
Solid balance sheet and attractive dividend policy
Well positioned for the future
3
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
667
763
815
992
1,028
790
753
168 168
131*
226 250 221
156
90 77*
7*
90 117 122
48
2014/15 2015/16 2016/17 2017/18 2018/19 Q1-3
2018/19
Q1-3
2019/20
Revenue EBITDA EBIT
(4.7)%
Strong growth track record1 Balanced portfolio/Global customer base2
7%
+14%
+7%
+22%
€ in millions
*Based on ramp-up effects for new plants in China
Revenue growth
+4%
Revenue split by segment: Q1-3 2019/20
Revenue split by customer: Q1-3 2019/20
(based on customer’s headquarters)
5
69%
31%
Mobile Devices & Substrates
Automotive, Industrial,
Medical
69%
16%
8%
7%
Americas
Germany/Austria
Asia
Other European countries
Investor and Analyst Presentation 6
Global footprint ensures proximity
to supply chain & cost efficiency
977* 397* 1,302* 2,635* 4,577* 260*
Shanghai
China
Ansan
Korea
Chongqing
China
Leoben, Headquarters
Austria
Fehring
Austria
Nanjangud
India
AT&S plant
AT&S sales support office
AT&S Headquarters
*Staff, Average, FTE, Q1-3 2019/20; 74 employees in other locations
Investor and Analyst Presentation 7
Making sustainability central to our vision and mission
Responsible
Management
Responsible
Employer
Responsible
Resource Management
Business Ethics
Human RightsAnti-Corruption
Innovation
Communication
RBA
Digitization
Diversity
Safety Knowledge
Compensation
Employee Development
Health
Part-time Climate Change
Water Shortage
Waste
Emissions
CO2
Energy
LCA
52
Nationalities
3.391
Women (34,5%)
≡
Working conditions,
Health & Safety
Business Ethics
Environment
100%
AT&S employees sign the Code of Conduct
12
GWh
9,3
kt CO2
Savings in the Financial Year 2018/19As of 31.03.2019
Investor and Analyst Presentation 8
Market players in the high-end segment
Market position HDI Technology (2018)
Rank Supplier Country/Region mSAP IC Substrates
HDI
(revenue in USD millions)
1 AT&S AUT 838
2 Unimicron TWN 799
3 Compeq TWN 779
4 TTM USA 681
5 Meiko JPN 472
6 Tripod TWN 443
7 Zhen Ding TWN 349
8 DAP KOR 276
9 CMK JPN 259
10 SEMCO KOR 245
Source: Prismark
Investor and Analyst Presentation 9
STRATEGIC FOCUS ON HIGH-END TECHNOLOGIES
AT&S Revenue structure in FY 2018/19 – 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, AT&S
Investor and Analyst Presentation 10
R&D AS THE KEY FOR TECHNOLOGICAL LEADERSHIP
International
R&D Partners
As of FY 2018/19
* 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
7.4%
R&D Quota
(equivalent to € 75.7 million)
35.3%
Innovation Revenue Rate *
International
R&D Partners
279
Patents
Investor and Analyst Presentation 11
More than AT&S
Printed circuit boards
Leading producer of high-
end PCB
IC substrates
One of the leading
producers
mSAP / SLP
Technology leader
PCBs/substrates
for modules
High growth
potential
Substrates for HPC
modules
Diversification of
application and
customer portfolio
Broadening the service range and opening up of new business opportunities
Module integration
services
Build-up of additional
capabilities
Technology
Innovation power
Clear focus on dedicated applications
Leading
provider of
interconnect
solutions
Investor and Analyst Presentation 12
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
Market Update &
Growth Drivers
Investor and Analyst Presentation 13
Growth potential in all segments
Further opportunities by increased trend to digitalization
13
New applications
(smartwatch, speakers,
robots, VR, …)
Edge & cloud computing
Networking
Big data / data server
Consumer / Computer
Increased digital
networking (IoT)
Additional functionality
5G
Artificial Intelligence
Communication
Automation
Machine-to-machine
communication (5G)
Artificial Intelligence
Mobile therapy and
diagnostic devices
Industrial / Medical
Autonomous driving
RADAR, LiDAR, camera
5G
Artificial Intelligence
Electrification of the drive
Increasing electronics share
per vehicle
Automotive
High end market growth ~10% CAGR (until 2024)
Investor and Analyst Presentation 14
PCB & IC substrates market – Overview
14
Data center expansions, networking and AI processors trigger
additional demand for high-value IC substrates
Despite a temporary slowdown, automotive business is driven by
autonomous driving, V2X communication and electrification of
vehicles
Consumer: Wireless connectivity of smart devices enabling IoT drives
the need for high-end PCBs and substrates for module applications
Despite a flat development in 2019 smartphone unit sales, high-end
PCB demand for mainboards and modules will grow due to additional
functionalities
Short term market decline in 2019 is driven by macro-economic
conditions. Mid-term the growth will resume driven by application
trends.
Forecast for the total PCB & IC substrates market
until 2024: CAGR of 5.9%
Source: Prismark, January 2020; Yole (for IC Substrates), May 2019
Investor and Analyst Presentation 15
Source: Yole (2019)
2024: 509 million
2019: 27 million
5G smartphones [units]
CAGR: 80%
Smartphone 2019
xx* M
2024: 1,618 million
2019: 1,459 million
Total smartphones [units]
CAGR: 2.09%
5G will reach 30% of total market
by 2024
5G smartphones require high-end
technologies like offered by AT&S
Ongoing projects with leading
OEMs
Uncertainty with regard to
economic impact of Covid-19, but
long-term smartphone growth
opportunities stay intact
5G – the new standard for connectivity
Smartphone growth opportunities
Investor and Analyst Presentation 16
Big Data – additional growth opportunities ahead
Data volume growth drives the need for high-end processor modules
Connected Devices (units) Data volume (Zettabytes)
Source: Prismark (2019), Yole (2019)
2024
52 billion
7% CAGR
2019
38 billion
High-end
processor modules
2024
137ZB
28% CAGR
2019
40ZB
Investor and Analyst Presentation 17
Big Data – additional growth opportunities ahead
High-end IC substrates with strong growth – driven by AI and memory integration
More powerful processors modules require larger form
factor, higher layer count and thus higher value IC substrates
Embedding of components further increases AT&S value add
High-end processor modules (units) High-end IC substrates (US$)
Source: Prismark (2019), Yole (2019)
2024
1.3 billion
CAGR 3%
2019
1.1 billion
2019
4.8 billion
2024
8.3 billion
CAGR 11%
Investor and Analyst Presentation 18
IC substrates business in Chongqing
Investment backed by sufficient demand for high-end IC substrates
Process and equipment
characterization
CertificationEquipment move
in and installation
Decision for IC substrates
expansion for HPC
Additional capacities
out of phase II (CHQ I)
Additional capacities
out of phase III (CHQ
III)
Start main building
structure CHQ III
Full capacities on
stream
190%
220%
360%
500%IC substrates capacities
Strategic focus on business with
IC substrates for high-performance
computing modules
Significant new capacities and
revenues out of phase II (CHQ I) in
2020/21
Phase II finished in 2021/22
New investment (phase III) brings
next big capacity increase in
2022/23
All AT&S IC substrates capacities
fully on stream from 2023/24
onwards
1.9x
1.2x
1.6x
1.4x
Investor and Analyst Presentation 19
Solidly funded until the ramp of the new IC substrates facility
Strong operating cash flows
Continuous strengthening of internal financing capabilities
Cashflow generation will clearly increase and help to meet repayments (according to mid-tem guidance)
High level of existing liquid funds
Cash and cash equivalents amounted to € 432.7 million
Financial assets of € 191.9 million (mostly in time deposits)
Additional unused credit lines of € 236.5 million
OeKB long-term loan with a volume of € 300.0 million
Average debt portfolio duration: 3.0 years (31/03/2019: 3.7 years)
Average financing costs: 1.5% (31/03/2019: 1.8%)
Significant financing capabilities
12.6
120.0
62.8
220.0
335.2
86.9
112.6
7.5 0.0
17.5
2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 2027/28 2028/29
Repayment structure
Solid finance structure
Investor and Analyst Presentation 20
Automotive – change in mobiliy as a chance for AT&S
Automotive electronics content per vehicle significantly increases
Automotive electronics cost as a
share of car cost (bill of materials)
Source: Statista, Deloitte (2019)
Autonomous Driving
Connected Vehicles
Electrification
2030: 50%
2020: 35%
2000: 22%
1990: 15%
Investor and Analyst Presentation 21
Investment in module business
Trends in the electronics industry enable further profitable growth in the high-end printed circuit
board and substrate business
Production of PCBs for modules (approx. 3% of module value)
Module integration: increase in added value through additional design, assembly and test services
(approx. 20% of module values)
Major driver: modularization trend to
reduce time to market, size and cost
for electronic products
AI and 5G drive module integration
Module integration market to grow
by 12% per year until 2024
Expected market size by 2024: $ 56 billion
New business opportunities to support customer and application diversification
2
1
0
Source: A.T. Kearney (8/2018), AT&S (9/2019)
Investor and Analyst Presentation 22
Investment in module business
Chongqing II the AT&S competence center for module business
Module PCB/substrates expected to reach ~5 – 10% of group revenues within the next two years
Total investment Chongqing II in module business of about € 160 million over the 2 – 3 years
Thereof € 30 million in 2019/20
Main applications include PCBs for RF/5G modules, camera modules and wearables
PCB/substrate (3% of module value)
Components
Package (20% of module value)
RF module
Investor and Analyst Presentation 23
Module integration services market
23
Source: A.T. Kearney (8/2018), AT&S (9/2019)
Overview
Major driver is the general modularization trend to reduce time to market,
size and cost for electronic products
AI and 5G requirements further drive module integration
Market revenue includes services for PCB/substrate, module assembly and
test
Strategic applications
Power
− Power modules include both low voltage power management for
consumer devices as well as power inverters for data centers, industrial
machinery and electrified vehicles
RF/Wireless
− 5G communication modules for smartphones, consumer devices,
automotive, and machine-to-machine communication provide growth
opportunities by integration of RF functions
Sensor and camera
− Sensor and camera modules provide strong growth opportunities
Total market growth is forecast at ~12% p.a.
between 2019 and 2024
Investor and Analyst Presentation 24
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
Q1-3 2019/20
Financials and
Key Figures
Investor and Analyst Presentation 25
Highlights in Q1-3 2019/20
Market drivers remain in place
Current global market environment still challenging
Global trade frictions have eased, but are still creating some uncertainties in the market
Weakness in automotive market is mainly created by uncertainties about the future of the powertrain
General weak economic environment weighs on European industrial investment behaviour
Macroeconomic environment impacts revenue and earnings
Positive trend at IC substrates nearly compensates for lower volume and unfavourable product mix in Mobile Devices
Weaker market environment in the Industrial and Automotive segment causes temporary higher price pressure
Automotive segment with stable performance despite difficult market situation
Reduced volume in the Industrial segment
Medical & Healthcare with robust trend
25
Investor and Analyst Presentation 26
Financials in Q1-3 2019/20
AT&S held up well in a challenging environment
Revenue at € 753.2 million (PY: € 790.1 million)
Positively impacted by FX effects
EBITDA at € 156.4 million (PY: € 220.5 million)
Ongoing preparations for future applications demand higher R&D expenses (e.g. run-up costs for modularization and
miniaturization)
EBITDA margin with 20.8% (PY: 27.9%) still within target margin range of 20 – 25%
EBIT at € 47.7 million (PY: € 121.5 million)
Deviation from EBITDA development explained by higher depreciation
Operating free cash flow at € 31.2 million (PY: € 90.0 million)
Higher capex due to IC substrates investment
26
Investor and Analyst Presentation 27
Revenue and EBITDA development
€ in millions€ in millions
27
69%
16%
8%
7%
Americas
Germany/Austria
Asia
Other European countries
Revenue split by segment: Q1-3 2019/20
Revenue split by region*: Q1-3 2019/20
27
69%
31%
Mobile Devices & Substrates
Automotive, Industrial,
Medical
*based on customer’s headquarters*based on customer’s headquarters
273.3
237.9 222.7
267.6 262.9
790.1
753.2
82.2
29.6 34.9
66.2 55.3
220.5
156.4
Q3 2018/19Q4 2018/19Q1 2019/20Q2 2019/20Q3 2019/20 Q1-3
2018/19
Q1-3
2019/20Revenue EBITDA and margin
15.7%12.5%30.1% 24.7% 21.0% 27.9% 20.8%
Investor and Analyst Presentation 28
Business Development – Mobile Devices & Substrates
186.5
150.6 143.8
186.0 190.1
66.1
16.3 23.8
55.4 50.1
Q3 2018/19 Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20
Revenue EBITDA
IC substrate continued to show strong
demand
Revenue and earnings positively impacted
by FX effects
Unfavourable product mix in Mobile Devices
Market-related volume reduction causes
underutilization in Mobile Devices
€ in millions (unless
otherwise indicated)
Q1-3 2018/19 Q1-3 2019/20 Change in %
Revenue 601.5 590.4 -1.9%
Revenue with external
customers 533.2 519.8 -2.5%
EBITDA 177.2 129.2 -27.1%
EBITDA margin 29.5% 21.9%
€ in millions; * Revenue with external customers€ in millions; * Revenue with external customers
Revenue* and EBITDA
Investor and Analyst Presentation 29
85.0 86.2
78.9 81.6
72.9
13.9 14.4 10.9 8.0 5.2
Q3 2018/19 Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20
Revenue EBITDA
Business Development – Automotive, Industrial, Medical
Medical & Healthcare with robust trend
Automotive segment with stable
performance despite difficult market
situation
Reduced volume in the Industrial segment
Weaker market environment in the
Automotive and Industrial segments causes
temporary higher price pressure and
underutilization
€ in millions (unless
otherwise indicated)
Q1-3 2018/19 Q1-3 2019/20 Change in %
Revenue 270.6 259.3 -4.2%
Revenue with external
customers 252.7 233.4 -7.6%
EBITDA 38.3 24.1 -37.0%
EBITDA margin 14.1% 9.3%
Revenue* and EBITDA
€ in millions; * Revenue with external customers€ in millions; * Revenue with external customers
Investor and Analyst Presentation 30
Net CAPEX
€ in millions
164.8
254.3
240.7
141.7
100.8
63.2
145.5
2014/15 2015/16 2016/17 2017/18 2018/19 Q1-3
2018/19
Q1-3
2019/20
IC substrates investment and technology upgrades main driver
Investor and Analyst Presentation 31
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
Business Environment
& Outlook
Investor and Analyst Presentation 32
Current development
AT&S in China has been manufacturing at all sites again since mid-February
Almost all employees have returned to all plants in China
All locations in Europe and Asia run in full operations
No restrictions on order processing
As of today AT&S is not experiencing shortages in the supply chain
Increase in safety stocks
AT&S is taking extensive measures to curb the spread of the coronavirus
Conduct business trips and external meetings at all locations only in urgent cases
Extension of the existing home office regulation
Extensive measures in daily behavior to curb the spread
Internal platform with the latest updates as well as behavioral tips and hotline for questions
China operations back to normal
Investor and Analyst Presentation 33
Market update
So far no major order cancellations or changes in customer demand outlook
Sector-related seasonality: first months of the year usually show low demand in Mobile Devices
Current developments is causing uncertain consumer behavior
Differing demand on the customer side
Despite later product launches in the short term satisfying demand outlook in Mobile Devices
Demand outlook for substrates on a very high level
Global effects of Covid-19 on the global logistics and production chains in the automotive sector may have an impact on
demand
Investor and Analyst Presentation 34
Outlook
On the basis of the current framework conditions, the existing guidance for 2019/20 can be
achieved
Revenue level of around € 960 million with an EBITDA margin of 18% to 20%
Preliminary results to be published on 14th May
Capex 2019/20 to be expected slightly below guidance (timing variances)
Economic impact of the COVID-19 pandemic on the financial year 2020/21 cannot be assessed
Due to effects on the global logistics and production chains demand will record a decline in some customer segments
Expansion of capacities in Chongqing I and II on track, but is becoming challenging due to travel restrictions
After official approval to reopen the construction site around two month delay in Chongqing III expected so far
Investor and Analyst Presentation 35
Medium-term guidance confirmed
Strong focus on high-end applications
Medium-term guidance continues to apply
Full expansion of the plants in Chongqing
Stable development of base business
Group revenue to double to € 2 billion (CAGR of roughly 15%)
EBITDA margin of 25% to 30%
ROCE target above 12%
Investor and Analyst Presentation 36
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
Annex
Investor and Analyst Presentation 37
AT&S – Stock Profile
Listing: Vienna Stock Exchange,
Prime Standard
Indices: ATX, Vönix, WBI
Thomson Reuters (A): ATSV.VI
Bloomberg (A): ATS:AV
Preliminary results 2019/20 14 May 2020
Annual general meeting 09 July 2020
Financial Calendar Shareholder structure
# of shares outstanding 38.85m
Dividend for 2018/19: € 0.60 per share
Investor and Analyst Presentation 38
Supply chain in the electronics industry
New business opportunities through entry into the module market
38
Substrate
Manufacturing
Module Design Chip
Manufacturing
(Front-end)
PCB
Manufacturing
Chip Assembly
& Test
(Back-end)
Product/
Module
Assembly
Product
Ownership
OSATs
PCB
Wafer Foundries
ODM/EMS/
OSATs
OEMs
OEMs
Fab-less
IC Players
Module Integration Service Provider
Design
houses
03
Module Board Manufacturer (SLP)
02
01
Substrate
01
Investor and Analyst Presentation 39
Gross debt, financial assets and cash, net debt
Key credit figures
405
523
593
540
717
274 260
212
331
567
131
263
381
209
150
2014/15 2015/16 2016/17 2017/18 2018/19
Gross debt Financial assets and cash Net debt
0.8
1.6
2.9
0.9
0.6
2014/15 2015/16 2016/17 2017/18 2018/19
Target: < 3x
Net debt/EBITDA
Net debt decrease results from positive operating
free cash flow
€ in millions Multiple
Investor and Analyst Presentation 40
Financials Q1-3 2019/20
Impacted by unfavourable product mix, lower
volume and positive FX effects
Unfavourable product mix and underutilization in
Mobile Devices, Automotive and Industrial as well as
higher R&D costs for future applications
Higher depreciation due to growing fixed asset base
and first-time application of IFRS 16
Mainly driven by FX effects
STATEMENT OF PROFIT OR LOSS
€ in thousands Q1-3 2018/19 Q1-3 2019/20
Change
YoY
Revenue 790,114 753,234 (4.7%)
EBITDA 220,475 156,392 (29.1%)
EBITDA margin 27.9% 20.8% (7.1%)
EBIT 121,528 47,692 (60.8%)
EBIT margin 15,4 6,3 (9.1%)
Finance costs – net -2,583 -3,298 (27.7%)
Profit for the period 92,256 25,202 (72.7%)
Earnings per share 2.21 0.49 (78.0%)
Investor and Analyst Presentation 41
Financials Q1-3 2019/20
Negative FX effects, dividend and hybrid coupon
payout
Higher capex, impact of IFRS 16
Effect out of lower equity and higher total assets
STATEMENT OF FINANCIAL POSITION
€ in thousands 31 Mar 2019 31 Dec 2019 Change
Equity 803,451 752,630 (6.3%)
Total assets 1,784,106 1,902,873 6.7%
Net debt 150,258 185,791 23.6%
Net working capital 160,537 117,333 (26.9%)
Equity ratio 45.0% 39.6% (5.4pp)
Impact of factoring activities
Investor and Analyst Presentation 42
Financials Q1-3 2019/20
Mainly driven by higher trade payables, lower trade
receivables as well as income taxes paid
Higher net capex but lower temporary net
investment in financial assets
Previous year period impacted by issuance of
promissory note
Higher net capex mainly due to IC substrates
investment
STATEMENT OF CASH FLOWS
€ in thousands
Q1-3 2018/19 Q1-3 2019/20
Change
YoY
Cash flow from operating activities 153,210 176,665 15.3%
Cash flow from investing activities (255,694) (99,805) 61. 0%
Cash flow from financing activities 200,984 30,473 (84.8%)
Change in cash and cash equivalents 98,500 107,333 9.0%
Operating free cash flow1) 89,966 31,190 (65.3%)
Free cash flow2) (102,484) 76,860 >100%
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 43
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 44
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 45
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 46
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
2018
Start of the second
expansion phase at
plant 1 in Chongqing
2019
AT&S is the global
number one for high-
end printed circuit
boards
47
Thank you
for your attention!
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
Investor and Analyst Presentation 48
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 IR Presentation 9M_2019_20

  • 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 Q1-3 2019/20
  • 2. Investor and Analyst Presentation 1 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net Company Overview
  • 3. Investor and Analyst Presentation 2 Among the top PCB producers worldwide A world leading high-tech PCB & IC substrates company * For CY 2018 Source: Prismark ** For AT&S FY 2018/19 High-end interconnect solutions for Mobile Devices, Automotive, Industrial, Medical Applications and Semiconductor Industry Outperforming market growth over the last decade # 1 high-end PCB producer worldwide* € 1bn revenue in FY 2018/19 ~ 10,000 Employees** Efficient global production footprint with 6 plants in Europe and Asia
  • 4. Investor and Analyst Presentation 3 Leading provider of high-end PCBs and IC substrates Unique market position Broad product portfolio to serve all growth markets Long-standing customer relationships with technology and market leaders Technology innovator due to continuous R&D efforts Quality benchmark with outstanding process know-how, productivity and efficiency Growth oriented strategy Megatrend-driven markets with attractive growth potential Address growth opportunities with incremental investments Sustainable profitability AT&S has constantly outperformed the PCB and substrates market over the last years EBITDA margin of 20 – 25% above industry average Strong cash flow generation and therefore improved internal financing capabilities Solid balance sheet and attractive dividend policy Well positioned for the future 3
  • 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 667 763 815 992 1,028 790 753 168 168 131* 226 250 221 156 90 77* 7* 90 117 122 48 2014/15 2015/16 2016/17 2017/18 2018/19 Q1-3 2018/19 Q1-3 2019/20 Revenue EBITDA EBIT (4.7)% Strong growth track record1 Balanced portfolio/Global customer base2 7% +14% +7% +22% € in millions *Based on ramp-up effects for new plants in China Revenue growth +4% Revenue split by segment: Q1-3 2019/20 Revenue split by customer: Q1-3 2019/20 (based on customer’s headquarters) 5 69% 31% Mobile Devices & Substrates Automotive, Industrial, Medical 69% 16% 8% 7% Americas Germany/Austria Asia Other European countries
  • 7. Investor and Analyst Presentation 6 Global footprint ensures proximity to supply chain & cost efficiency 977* 397* 1,302* 2,635* 4,577* 260* Shanghai China Ansan Korea Chongqing China Leoben, Headquarters Austria Fehring Austria Nanjangud India AT&S plant AT&S sales support office AT&S Headquarters *Staff, Average, FTE, Q1-3 2019/20; 74 employees in other locations
  • 8. Investor and Analyst Presentation 7 Making sustainability central to our vision and mission Responsible Management Responsible Employer Responsible Resource Management Business Ethics Human RightsAnti-Corruption Innovation Communication RBA Digitization Diversity Safety Knowledge Compensation Employee Development Health Part-time Climate Change Water Shortage Waste Emissions CO2 Energy LCA 52 Nationalities 3.391 Women (34,5%) ≡ Working conditions, Health & Safety Business Ethics Environment 100% AT&S employees sign the Code of Conduct 12 GWh 9,3 kt CO2 Savings in the Financial Year 2018/19As of 31.03.2019
  • 9. Investor and Analyst Presentation 8 Market players in the high-end segment Market position HDI Technology (2018) Rank Supplier Country/Region mSAP IC Substrates HDI (revenue in USD millions) 1 AT&S AUT 838 2 Unimicron TWN 799 3 Compeq TWN 779 4 TTM USA 681 5 Meiko JPN 472 6 Tripod TWN 443 7 Zhen Ding TWN 349 8 DAP KOR 276 9 CMK JPN 259 10 SEMCO KOR 245 Source: Prismark
  • 10. Investor and Analyst Presentation 9 STRATEGIC FOCUS ON HIGH-END TECHNOLOGIES AT&S Revenue structure in FY 2018/19 – 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, AT&S
  • 11. Investor and Analyst Presentation 10 R&D AS THE KEY FOR TECHNOLOGICAL LEADERSHIP International R&D Partners As of FY 2018/19 * 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 7.4% R&D Quota (equivalent to € 75.7 million) 35.3% Innovation Revenue Rate * International R&D Partners 279 Patents
  • 12. Investor and Analyst Presentation 11 More than AT&S Printed circuit boards Leading producer of high- end PCB IC substrates One of the leading producers mSAP / SLP Technology leader PCBs/substrates for modules High growth potential Substrates for HPC modules Diversification of application and customer portfolio Broadening the service range and opening up of new business opportunities Module integration services Build-up of additional capabilities Technology Innovation power Clear focus on dedicated applications Leading provider of interconnect solutions
  • 13. Investor and Analyst Presentation 12 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net Market Update & Growth Drivers
  • 14. Investor and Analyst Presentation 13 Growth potential in all segments Further opportunities by increased trend to digitalization 13 New applications (smartwatch, speakers, robots, VR, …) Edge & cloud computing Networking Big data / data server Consumer / Computer Increased digital networking (IoT) Additional functionality 5G Artificial Intelligence Communication Automation Machine-to-machine communication (5G) Artificial Intelligence Mobile therapy and diagnostic devices Industrial / Medical Autonomous driving RADAR, LiDAR, camera 5G Artificial Intelligence Electrification of the drive Increasing electronics share per vehicle Automotive High end market growth ~10% CAGR (until 2024)
  • 15. Investor and Analyst Presentation 14 PCB & IC substrates market – Overview 14 Data center expansions, networking and AI processors trigger additional demand for high-value IC substrates Despite a temporary slowdown, automotive business is driven by autonomous driving, V2X communication and electrification of vehicles Consumer: Wireless connectivity of smart devices enabling IoT drives the need for high-end PCBs and substrates for module applications Despite a flat development in 2019 smartphone unit sales, high-end PCB demand for mainboards and modules will grow due to additional functionalities Short term market decline in 2019 is driven by macro-economic conditions. Mid-term the growth will resume driven by application trends. Forecast for the total PCB & IC substrates market until 2024: CAGR of 5.9% Source: Prismark, January 2020; Yole (for IC Substrates), May 2019
  • 16. Investor and Analyst Presentation 15 Source: Yole (2019) 2024: 509 million 2019: 27 million 5G smartphones [units] CAGR: 80% Smartphone 2019 xx* M 2024: 1,618 million 2019: 1,459 million Total smartphones [units] CAGR: 2.09% 5G will reach 30% of total market by 2024 5G smartphones require high-end technologies like offered by AT&S Ongoing projects with leading OEMs Uncertainty with regard to economic impact of Covid-19, but long-term smartphone growth opportunities stay intact 5G – the new standard for connectivity Smartphone growth opportunities
  • 17. Investor and Analyst Presentation 16 Big Data – additional growth opportunities ahead Data volume growth drives the need for high-end processor modules Connected Devices (units) Data volume (Zettabytes) Source: Prismark (2019), Yole (2019) 2024 52 billion 7% CAGR 2019 38 billion High-end processor modules 2024 137ZB 28% CAGR 2019 40ZB
  • 18. Investor and Analyst Presentation 17 Big Data – additional growth opportunities ahead High-end IC substrates with strong growth – driven by AI and memory integration More powerful processors modules require larger form factor, higher layer count and thus higher value IC substrates Embedding of components further increases AT&S value add High-end processor modules (units) High-end IC substrates (US$) Source: Prismark (2019), Yole (2019) 2024 1.3 billion CAGR 3% 2019 1.1 billion 2019 4.8 billion 2024 8.3 billion CAGR 11%
  • 19. Investor and Analyst Presentation 18 IC substrates business in Chongqing Investment backed by sufficient demand for high-end IC substrates Process and equipment characterization CertificationEquipment move in and installation Decision for IC substrates expansion for HPC Additional capacities out of phase II (CHQ I) Additional capacities out of phase III (CHQ III) Start main building structure CHQ III Full capacities on stream 190% 220% 360% 500%IC substrates capacities Strategic focus on business with IC substrates for high-performance computing modules Significant new capacities and revenues out of phase II (CHQ I) in 2020/21 Phase II finished in 2021/22 New investment (phase III) brings next big capacity increase in 2022/23 All AT&S IC substrates capacities fully on stream from 2023/24 onwards 1.9x 1.2x 1.6x 1.4x
  • 20. Investor and Analyst Presentation 19 Solidly funded until the ramp of the new IC substrates facility Strong operating cash flows Continuous strengthening of internal financing capabilities Cashflow generation will clearly increase and help to meet repayments (according to mid-tem guidance) High level of existing liquid funds Cash and cash equivalents amounted to € 432.7 million Financial assets of € 191.9 million (mostly in time deposits) Additional unused credit lines of € 236.5 million OeKB long-term loan with a volume of € 300.0 million Average debt portfolio duration: 3.0 years (31/03/2019: 3.7 years) Average financing costs: 1.5% (31/03/2019: 1.8%) Significant financing capabilities 12.6 120.0 62.8 220.0 335.2 86.9 112.6 7.5 0.0 17.5 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 2027/28 2028/29 Repayment structure Solid finance structure
  • 21. Investor and Analyst Presentation 20 Automotive – change in mobiliy as a chance for AT&S Automotive electronics content per vehicle significantly increases Automotive electronics cost as a share of car cost (bill of materials) Source: Statista, Deloitte (2019) Autonomous Driving Connected Vehicles Electrification 2030: 50% 2020: 35% 2000: 22% 1990: 15%
  • 22. Investor and Analyst Presentation 21 Investment in module business Trends in the electronics industry enable further profitable growth in the high-end printed circuit board and substrate business Production of PCBs for modules (approx. 3% of module value) Module integration: increase in added value through additional design, assembly and test services (approx. 20% of module values) Major driver: modularization trend to reduce time to market, size and cost for electronic products AI and 5G drive module integration Module integration market to grow by 12% per year until 2024 Expected market size by 2024: $ 56 billion New business opportunities to support customer and application diversification 2 1 0 Source: A.T. Kearney (8/2018), AT&S (9/2019)
  • 23. Investor and Analyst Presentation 22 Investment in module business Chongqing II the AT&S competence center for module business Module PCB/substrates expected to reach ~5 – 10% of group revenues within the next two years Total investment Chongqing II in module business of about € 160 million over the 2 – 3 years Thereof € 30 million in 2019/20 Main applications include PCBs for RF/5G modules, camera modules and wearables PCB/substrate (3% of module value) Components Package (20% of module value) RF module
  • 24. Investor and Analyst Presentation 23 Module integration services market 23 Source: A.T. Kearney (8/2018), AT&S (9/2019) Overview Major driver is the general modularization trend to reduce time to market, size and cost for electronic products AI and 5G requirements further drive module integration Market revenue includes services for PCB/substrate, module assembly and test Strategic applications Power − Power modules include both low voltage power management for consumer devices as well as power inverters for data centers, industrial machinery and electrified vehicles RF/Wireless − 5G communication modules for smartphones, consumer devices, automotive, and machine-to-machine communication provide growth opportunities by integration of RF functions Sensor and camera − Sensor and camera modules provide strong growth opportunities Total market growth is forecast at ~12% p.a. between 2019 and 2024
  • 25. Investor and Analyst Presentation 24 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net Q1-3 2019/20 Financials and Key Figures
  • 26. Investor and Analyst Presentation 25 Highlights in Q1-3 2019/20 Market drivers remain in place Current global market environment still challenging Global trade frictions have eased, but are still creating some uncertainties in the market Weakness in automotive market is mainly created by uncertainties about the future of the powertrain General weak economic environment weighs on European industrial investment behaviour Macroeconomic environment impacts revenue and earnings Positive trend at IC substrates nearly compensates for lower volume and unfavourable product mix in Mobile Devices Weaker market environment in the Industrial and Automotive segment causes temporary higher price pressure Automotive segment with stable performance despite difficult market situation Reduced volume in the Industrial segment Medical & Healthcare with robust trend 25
  • 27. Investor and Analyst Presentation 26 Financials in Q1-3 2019/20 AT&S held up well in a challenging environment Revenue at € 753.2 million (PY: € 790.1 million) Positively impacted by FX effects EBITDA at € 156.4 million (PY: € 220.5 million) Ongoing preparations for future applications demand higher R&D expenses (e.g. run-up costs for modularization and miniaturization) EBITDA margin with 20.8% (PY: 27.9%) still within target margin range of 20 – 25% EBIT at € 47.7 million (PY: € 121.5 million) Deviation from EBITDA development explained by higher depreciation Operating free cash flow at € 31.2 million (PY: € 90.0 million) Higher capex due to IC substrates investment 26
  • 28. Investor and Analyst Presentation 27 Revenue and EBITDA development € in millions€ in millions 27 69% 16% 8% 7% Americas Germany/Austria Asia Other European countries Revenue split by segment: Q1-3 2019/20 Revenue split by region*: Q1-3 2019/20 27 69% 31% Mobile Devices & Substrates Automotive, Industrial, Medical *based on customer’s headquarters*based on customer’s headquarters 273.3 237.9 222.7 267.6 262.9 790.1 753.2 82.2 29.6 34.9 66.2 55.3 220.5 156.4 Q3 2018/19Q4 2018/19Q1 2019/20Q2 2019/20Q3 2019/20 Q1-3 2018/19 Q1-3 2019/20Revenue EBITDA and margin 15.7%12.5%30.1% 24.7% 21.0% 27.9% 20.8%
  • 29. Investor and Analyst Presentation 28 Business Development – Mobile Devices & Substrates 186.5 150.6 143.8 186.0 190.1 66.1 16.3 23.8 55.4 50.1 Q3 2018/19 Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20 Revenue EBITDA IC substrate continued to show strong demand Revenue and earnings positively impacted by FX effects Unfavourable product mix in Mobile Devices Market-related volume reduction causes underutilization in Mobile Devices € in millions (unless otherwise indicated) Q1-3 2018/19 Q1-3 2019/20 Change in % Revenue 601.5 590.4 -1.9% Revenue with external customers 533.2 519.8 -2.5% EBITDA 177.2 129.2 -27.1% EBITDA margin 29.5% 21.9% € in millions; * Revenue with external customers€ in millions; * Revenue with external customers Revenue* and EBITDA
  • 30. Investor and Analyst Presentation 29 85.0 86.2 78.9 81.6 72.9 13.9 14.4 10.9 8.0 5.2 Q3 2018/19 Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20 Revenue EBITDA Business Development – Automotive, Industrial, Medical Medical & Healthcare with robust trend Automotive segment with stable performance despite difficult market situation Reduced volume in the Industrial segment Weaker market environment in the Automotive and Industrial segments causes temporary higher price pressure and underutilization € in millions (unless otherwise indicated) Q1-3 2018/19 Q1-3 2019/20 Change in % Revenue 270.6 259.3 -4.2% Revenue with external customers 252.7 233.4 -7.6% EBITDA 38.3 24.1 -37.0% EBITDA margin 14.1% 9.3% Revenue* and EBITDA € in millions; * Revenue with external customers€ in millions; * Revenue with external customers
  • 31. Investor and Analyst Presentation 30 Net CAPEX € in millions 164.8 254.3 240.7 141.7 100.8 63.2 145.5 2014/15 2015/16 2016/17 2017/18 2018/19 Q1-3 2018/19 Q1-3 2019/20 IC substrates investment and technology upgrades main driver
  • 32. Investor and Analyst Presentation 31 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net Business Environment & Outlook
  • 33. Investor and Analyst Presentation 32 Current development AT&S in China has been manufacturing at all sites again since mid-February Almost all employees have returned to all plants in China All locations in Europe and Asia run in full operations No restrictions on order processing As of today AT&S is not experiencing shortages in the supply chain Increase in safety stocks AT&S is taking extensive measures to curb the spread of the coronavirus Conduct business trips and external meetings at all locations only in urgent cases Extension of the existing home office regulation Extensive measures in daily behavior to curb the spread Internal platform with the latest updates as well as behavioral tips and hotline for questions China operations back to normal
  • 34. Investor and Analyst Presentation 33 Market update So far no major order cancellations or changes in customer demand outlook Sector-related seasonality: first months of the year usually show low demand in Mobile Devices Current developments is causing uncertain consumer behavior Differing demand on the customer side Despite later product launches in the short term satisfying demand outlook in Mobile Devices Demand outlook for substrates on a very high level Global effects of Covid-19 on the global logistics and production chains in the automotive sector may have an impact on demand
  • 35. Investor and Analyst Presentation 34 Outlook On the basis of the current framework conditions, the existing guidance for 2019/20 can be achieved Revenue level of around € 960 million with an EBITDA margin of 18% to 20% Preliminary results to be published on 14th May Capex 2019/20 to be expected slightly below guidance (timing variances) Economic impact of the COVID-19 pandemic on the financial year 2020/21 cannot be assessed Due to effects on the global logistics and production chains demand will record a decline in some customer segments Expansion of capacities in Chongqing I and II on track, but is becoming challenging due to travel restrictions After official approval to reopen the construction site around two month delay in Chongqing III expected so far
  • 36. Investor and Analyst Presentation 35 Medium-term guidance confirmed Strong focus on high-end applications Medium-term guidance continues to apply Full expansion of the plants in Chongqing Stable development of base business Group revenue to double to € 2 billion (CAGR of roughly 15%) EBITDA margin of 25% to 30% ROCE target above 12%
  • 37. Investor and Analyst Presentation 36 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net Annex
  • 38. Investor and Analyst Presentation 37 AT&S – Stock Profile Listing: Vienna Stock Exchange, Prime Standard Indices: ATX, Vönix, WBI Thomson Reuters (A): ATSV.VI Bloomberg (A): ATS:AV Preliminary results 2019/20 14 May 2020 Annual general meeting 09 July 2020 Financial Calendar Shareholder structure # of shares outstanding 38.85m Dividend for 2018/19: € 0.60 per share
  • 39. Investor and Analyst Presentation 38 Supply chain in the electronics industry New business opportunities through entry into the module market 38 Substrate Manufacturing Module Design Chip Manufacturing (Front-end) PCB Manufacturing Chip Assembly & Test (Back-end) Product/ Module Assembly Product Ownership OSATs PCB Wafer Foundries ODM/EMS/ OSATs OEMs OEMs Fab-less IC Players Module Integration Service Provider Design houses 03 Module Board Manufacturer (SLP) 02 01 Substrate 01
  • 40. Investor and Analyst Presentation 39 Gross debt, financial assets and cash, net debt Key credit figures 405 523 593 540 717 274 260 212 331 567 131 263 381 209 150 2014/15 2015/16 2016/17 2017/18 2018/19 Gross debt Financial assets and cash Net debt 0.8 1.6 2.9 0.9 0.6 2014/15 2015/16 2016/17 2017/18 2018/19 Target: < 3x Net debt/EBITDA Net debt decrease results from positive operating free cash flow € in millions Multiple
  • 41. Investor and Analyst Presentation 40 Financials Q1-3 2019/20 Impacted by unfavourable product mix, lower volume and positive FX effects Unfavourable product mix and underutilization in Mobile Devices, Automotive and Industrial as well as higher R&D costs for future applications Higher depreciation due to growing fixed asset base and first-time application of IFRS 16 Mainly driven by FX effects STATEMENT OF PROFIT OR LOSS € in thousands Q1-3 2018/19 Q1-3 2019/20 Change YoY Revenue 790,114 753,234 (4.7%) EBITDA 220,475 156,392 (29.1%) EBITDA margin 27.9% 20.8% (7.1%) EBIT 121,528 47,692 (60.8%) EBIT margin 15,4 6,3 (9.1%) Finance costs – net -2,583 -3,298 (27.7%) Profit for the period 92,256 25,202 (72.7%) Earnings per share 2.21 0.49 (78.0%)
  • 42. Investor and Analyst Presentation 41 Financials Q1-3 2019/20 Negative FX effects, dividend and hybrid coupon payout Higher capex, impact of IFRS 16 Effect out of lower equity and higher total assets STATEMENT OF FINANCIAL POSITION € in thousands 31 Mar 2019 31 Dec 2019 Change Equity 803,451 752,630 (6.3%) Total assets 1,784,106 1,902,873 6.7% Net debt 150,258 185,791 23.6% Net working capital 160,537 117,333 (26.9%) Equity ratio 45.0% 39.6% (5.4pp) Impact of factoring activities
  • 43. Investor and Analyst Presentation 42 Financials Q1-3 2019/20 Mainly driven by higher trade payables, lower trade receivables as well as income taxes paid Higher net capex but lower temporary net investment in financial assets Previous year period impacted by issuance of promissory note Higher net capex mainly due to IC substrates investment STATEMENT OF CASH FLOWS € in thousands Q1-3 2018/19 Q1-3 2019/20 Change YoY Cash flow from operating activities 153,210 176,665 15.3% Cash flow from investing activities (255,694) (99,805) 61. 0% Cash flow from financing activities 200,984 30,473 (84.8%) Change in cash and cash equivalents 98,500 107,333 9.0% Operating free cash flow1) 89,966 31,190 (65.3%) Free cash flow2) (102,484) 76,860 >100% 1) Cash flow from operating activities minus Net CAPEX 2) Cash flow from operating activities minus cash flow from investing activities
  • 44. Investor and Analyst Presentation 43 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
  • 45. Investor and Analyst Presentation 44 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
  • 46. Investor and Analyst Presentation 45 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
  • 47. Investor and Analyst Presentation 46 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 2018 Start of the second expansion phase at plant 1 in Chongqing 2019 AT&S is the global number one for high- end printed circuit boards
  • 48. 47 Thank you for your attention! AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net
  • 49. Investor and Analyst Presentation 48 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.