AT&S Company Presentation May 2016

41
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | E-Mail [email protected] www.ats.net AT&S first choice for advanced applications Company Presentation May 2016

Transcript of AT&S Company Presentation May 2016

Page 1: AT&S Company Presentation May 2016

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | E-Mail [email protected]

www.ats.net

AT&S first choice for advanced applications

Company Presentation

May 2016

Page 2: AT&S Company Presentation May 2016

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Company Overview

Strategy & Market

Annex

Financials

Table of Contents

Page 3: AT&S Company Presentation May 2016

High-End Interconnection

Solutions for

Mobile Devices, Automotive,

Industrial, Medical Applications

One of the

most profitable

Players in the

Industry: EBITDA margin of 22%

Continuously

Outperforming

market growth

€ 762.9m Revenue in FY 2015/16,

5.2 % organic growth

# 1 manufacturer in Europe

# 3 in High-End Technology

worldwide

8.759 employees

Cost-competitive production

footprint with

6 plants in Europe and Asia

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AT&S – a world leading high-tech PCB company

Page 4: AT&S Company Presentation May 2016

Outstanding process know-how

and process efficiency

3

Our competitive advantages

Cost advantage as first high-end IC

Substrates manufacturer in

China

Strategic focus on high-end

technologies and applications

Technology leverage between

customer segments

Quality

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What guides us

Vision First choice for advanced applications

Targets

Strenghtening the technology leadership

Long-term profitable growth with the target to be one of the most profitable

players in the industry

Generation of shareholder value

Strategy

Focus on high-end technologies and applications with above average

growth potential and long-term profitability

Focus on highest service-level and customer orientation

Focus on operational excellence

Focus on cash flow generation

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High-end PCBs for high-end applications

5

Auswahlkriterien

Mobile Devices & Substrates Automotive Industrial Medical

Smartphones, Tablets, Ultrabooks, Wearables ..

Navigation, Advanced Driver Assistance Systems, Infotainment..

Machine-2-Machine communication, industry computer..

MRT, hearing aids, pacemaker, patient monitoring..

60% 40% Revenue share Revenue share

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AT&S – Key Facts

Strong track record 1 Balanced portfolio / Global customer base 2

7%

€ in millions

6

Split revenue: Business Unit, 2015/16

Split revenue: Customer Region, 2015/16 based on sold to party

514 542

590

667

763

103 102 127 168 168

42 31 54 90 77

2011/12 2012/13 2013/14 2014/15 2015/16

Revenue EBITDA EBIT

+5% +9% +13% +14%

Revenue growth

60%

40% Mobile Devices &Substrates

Automotive,Industrial, Medical

24%

6%

14%

56%

Germany/Austria

Other Europeancountries

Asia

Americas

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Global footprint ensures proximity to supply chain & cost efficiency

European production facilities: high mix/low volume Asian production facilities: high volume/low mix

Sales network spanning three continents 8,759 employees*

Plant Shanghai, China Staff: 4,585*

Plant Ansan, Korea Staff: 275*

Plant Nanjangud, India Staff: 1,160*

Plant Chongqing, China under construction Staff: 1,380*

Plant Leoben, Austria Headquarters Staff: 918*

Plant Fehring, Austria Staff: 368*

AT&S sales offices AT&S plants

*Average, FTE, FY 2015/16; 73 employees in other locations

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PCB market - overview

8

15,654 17,146

16,203 17,543

7,676

8,084 3,638

4,332 3,645

4,417 2,288

2,520

2016 2020Computing Communication

Consumer Automotive

Industrial/Medical Military/Aerospace

4.9%

4.5%

1.3%

2.3%

2.0%

17,397 15,831

15,460 15,607

8,030 7,752

3,377 3,506

3,519 3,483

2,144 2,224

2014 2015

3.7%

-1.0%

3.8%

335 373

285

297

2014 2015 w/o FXeffects*

BU MS BU AIM

*

*

Source: Prismark, Feb. 2016

Moderate growth of 2.4% forecasted for the total PCB market until 2020

Total PCB market 2015 declining

49,104 54,042

49,927 48,403

CAAGR 2016-2020: 2.4%

2.4%

4.2%

11.3%

8.1%

-3.0%

-3.5%

1.0%

-9.0%

USD in billions € in millions USD in billions

AT&S 2015 with above-average growth*

* Q4 2014/15 and Q1-Q3 2015/16, corresponds to calendar year 2015

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Company Overview

Strategy & Market

Annex

Financials

Table of Contents

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AT&S positioning - current

Strategic focus on high-end technologies

AT&S Revenue structure in 2015/16 - 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 > 70% HDI and Anylayer PCBs, Embedding

Complementary technology share: <30% SS, DS, ML,

Flex, RF

Structure of general PCB market – based on technologies

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Market Player/Position HDI Technology

Source: Prismark, 2015; JMS 2015; NTI 2015; AT&S Strategy

Market position HDI Technology

Revenue (US$ in millions)

Rank Country Supplier HDI Non HDI

PCBs IC-

Substrates Total

revenue

1 TWN Unimicron 738 634 758 2,130

2 TWN Compeq 624 486 - 1,110

3 AUT AT&S 557 329 - 886

4 JPN Ibiden 462 376 655 1,493

5 KOR SEMCO 392 200 970 1,562

6 USA TTM 376 1,046 - 1,422

7 TWN Zhen Ding 369 2,114 - 2,483

8 TWN Tripod 321 1,070 - 1,391

9 TWN Unitech 302 153 - 455

10 CHN Kingboard (E&E) 275 688 - 963

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Driving Future Trends: Internet of Things (IoT) Applications Everything is going to be smart and/or connected

Healthcare & Fitness

Smart Watches and Glasses Wearable Electronics

Smart Mobility Autonomous Driving

Car2X Communication

Smart City Smart Lighting

Smart Buildings Home/Building Automatization

Smart Home Devices

Smart Production/Industry 4.0 Automatization/Robotics

Machine-to-Machine Communication

Smart Healthcare Connected Patient Monitoring Systems

Connected Consumer Healthcare Devices

Smart Energy Smart Metering

Building Blocks of IoT Modules: Sensing, Connectivity, Energy Storage/Harvesting, Power Management

30-50 billion of „Things“ will be connected in 2020

Wearable electronic devices offer revenue opportunities of USD 61.7 billion beyond the smartphone market in 2020 Source: Gartner Inc. 2016

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The world is changing – miniaturisation & modularisation as main drivers

13

2003/04 2013 2016 2024

?

Type Mobile Phone Smartphone System in Package All in One

PCB 125x55mm 85x20mm 30x30mm 20x20 ?

Form Factor 1 0.25 0.13 0.06 ?

Line/Space 100/100µm 40/40µm 30/30µm 20/20µm ?

Technology 1-n-1 Anylayer Anylayer&Embedding ?

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From vision to strategy

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Targets/Key performance Indicators

Strategy

Strenghtening technology leadership • Leading player in the high-end core

business • Medium-term: leading player in new

business areas • Innovation Revenue Rate: > 20 %

Continuous innovation and focus on high-end technologies and applications

Focus on innovative solutions

Long term profitable growth/to be one of the most profitable players in the industry • Medium-term EBITDA margin target of

18–20% • Medium-term revenue target of ~€ 1 billion

Focus on technologies and applications with above- average growth potential and long-term profitability

Focus on highest service-level and customer orientation

Focus on operational excellence

Focus on cash flow generation

Generation of shareholder value • Medium term ROCE of 12%

Sustainable development focusing on ROCE

Stable dividend policy

Vision: “First choice for advanced

applications”

The best employees and executives • Talent Programs • Trainings • Leadership Excellence Programme

Sustainable management To be the benchmark of the industry by reduction of: • 5% CO2 emissions p.a. • 3% freshwater consumption p.a.

Capital Excellence • Equity ratio: > 40 % • Financing costs of < 2% (in a

corresponding interest environment)

• Payback period of < 3 years

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19.6% of AT&S‘ total revenue in 2015/16 is generated by products with new, innovative

technologies introduced to the market within the last three years (Innovation Revenue

Rate). IRR decreased due to a generation of mature products and new technologies (IC

Substrates) were not yet revenue generating.

AT&S now has 162 patent families, resulting in 212 patents.

The expenses for research and development projects amounted to € 95.5m in the financial

year 2015/16. This corresponds to a R&D quota (i.e. relation to revenue) of 12.5%

compared to 8.7% in the previous year. Adjusted for project IC Substrates: 4.5%

Research and development as the key for technological leadership

15

32.9

24.7 31.8

57.9

95.5

2011/12 2012/13 2013/14 2014/15 2015/16

15.0

19.2

26.5

29.2

19.6

2011/12 2012/13 2013/14 2014/15 2015/16

101

124

153

174

212

2011/12 2012/13 2013/14 2014/15 2015/16

IRR (Innovation Revenue Rate)

€ in millions in % Quantity

Patents R&D expenses

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„New interconnection solutions“ > supporting miniaturization and

modularisation

„High-end Toolbox“

New and existing Application Areas

New and existing customers Semiconductors Packaging

companies (OSATS) Original Electronic

Manufacturers (OEMs)

Tier 1 suppliers

Future positionining as leading high-end interconnection solutions provider

Mobile Devices

Automotive

Industrial

Medical

INTERNET of

THINGS

NEW TECHNOLOGIES

IC-Substrates Advanced Packaging

Substrate-like PCBs

EXISTING TECHNOLOGIES

Multilayer PCBs HDI Anylayer PCBs

Embedding Flexible PCBs

CORE BUSINESS Multilayer PCBs, HDI Anylayer PCBS, Embedding, Flexible PCBs

e- IC-Substrate Advanced Packaging /SLP (SiB) Advanced Packaging / (SiP) e- Interposer

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„More comprehensive positioning in the value chain“

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AT&S’ advanced technology solutions

General Description & Technology Application Areas Customer Base

High-End (HDI) PCBs

PCBs are the interconnection platform for electric, electronic & mechanical components (such as resistors , capacitors, IC’s,

connectors; etc.) Density: Line/ Space > 35 micron

Computer, Consumer, Communication, Automotive

Industrial, Medical

OEM´s Tier 1 Tier 2

Substrate-like PCBs

Substrate-like PCBs are the next evolution of high-end HDI PCBs with higher density: Line/Space 20-30micron

Wearables and applications of the “Internet of Things”

OEM’s Tier 1 Tier 2

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General Description & Technology Application Areas Customer Base

IC Substrates

IC Substrates serve as interconnection platform with higher density (Line/Space < 15 micron) between

semiconductors (Chips) & PCBs

High-end processors for Computer, Communication,

Automotive, Industrial

OEM’s Semiconductor

Industry

Embedded Component Packaging

(ECP®)

Embedded Component Packaging allows to embed active/passive components (e.g. wafer level dies) within the

layers of a PCB – contributes to miniaturisation

Power Electronics, e.g. for

Automotive, Industrial

OEM’s

Semiconductor Industry

AT&S’ advanced technology solutions

Page 20: AT&S Company Presentation May 2016

Growth Project Chongqing

IC Substrate project Investment* Phase 1: ~ € 280m Investment* as of 31/03/2016: € 208.7m

Substrate-like PCB project Investment*Phase 1: ~ € 200m Investment* as of 31/03/2016: € 82.9m

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Total investment: € 480m* in first phase (until mid 2017) Expected CAPEX-revenue ratio: mean of 0.9** (at full expansion – incl. second phase) Depreciation & Amortisation: average of 10 years; roughly additional € 40m in FY 2016/17

* Capex for tangible fixed assets **at full expansion (incl. a second phase not yet scheduled)

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Q4 2015/16 (January – March 2016)

Challenge: Ramp of three production lines within 12 months

Ramp: PRODUCTION LINE 1 - IC SUBSTRATES

Q1 2016/17 (April – June 2016)

Q2 2016/17 (July – August 2016)

Q3 2016/17 (September – December 2016)

Q4 2016/17 (January – March 2017)

Ramp: PRODUCTION LINE 1 – SUBSTRATE LIKE PCBs

Ramp: PRODUCTION LINE 2 - IC SUBSTRATES

FY 2015/16 FY 2016/17

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Company Overview

Strategy & Market

Annex

Financials

Table of Contents

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Sound top-line growth, above industry margins and increasing cash conversion

514 542

590

667

763

2011/12 2012/13 2013/14 2014/15 2015/16

103 102

127

168 168

20.1% 18.9% 21.6%

25.1%

22.0%

2011/12 2012/13 2013/14 2014/15 2015/16

87

72

105

144 137

2011/12 2012/13 2013/14 2014/15 2015/16

Revenue Y-O-Y growth

Operating Cash Flow Y-O-Y development

EBITDA and EBITDA-margin

Continuous growth path

Revenue with products out of Asian production increased from 69% in 2010/11 to 81% in Q1-Q3 2015/16

EBITDA stable despite impact of project Chongqing

EBITDA margin guidance FY 2016/17: > 18-20% due to impact from ramp-up Chongqing plant

Strong cash flow generation. Slight decrease in FY 15/16 based on higher Working Capital out project Chongqing. Operating cash flow generation driven by strong EBITDA performance

€ in millions € in millions € in millions

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Capex & Staff

CAPEX CAPEX reflects investments in Chongqing project (whereof € 190.3m) and technology investments in existing locations.

STAFF* The increased headcount is primarily based on the Chongqing project.

7,417 7,321 7,027

7,638

8,759

2011/12 2012/13 2013/14 2014/15 2015/16

123 609 54 1,380

* incl. leased personnel, FTE, average for the period (€ in millions)

Core business Employees project Chongqing

113

40

90

165

254

2011/12 2012/13 2013/14 2014/15 2015/16

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Financials FY 2015/16

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€ in thousands (unless otherwise indicated)

01.04.2015 – 31.03.2016 01.04.2014 – 31.03.2015

STATEMENT OF PROFIT OR LOSS

Revenue 762,879 667,010

produced in Asia 81.0% 79.0%

produced in Europe 19.0% 21.0%

EBITDA 167,488 167,571

EBITDA margin 22.0% 25.1%

EBIT 76,969 90,086

EBIT margin 10.1% 13.5%

Finance costs - net (8,135) (5,103)

Income Taxes (12,883) (15,634)

Profit for the period 55,951 69,349

Cash Earnings 146,470 146,763

EPS in € 1.44 1.78

Positive FX effects of € 13.0m included as well as effects from Chongqing of € 12.7m (2014/15: € 5.8m).

Revenue increase of 14.4%: 5.2% from organic growth and 8.8% from FX effects.

EBITDA margin impacted by ramp costs of Chongqing, adjusted for these costs: 23.7% (vs. 25.8%).

Stable tax rate of 18.7% (FY 14/15: 18.4%)

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Financials FY 2015/16

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€ in thousands (unless otherwise indicated) 31.03.2016 31.03.2015

STATEMENT OF FINANCIAL POSITION

Non-current assets 866,338 712,757

Current assets 478,312 508,055

Equity 568,936 604,358

Non-current liabilities 421,407 413,070

Current liabilities 354,307 203,384

Total assets 1,344,650 1,220,812

Net debt 263,192 130,510

Net debt/EBITDA 1.6x 0.8x

Net gearing 46.3% 21.6%

Net working capital 88,427 95,319

Net working capital per revenue 11.6% 14.3%

Equity ratio 42.3% 49.5%

Improvement of net income to € 56.0m was overcompensated by negative FX effects.

Includes additions of fixed assets to Chongqing project of € 231.5m

Increase based on high investment acitivity due to Chongqing and dividend paid.

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Financial debt, cash and net debt

273 299

372

405

435

31

82

261 274

172 243 217

111

131

263

2011/12 2012/13 2013/14 2014/15 2015/16

Gross debt Cash Net debt

2.3

2.1

0.9 0.8

1.6

2011/12 2012/13 2013/14 2014/15 2015/16

Expected multiple in temporary peak of Chongqing investments: < 3.5x

Net debt/EBITDA

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Overview Debt Portfolio Duration

Maturity

Average debt portfolio duration: 3.9 years (2014/15: 3.8 years) € 247m of credit lines not utilised

Includes promissory note loans of € 287.2m

€ in millions < 1 Year 1-5 Years > 5 Years Total

Corporate Bond 76.8 - - 76.8

Export Loans 32.0 - - 32.0

Public funds and other 0.2 4.4 - 4.6

Bank Borrowings 52.4 280.9 76.3 409.6

Total 31/03/2016 161.4 285.3 76.3 523.0

Total 31/03/2015 46.0 321.6 37.7 405.3

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Financials FY 2015/16

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€ in thousands 01.04.2015 – 31.03.2016 01.04.2014 – 31.03.2015)

STATEMENT OF CASH FLOWS

Operating result 76,969 90,086

Paid /received interests (12,460) (12,193)

Paid taxes (10,308) (16,436)

Non cash bearing of profit or loss 91,727 83,499

Cash flow from operating activities before changes in working capital 145,928 144,956

Changes in Working Capital (9,003) (1,086)

Cash flow from operating activities 136,925 143,870

Cash flow from investing activities (342,242) (164,779)

Cash flow from financing activities 111,073 11,943

Change in cash and cash equivalents (94,244) (8,966)

Strong operational cash flow generation from operations.

Including long term investment of liquid funds of € 89.5m - continuous high CAPEX in Chongqing project and continuous upgrades of existing production facilities.

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Net Working Capital Management

Net Working Capital Development - € in millions and in % of revenue

92

103

92 95 88

18.0% 19.0%

15.6%

14.3%

11.6%

2011/12 2012/13 2013/14 2014/15 2015/16

Net Working Capital development Net Working Capital % of revenue

Page 31: AT&S Company Presentation May 2016

AT&S - Stock Profile

Listing: Vienna Stock Exchange,

Prime Standard

Indices: ATX, WBI

ThomsonReuters (A): ATSV.VI

Bloomberg (A): ATS:AV

Record Date Annual General Meeting 27 June 2016

22nd Annual General Meeting 07 July 2016

Ex-Dividend Day 26 July 2016

Record Date Dividend 27 July 2016

Dividend Payment Day 28 July 2016

Results for the first quarter 2016/17 28 July 2016

Results for the first half-year 2016/17 03 November 2016

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Financial Calendar Shareholder structure

# of shares outstanding 38.85m

Avg. daily volume: 63.300 shares

Performance ytd: -16.28%

Performance 1 year: -14.09%

Dividend 2014/15: EUR 0.36/per share

Dividend yield: 2.5%

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Outlook FY 2016/17

Focus on capacity utilisation of first production line of IC substrates and ramp of two further

production lines (second production line of IC substrates, first production line of substrate like

PCB)

Slower growth dynamic expected in certain customer segments, particularly in Mobile Devices &

Substrates as well as stronger seasonality in Q1 and Q4 and continuous low visibility

Based on a macroeconomic stable environment, FX relation of USD-EUR on a similar level than FY

2015/16 and a stable demand in the core business, management expects revenue growth of 10-

12%. EBITDA margin should be on a level of 18-20 %, based on costs related to the ramp of

Chongqing. EBITDA margin in core business should be on a similar level than in FY 2015/16.

Higher depreciation for the new plants in Chongqing of additional ~ € 40m in FY 2016/17 will have

a clear impact on EBIT level.

Page 33: AT&S Company Presentation May 2016

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Company Overview

Strategy & Market

Annex

Financials

Table of Contents

Page 34: AT&S Company Presentation May 2016

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AT&S Product Portfolio

HDI any-layer printed circuit

boards

HDI microvia printed circuit boards – high density interconnect

Multilayer printed circuit boards

Double-sided printed circuit boards

IMS printed circuit boards – insulated

metal substrate

Further technological enhancement to HDI microvia: All electrical connections in HDI any-layer boards consist of laser-drilled microvias. Advantage: further miniaturisation, and higher performance and reliability. AT&S produces HDI any-layer in 4 to 12 layers.

HDI: high density interconnect, meaning laser-drilled connections (microvias). HDI is first step towards miniaturisation. AT&S can produce 4-layer laser PCBs up to 6-n-6 HDI multi layer PCBs.

Found in almost every area of industrial electronics. AT&S produces printed circuit boards with 4 to 28 layers, in quantities from individual prototypes to small batches and mass production.

Used in all areas of electronics. AT&S focuses on double-sided printed circuit boards with thicknesses in the range of 0.1-3.2 mm.

IMS: insulated metal substrate. Primary function: heat dissipation for use mainly with LEDs and power components.

Production site Shanghai

Shanghai, Leoben

Leoben, Nanjangud, Fehring

Fehring, Nanjangud

Fehring

Applications Smartphones, Tablets, Notebooks

Mobile phones and nearly all electronic applications including automotive (navigation, infotainment and driver assistance systems)

Used in all electronic applications including touch panels, and in products ranging from aircraft to motorcycles, from storage power plants to solar arrays

Primarily industrial and automotive applications

Lighting industry

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AT&S Product Portfolio

Flexible printed circuit boards

Semi-flexible printed circuit boards

Rigid-flex printed circuit boards

Flexible printed circuit boards on aluminium

AT&S patented technologies

Used to replace wiring and connectors, allowing for connections and geometries that are not possible with rigid printed circuit boards.

More limited bend radius than flexible printed circuit boards. The use of a standard thin laminate makes them a cost-effective alternative.

Combine the advantages of flexible and rigid printed circuit boards, yielding benefits for signal transmission, size and stability.

Used when installing LEDs in car headlights, for example, where the printed circuit board is bonded to an aluminium heat sink to which the LEDs are then attached.

Production site Ansan, Fehring

Fehring

Leoben, Ansan

Ansan

Applications Nearly all areas of electronics, including measuring devices and medical applications

Automotive applications

Industrial electronics, such as production machines and industrial robots

Lighting, automotive, building lighting

ECP: Embedded Component Packaging ECP® is a patented AT&S packaging technology used to embed active and passive electronic components in the inner layers of a printed circuit board. ECP® technology is used in ever smaller, more efficient and more powerful devices, such as smartphones, tablets, digital cameras and hearing aids. Production site: Leoben

2.5D® Technology Platform Combines mechanical and electronic miniaturisation, and enables partial reduction of the thickness of a circuit board. Advantage: populated assemblies have a thinner profile. Can be also used to make cavities in the printed circuit board, e.g. for acoustic channels. Major application for this technology is the 2.5D® rigid-flex printed circuit board, a lower cost alternative for flex-to install applications. Production sites: Leoben, Shanghai

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Management

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Andreas Gerstenmayer, CEO Born 1965; joined AT&S as CEO in 2010 Previous positions include:

18 years of work experience at Siemens, including Managing Director with Siemens Transportation Systems GmbH Austria and CEO of the Drive Technology business unit in Graz from 2003 to 2008

Partner at FOCUSON Business Consulting GmbH after leaving Siemens Education and other positions:

Member of the Research Council of Styria Degree in Production Engineering from Rosenheim University of

Applied Sciences

Heinz Moitzi, COO Born 1956; COO since 2005; with AT&S since 19811) Previous positions include:

Various management positions within AT&S Measurement engineer with Leoben University of Mining and

Metallurgy Education:

Degree from Higher Technical College of Electrical Engineering

Karl M. Asamer, CFO Born 1970; joined AT&S as CFO in 2014 Previous positions include:

Managing Director of GEKA Group in Germany Managing Director of Sell GmbH in Germany

Education: Degree: doctorate in business administration in Linz, Austria

1) He was already with the founding company of AT&S

Responsibilities: Sales and Marketing Human Resources Investor Relations, Public Relations and

Internal Communications Business Development and Strategy Compliance CSR and Sustainability

Responsibilities: Finance and Accounting, Treasury Controlling Legal Affairs, Risk Management and

Internal Audit IT/Organisation Procurement

Responsibilities: Research and Development (R&D) Operations Quality Management Business Process Excellence Environment Safety

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Milestones in the Group’s history

1987 Founding of the Group, emerging

from several companies owned by

the Austrian State Owned

Industries

1994 Privatisation 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 recordhigh 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 2016 AT&S receives certification for

the serial production of IC

substrates at the plant in

Chongqing

AT&S shares are admitted to

the Austrian lead index ATX

Page 38: AT&S Company Presentation May 2016

Five core dimensions of sustainability within AT&S

Energy and carbon footprint

Water

AT&S – a learning organisation

Resources

Thinking ahead – shaping the future

CSR gains importance in long term success Improving efficiency Motivated and qualified staff

CSR as a key to sustainable business success

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The importance of sustainability is rising within:

Authorities (basis for securing operation licences)

Customers (relevant for placing orders)

Page 39: AT&S Company Presentation May 2016

AT&S saves CO2 and Water…

38

Sustainability – Figures and Fields of Action

AT&S aims to minimise its environmental footprint by reducing the CO2 emissions per m2 PCB attributable to production processes by 5% a year.

AT&S aims to reduce the Group‘s annual fresh water consumption per m2

PCB by 3%.

765.2

834.7

783.9

734.0 718.6

2011/12 2012/13 2013/14 2014/15 2015/16

Freshwater consumption

In liters per sqm weighted PCB

1)

47.4

51.0 50.7

49.0

50.7

2011/12 2012/13 2013/14 2014/15 2015/16

CO2-Footprint

1)

In kg per sqm weighted PCB

1) Since 2012/13 calculation according to EICC standards before that AT&S internal calculation

Page 40: AT&S Company Presentation May 2016

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Page 41: AT&S Company Presentation May 2016

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