AT&S First choice for advanced applications - Company Presentation May 2018 www.ats.net - AT&S
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AT&S
First choice for advanced applications
Company Presentation
May 2018
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
Table of Contents
AT&S at a glance
AT&S Financials
Appendix
Company Presentation 1
What guides us
VISION
FIRST CHOICE FOR ADVANCED APPLICATIONS
MISSION
We set the highest quality standards in our industry
We industrialize leading-edge technology
We care about people
We reduce our ecological footprint
We create value
Company Presentation 2
AT&S – outstanding 2017/18 results
Highest revenue
High-end interconnect solutions
for in AT&S history
Mobile Devices, Automotive, Industrial, Medical
Applications and Semiconductor Industry
€ 991.8 m (+21.7%) 46.5%
Equity ratio
22.8% EBITDA
EBITDA margin € 226.0 (+72.6%)
Dividend proposal
0.36 €
9,981
employees
Company Presentation 3
4
Market Segments & Product Applications served by AT&S
Computer,
Communication, IC substrates Automotive Industrial Medical
Consumer
Smartphones, Tablets, High Performance Advanced Driver Machine-2-Machine Patient
Wearables, Ultrabooks, Computer, Microserver Assistance Systems, Communication, Monitoring, Hearing Aids,
Solid State Drives, … Emergency-Call, X2X Robots, Industrial Pacemaker,
Microserver Communication Computer, Neurostimulation, Drug
... … X2X Communication Delivery, Prosthesis
… …
Segment Mobile Devices & Substrates Segment Automotive, Industrial, Medical
Company Presentation 4
AT&S – Key Facts
1 Good track record 2 Balanced portfolio/Global customer base
Split revenue: Business Unit, FY 2017/18
992
€ in millions Mobile Devices & Substrates
34%
815
763
667 +21.7% 66% Automotive, Industrial, Medical
590 +7%
542 +14%
+13%
+9%
226 Split revenue: Customer Region, FY 2017/18
168 168 based on sold to party
102 127 131*
90 77* 90
31 54
7*
6% Americas
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
10%
Germany/Austria
Revenue EBITDA EBIT Revenue growth 21% 7% Asia
63%
Other European countries
* Based on ramp-up effects for new plants in China
Company Presentation 5
Global footprint ensures proximity
to supply chain & cost efficiency
AT&S plant & sales office
AT&S sales office
AT&S Headquarters
1,008* 394* 1,143* 2,361* 4,694* 307*
Plant Leoben, Headquarters Plant Fehring Plant Nanjangud Plant Chongqing Plant Shanghai Plant Ansan
Austria Austria India China China Korea
*Staff, Average, FTE, FY 2017/18; 73 employees in other locations
Company Presentation 6
Strategic focus on high-end technologies
AT&S Revenue structure in H1 2017/18 – based on technologies
High-end technology share > 75%
HDI and any-layer PCBs, Embedding
High-end
HDI PCBs and
IC substrates
~ 30%
Complementary technology
share: < 25%
SS, DS, ML,
Single-sided (SS), double-sided (DS), multilayer- (ML),
Flex, RF
flex and rigid-flex (RF) PCBs
~ 70%
Structure of general PCB market – based on technologies
Source: Prismark PCB Report 2Q17/ August 2017; AT&S Controlling
Company Presentation 7
Our competitive advantages
Strategic focus on high-end technologies and applications
Scale innovation and technology leverage between customer segments
Outstanding process know-how and process efficiency
Highest quality
First high-end IC substrates manufacturer in China
Company Presentation 8
Driving the future: Internet of Things (IoT) Applications
Wearable Electronics Healthcare & Fitness
Smart Watches and Glasses
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 61.7bn beyond the smartphone market in 2020
Source: Gartner Inc. 2016
Company Presentation 9Driving the industry: miniaturization & modularization
2003/04 2013 2017 202X
?
TYPE Mobile Phone Smartphone Smartphone All in One
PCB 125x55mm 85x20mm 80x20mm 25x25mm?
FORM FACTOR 1 0.25 0.23 0.06?
LINE/SPACE 100/100µm 40/40µm 30/30µm 10/10µm
TECHNOLOGY 1-n-1 Any-layer mSAP – Any-layer FO/SAP/mSAP
Company Presentation 10From vision to strategy
Targets/Key Performance Strategy
Indicators
Expansion of technology leadership Focus on high-end technologies and applications
• Leading provider of new interconnect solutions Focus on innovative solutions “More than AT&S”
• Innovation revenue rate: > 20%
Medium-term profitable growth Focus on fast-growing and profitable applications
• Medium-term revenue target of € 1.5 billion Highest service level and customer orientation
Vision: • Medium-term EBITDA margin target of 20-25%
“First choice Operational excellence
for advanced Focus on cash flow generation
application”
Creation of shareholder value Sustainable business development with focus on ROCE
• Long-term ROCE ≥ 12% Transparent dividend payout
Sustainable Management Human resource development
• Fulfill and further develop standards in the area Uphold business ethics
of quality, environment, health & safety…
Company Presentation 11R&D as the key for technological leadership
6.6%
R&D Quota
(in % in relation to revenue)
231
Patents
International
R&D Partners
R&D 40.4%
Headquarters
Innovation Revenue Rate *
Austria
Industrialization at the respective
production site
As of FY 2017/18 (ended 31/03/2018)
* Revenue generated with products with new, innovative technologies introduced to the market within the last three years
Company Presentation 12Future positioning
as leading high-end interconnect solutions provider
More than AT&S
Overview of the transformation from a high-end
Extended technology
PCB manufacturer to a high-end interconnect toolbox
solutions provider:
Additional customers
New technologies
Core business + and interconnect
solutions
Additional applications
Broader positioning in the
value chain
Company Presentation 13Table of Contents
AT&S at a glance
AT&S Financials
Appendix
Company Presentation 14Net CAPEX & Staff
Net CAPEX Staff*
FY 2017/18: CAPEX at a high level due to mSAP Increase in number of employees by more than 2,900
upgrade and Chongqing phase 1
9,981
9,526
8,759
254.3 7,638
240.7
7,027
164.8
141.7
90.3
2013/14 2014/15 2015/16 2016/17 2017/18 2013/14 2014/15 2015/16 2016/17 2017/18
€ in millions * incl. contractors, FTE, average for the period
Company Presentation 15Revenue and EBITDA development
Revenue: YoY: + 21.7%: very good product mix, high demand and additional revenue from all plants
EBITDA: YoY: + 72.6 %: expansion capex, high operational performance, successful introduction & optimization of mSAP
991.8 Split revenue FY 2017/18: Business Unit
814.9
34%
Mobile Devices & Substrates
66%
Automotive, Industrial,
Medical
286.0 280.2 Split revenue FY 2017/18: Customer Region
225.9 226.0
199.8 199.6
6%
130.9
74.7 85.9 10%
28.8 29.7 35.7
Americas
14.4% 14.9% 26.1% 30.7% 15.8% 16.1% 22,8%
21% Germany/Austria
Q4 Q1 Q2 Q3 Q4 FY FY 63%
2016/17 2017/18 2017/18 2017/18 2017/18 2016/17 2017/18 Asia
Other European countries
€ in millions Revenue EBITDA and margin 16
Company Presentation 16 16Outlook for 2018/19 Core business with stable and growing demand in a competitive environment Seasonality expected for mobile devices segment, especially in Q1 Technology development projects in CHQ I as preparation of second phase in implementation Further expansion in CHQ II depending on market development – next evaluation in mid-2018 Technology expansion and capacity increase in the area of autonomous driving at the sites in Nanjangud (India) and Fehring (Austria) currently implemented Maintenance investments and minor technology upgrades of roughly € 70 to 100 million Investments in capacity and technology expansion by another € 100 million depending on market development Outlook 2018/19: Revenue growth by up to 6% and EBITDA margin at 20 to 23% Company Presentation 17
Medium-term strategy – More than AT&S Positioning as a leading high-end interconnect provider Path of value-added growth will be pursued consistently Focus on leading position in terms of technology, quality and results New revenue target of € 1.5 billion EBITDA margin of 20 to 25% Company Presentation 18
AT&S – Stock Profile
Listing: Vienna Stock Exchange, # of shares outstanding 38.85m
Prime Standard Average daily volume*: ~ 115,000 shares
Indices: ATX Prime, WBI Performance 1 year*: +107%
Thomson Reuters (A): ATSV.VI Dividend proposal 2017/18: € 0.36 per share
Bloomberg (A): ATS:AV
* 02/05/2017 – 30/04/2018
Financial Calendar Shareholder structure
Record date Annual General Meeting 25 June 2018
24th Annual General Meeting 05 July 2018
Ex-dividend day 24 July 2018
Record date dividend 25 July 2018
Dividend payment day 26 July 2018
Results for the first quarter 2018/19 31 July 2018
Results for the second quarter 2018/19 31 July 2018
Company Presentation 19Table of Contents
AT&S at a glance
AT&S Financials
Appendix
Company Presentation 20AT&S Product Portfolio – I
ECP®: IC substrates Substrate-like printed circuit boards
Embedded Component Packaging mSAP
Embedded Component Packaging allows to embed IC substrates serve as interconnection platform with Substrate-like PCBs (mSAP technology) are the next
active/passive components (e.g. wafer level dies) within higher density (Line/Space < 15 micron) between evolution of high-end HDI PCBs with higher density:
the layers of a PCB – contributes to miniaturization. semiconductors (Chips) & PCBs . Line/Space < 30 micron.
Production site
Leoben, Shanghai Chongqing Chongqing, Shanghai
Applications
Devices such as smartphones, tablets, digital High-end processors for Mobile applications like smartphones
cameras and hearing aids Computer, Communication, Automotive, Industrial
Company Presentation 21AT&S Product Portfolio – II
HDI HDI microvia printed Multilayer printed circuit Double-sided printed IMS printed circuit boards
any-layer printed circuit circuit boards – high boards circuit boards – insulated metal
boards density interconnect substrate
Further technological HDI: high density interconnect, Found in almost every area of Used in all areas of electronics. IMS: insulated metal substrate.
enhancement to HDI microvia: meaning industrial electronics. AT&S AT&S focuses on double-sided Primary function: heat
All electrical connections in HDI laser-drilled connections produces printed circuit boards printed circuit boards with dissipation for use mainly with
any-layer boards consist of laser- (microvias). HDI is first step with 4 to 28 layers, in quantities thicknesses in the range of 0.1- LEDs and power components.
drilled microvias. Advantage: towards miniaturization. from individual prototypes to 3.2mm.
further miniaturization, and AT&S can produce 4-layer small batches and mass
higher performance and laser PCBs up to 6-n-6 production.
reliability. AT&S produces HDI HDI multi layer PCBs.
any-layer in 4 to 12 layers.
Production site
Shanghai Shanghai, Leoben Leoben, Nanjangud, Fehring Fehring, Nanjangud Fehring
Applications
Smartphones, Tablets, Mobile phones and nearly all Used in all electronic Primarily industrial and Lighting industry
Notebooks electronic applications including applications including touch automotive applications
automotive (navigation, panels, and in products ranging
infotainment and driver from aircraft to motorcycles,
assistance systems) from storage power plants to
solar arrays
Company Presentation 22AT&S Product Portfolio – III
Flexible printed Semi-flexible printed Rigid-flex printed Flexible printed circuit
circuit boards circuit boards circuit boards boards on aluminum
Used to replace wiring and More limited bend radius than Combine the Used when installing LEDs
connectors, allowing for flexible printed circuit advantages of flexible in car headlights, for
connections and geometries that boards. The use of a and rigid printed circuit example, where the
are not possible with rigid standard thin laminate boards, yielding benefits printed circuit board is
printed circuit boards. makes them a cost-effective for signal transmission, bonded to an aluminum
alternative. size and stability. heat sink to which the
LEDs are then attached.
Production site
Ansan, Fehring Fehring Ansan Ansan
Applications
Nearly all areas of Automotive applications Industrial electronics, Lighting, automotive,
electronics, including such as production building lighting
measuring devices and machines and industrial
medical applications robots
Company Presentation 23Management
Andreas Monika Stoisser- Heinz Moitzi,
Gerstenmayer, CEO Göhring, CFO COO
Joined AT&S as CEO in 2010 CFO since 2017 COO since 2005; with AT&S since
Previous positions include: 19811)
Previous positions include:
Since 2011 with AT&S in senior Previous positions include:
18 years of work experience at Siemens, positions in Finance and Human Various management positions
including Managing Director with Resources within AT&S
Siemens Transportation Systems GmbH Various positions at international Measurement engineer with Leoben
Austria and CEO of the Drive Technology accounting and tax consulting University of Mining and Metallurgy
business unit in Graz from 2003 to 2008 companies Education:
Partner at FOCUSON Business Education: Degree from Higher Technical
Consulting GmbH after leaving Siemens Training as Tax Consultant College of Electrical Engineering
Degree in Business Administration
Education: from Karl-Franzens University Graz
Degree in Production Engineering from
Rosenheim University of Applied 1)He was already with the founding company of AT&S
Sciences
Company Presentation 24Milestones in the Group’s history
1987 1994 1999 2002
Founding of the Group, emerging Privatization and Initial public offering on Frankfurt Stock Exchange Start of production at new Shanghai
from several companies owned by acquisition by Messrs („Neuer Markt“). Acquisition of Indal Electronics facility – one of the leading HDI
the Austrian State Owned Androsch, Dörflinger, Zoidl Ltd., largest Indian printed circuit board plant production sites in the world
Industries (Nanjangud) – today, AT&S India Private Limited
2010 2009 2008
Start of production New production direction: Austrian AT&S change
at plant II in India plants produce for high-value niches to Vienna Stock
in the automotive and industrial
segment; Shanghai focuses on the
Exchange 2006
high-end mobile devices segment Acquisition of Korean
flexible printed circuit
board manufacturer,
2011 2013 Tofic Co. Ltd. – today,
Construction starts on new AT&S enters the IC substrate AT&S Korea Co., Ltd.
plant in Chongqing, China market in cooperation with a
Capacity increase in leading manufacturer of
Shanghai by 30% semiconductors
2016
AT&S starts serial production of
IC substrates at the plant in
Chongqing
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
Company Presentation 2526
A sustainability benchmark in the industry
“Highest resource “Highest standards at all “Highest
efficiency“ locations worldwide“ transparency“
Revenue growth Environment: ISO 14001 Sustainability reporting since 2012/13
Resource Safety: OHSAS 18001 Gold recognition from the Responsible
consumption Energy: ISO 50001 Business Alliance
stable/declining Quality: ISO 9001, ISO/TS 16949 Conflict minerals reporting
AS/EN 9100, DS/EN 13485 Public CDP reporting on climate change
(C score) and water (B score)
* Basis for CO2 output: 2015/16
Company Presentation 26Disclaimer 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. Company Presentation 27
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