www.ats.net
AT&S Company Presentation
February 2013
AT&S Austria Technologie & Systemtechnik Aktiengesellschaft
Martin TheyerDirector of Strategy & IR/PRFabriksgasse 13A-8700 Leoben
Tel: +43 3842 200 5909Email: [email protected]
Despite a diligent preparation of this presentation we assume no liability for the content or any action based on this presentation. We do not give any warranty, guarantee or commitment, neither explicitly nor implicitly. Neither AT&S nor any of its employees assume responsibility for the completeness or accuracy of the information contained or not in this presentation. The presentation does not include and does not constitute or form part of any offer whatsoever, nor does it constitute or form part of any kind of prospectus.
This presentation contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Forward-looking information involves risks and uncertainties that could significantly affect expected results.
Disclaimer
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Overview
3
4
Business model
Austria Technologie & Systemtechnik AG (AT&S) is the largest producer of printed circuit boards in Europe and India, and also ranks among the industry leaders worldwide in innovation and the continuing development of printed circuit board manufacturing technologies. The AT&S Group employs more than 7,500 people around the world.
AT&S’s main business divisions are Mobile Devices, Industrial & Automotive. Its core activity is the manufacture of high-end printed circuit boards – the nerve centres of so many electronic appliances.
AT&S is headquartered in Austria and carries out research and development in Austria and China. It has production facilities in Austria, China, India and Korea, a sales service and design centre in Germany, and a sales network spanning four continents.
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Locations
Leoben-Hinterberg: Head Quarter~755 people
Fehring: ~380 people
Klagenfurt: ~110 people
Shanghai: ~4.900 people
Ansan-Korea: ~235 people
6 production facilities worldwide Purchasing & Sales Office: Hong Kong, China Design-Center: Nörvenich, Germany 16 Sales Offices on four continents About 7 500 employees R&D: Hinterberg and Shanghai – Cooperation with well-known partners from Industry and Science
Nanjangud-Indien: ~1.040 people
Chongqing~ under construction
We operate in an atractive market
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Historical Cycles in the PCB Production
Growth Rates 4% 10% 37% 15% -5% 12% 47% 10% 1% 7% -12% -4% 14% 10% 16% 13% 10% 5% 5% 18% -22% -3% 7% 12% 9% 12% 6% 1% -13% 24% 3% 5% 7% 7% 7%
7Source: Prismark (2012)
8Market Data 2012. Source: Prismark (2012); AT&S
We only focus on high end technology
Overall Market development
2011 2016
Market per Segments 2011 – 2016 [Mio. US $] Market per Technology 2011 – 2016 [Mio. US $]
8.636
2.1461.090
2.9753.0677.278
13.312
17.290
11.829
2.4251.462
5.486
3.816
8.268
18.331
22.471
55.794
74.087 Segment CAGR
IC Substrate 6,5%
Av. & Security 2,5%
Medical 6,0%
Industrial 13,0%
Computing 5,4%
Communication 6,6%
Automotive 4,5%
Consumer 2,6%
5,8%
8.636
9.205
7.423
22.458
5.420
2.652
11.829
13.237
11.019
27.646
6.762
3.593
55.794
74.087 Segment CAGR
IC Substrate 6,5%
Flex/R-Flex 7,5%
HDI 8,2%
SS 6,3%
ML 4,2%
DS 4,5%
5,8%
2011 2016
Overall
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Overall Market Situation (2011)
Highly Fragmented Market
Source: Nakahara (2011); Strategy
• % of the overall PCB sales• Top 10:
>28%• Top 25:
>50%• Top 50:
>69%• Top 100:
>85%
• Median growth [%] (2009 to 2010):
• Top 10: 35%• Top 25: 26%• Top 50: 24%• Top 100: 26%
Comments*)
*) Base: 2011 revenues
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Our Strategy – an Austrian success story
Abb. 1: Motorola 3200 International (1982), first GSM mobile device,Quelle: © REUTERS / Lou Dematteis
The complexity and density of our products increase every year
Abb. 2: Abb. 4: Samsung Galaxy Skin mit Flex-Screen, - market entry planned 2013Quelle: Samsung
Chip designs drives the our PCB technology
YesterdayChips
TodayPackage-on Package
TomorrowSystem in Package
Major Impact on Design Chain:
PCBDesign
Substrate Design
Chip Design
Sequential Design
Module Design
Subst. Design
PCB Design
Chip Design
Concurrent Design
® ATS AG 12
Construction of Chongqing Plant
Phase 3
Phase 3
admin. building under construction
Phase 1
Phase 1under construction
Phase 2
Phase 2
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AT&S is taking the next logical step by expanding its portfolio with the production of Integrated Circuit (IC) Substrates in Chongqing (Capex approx. EUR 350 mln )
© AT&S AG
Half – Year Results
Distribution of Turnover
15Figures are based on internal management information systems and are subject to change | Source: AT&S AG
Turnover YTD 2012/13 Turnover YTD 2012/13
25%7%
13%
55%
Distribution of Turnover by Headquarter
Austria+Germany
Rest of Europe
Asia
Canada/USA
Other26%
13%
50%
11%
Distribution of Turnover Ship to Party
Austria+Germany
Rest of Europe
Asia
Canada/USA
Other
Mobile Devices First 9 months revenues up from EUR 211m to EUR 229m
sales reached new record high
new products launched successfully
good loading in Shanghai during the last 3 months
new OEMs added to customer portfolio
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Segment Turnover
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Industrial & AutomotiveFirst 9 months revenues up from EUR 159m to EUR 175m
automotive growth rate of 10% YoY, HDI growth of 50% (HDI boards for Multimedia, driver assistance and lighting applications)
medical segment grows by more than 50% => applications for medical therapy doubled within the last fiscal year especially for flex boards
Hinterberg shows sustainable performance due to growing prototype business
industrial development in line with the overall European economic environment
Distribution of Segment Turnover
in EURm
Figures are based on internal management information systems and are subject to change | Source: AT&S AG
Mobile Devices Industrial & Automotive0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
54.7 55.5
75.1
56,2
81.4
.47,7
85.8
56.3
69.8
55.9
68.7
59.6
90.7
59.1
Q1 FY11/12
Q2 FY11/12
Q3 FY11/12
Q4 FY11/12
Q1 FY12/13
Q2 FY12/13
Q3 FY12/13
Financial Figures Q3 2012/13
In EUR '000 Q1 - Q3 2012/13 Q1 - Q3 2011/12
CONSOLIDATED INCOME STATEMENT
Revenues 405,121 371,754
Produced in Asia (in %) 75 72
Produced in Europe (in %) 25 28
EBITDA 74,426 75,913
EBITDA margin (in %) 18.4 20.4
EBIT 20,981 31,644
EBIT margin (in %) 5.2 8.5
Net income 5,439 21,864
Cash Earnings 58,883 66,159
17Figures are based on internal management information systems and are subject to change | Source: AT&S AG
Financial Figures Q3 2012/13
In EUR '000 Q1 - Q3 2012/13 Q1 - Q3 2011/12
CONSOLIDATED BALANCE SHEET
Total assets 709,546 722,209
Total equity 289,225 289,293
Net debt 252,143 255,727
Net gearing (in %) 87.2 88.4
Net working capital 120,774 108,184
Net working capital / revenues (in %) 22.4 21.8
Equity ratio (in %) 40.8 40.1
18Figures are based on internal management information systems and are subject to change | Source: AT&S AG
No material changes in net debt and net gearing.Net investments relates to Shanghai and construction activities for Chongqing Phase I.
Development of Capital Investment
19Figures are based on internal management information systems and are subject to change | Source: AT&S AG
Q4 11/12 Q1 12/13 Q2 12/13 Q3 12/13 -
30
60
90
120
150
180
210
240
270
-5%
10%
25%
40%
55%
70%
85%
100% 243 244 255 252
Ne
t D
eb
t (i
n E
UR
m)
Ne
t G
ea
rin
g
Q4 11/12 Q1 12/13 Q2 12/13 Q3 12/13 -
5
10
15
20
25
30
21
9
16
8 Ne
t C
AP
EX
( in
EU
Rm
)
Investment Highlights
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Investment Highlights
* High Density Interconnect (laser-drilled printed circuit boards)
Technology leader in HDI* any-layer printed circuit boards
Close technology partnerships with international corporations
Leading supplier to all big-name manufacturers of smartphones and tablets
Leading supplier to the European automotive industry
Successful high-end niche-strategy
Largest European printed circuit board manufacturer
Competitive manufacturing capacities in Asia – most highly automated HDI plant in China
Largest printed circuit board manufacturer in India
High social and ethical standards in all facilities worldwide
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Danke für Ihre Aufmerksamkeit!
To find out more – visit www.ats.net