AT&S Investor and Analyst Presentation December 2018

AT&S Investor and Analyst Presentation December 2018

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  AT & SAustria 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 an Analyst Presentation December 2018
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  Investor and AnalystPresentation 1 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
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  Investor and AnalystPresentation 2 AT&S – a world leading high-tech PCB & IC substrates company High-end interconnect solutions for Mobile Devices, Automotive, Industrial, Medical Applications and Semiconductor Industry Outperforming market growth over the last decade € 1bn revenue in FY 2017/18 Among top 10 PCB producers worldwide* # 3 in high-end technology worldwide* 10,000 Employees** Efficient global production footprint with 6 plants in Europe and Asia * For CY 2017 Source: N.T. Information Ltd (July 2018); Prismark ** For AT&S FY 2017/18
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  Investor and AnalystPresentation 3 Investment highlights Leading provider of high-end technologies and applications • Highly advanced position in miniaturisation and modularisation • Technology advantage at mSAP due to timely extension of the IC substrates technology Successful industrialisation of leading-edge technologies combined with highest quality • Outstanding process know-how, productivity and efficiency Long-standing customer relationships with technology and market leaders Solid balance sheet with strengthened equity ratio of 46.5% in 2017/18 • Attractive dividend policy Market outperformance and high profitability • AT&S 5Y CAGR of 12.9% vs PCB and substrates market rate of 0.6% • Above industry average EBITDA margin 20 – 25% • Strong cash flow generation and therefore improved internal financing capabilities
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  Investor and AnalystPresentation 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
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  Investor and AnalystPresentation 5 AT&S – Key Facts 590 667 763 815 992 486 517 127 168 168 131* 226 104 138 54 90 77* 7* 90 37 72 2013/14 2014/15 2015/16 2016/17 2017/18 H1 2017/18 H1 2018/19 Revenue EBITDA EBIT +6% Strong growth track record"1 Balanced portfolio/Global customer base2 7% +13% +14% +7% € in millions *Based on ramp-up effects for new plants in China ** Figures in parentheses refer to same period last year Revenue growth +22% Revenue split by segment: H1 2018/19* Revenue split by customer: H1 2018/19* 5 67% (64%) 33% (36%) Mobile Devices & Substrates Automotive, Industrial, Medical 67% (61%) 19% (21%) 7% (12%) 7% (6%) Americas Germany/Austria Asia Other European countries
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  Investor and AnalystPresentation 6 Global footprint ensures proximity to supply chain & cost efficiency 986* 410* 1,173* 2,337* 4,459* 295* Shanghai China Ansan Korea Chongqing China Leoben, Headquarters Austria Fehring Austria Nanjangud India AT&S plant & sales office AT&S sales office AT&S Headquarters *Staff, Average, FTE, H1 2018/19; 74 employees in other locations
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  Investor and AnalystPresentation 7 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
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  Investor and AnalystPresentation 8 PCB & IC substrates market – Overview 15.3 15.8 18.6 19.9 8.3 9.0 5.5 5.9 3.9 4.22.5 2.65.6 5.9 2018 2020 IC Substrates Military/Aerospace Industrial/Medical Automotive Consumer Communication Computing 3.0% 3.9% 4.3% 1.8% 3.5% 2.3% 59.7 63.4 Forecast for the total PCB & IC substrates market until 2020: CAAGR of 3.1% 2.8% USD in billions 8 Source: Prismark, February 2018; Yole, March 2018 IC substrates − Growing demand for server processors with positive impact on IC substrates − Growth opportunities for “Systems-in-Package” driven by miniaturisation and reduced time to market of electronic products Industrial / Medical − Growth driven by automation /Industry 4.0 activities, robotics, LED lighting − High profitability applications such as mobile diagnostics and therapy as well as medical imaging Automotive − Main growth drivers are autonomous driving (e.g. RADAR, LIDAR, cameras, central processing) and electrification of vehicles Consumer − Market trend towards (wireless) connectivity of smart devices enabling the “Internet of Things” – “IoT” Communication − New 5G connectivity standard will offer strong growth opportunities for high-data rate and low latency (“real-time”) applications Computing − Growth in servers against stagnating market in PC, notebook and tablet
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  Investor and AnalystPresentation 9 Strategic focus on high-end technologies AT&S Revenue structure in FY 2017/18 – based on technologies High-end HDI PCBs and IC substrates ~ 30% Single-sided (SS), double-sided (DS), multilayer- (ML), flex and rigid-flex (RF) PCBs ~ 70% High-end technology share > 75% HDI and any-layer PCBs, Embedding, IC Substrates Complementary technology share: < 25% SS, DS, ML, Flex, RF Structure of general PCB market – based on technologies Source: Prismark PCB Report 2Q17/ August 2017; AT&S Controlling
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  Investor and AnalystPresentation 10 Future positioning as leading high-end interconnect solutions provider Core business New technologies and interconnect solutions Extended technology toolbox Additional customers Additional applications Broader positioning in the value chain + MorethanAT&S Overview of the transformation from a high-end PCB manufacturer to a high-end interconnect solutions provider:
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  Investor and AnalystPresentation 11 Medium-term strategy – More than AT&S AT&S outperformed a flat market in the past 6 years − by scaling high-end any-layer technology − by leveraging HDI technology to the Computer-, Consumer-, Automotive-, Industrial and Medical market Positioning as a leading high-end interconnect provider 100.8 103.2 96.4 94.6 103.2 108.9 123.1 140.8 150.4 183.0 60 100 140 180 220 260 300 2012* 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e PCB & substrates market AT&S revenue 276.8 120.53.0% p.a. 8.6% p.a. *Index (2012 = 100) 2012: PCB & substrates market: USD 55.7bn; AT&S revenue: € 542m Source: AT&S, Prismark (February 2018), Yole (March 2018) Path of value-added growth will be pursued consistently Focus on leading position in terms of technology, quality and results New revenue target of € 1.5 billion EBITDA margin of 20 to 25%
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  Investor and AnalystPresentation 12 From vision to strategy Targets/Key Performance Indicators Strategy Expansion of technology leadership • Leading provider of new interconnect solutions • Innovation revenue rate: > 20% Focus on high-end technologies and applications Focus on innovative solutions “More than AT&S” Medium-term profitable growth • Medium-term revenue target of € 1.5 billion • Medium-term EBITDA margin target of 20-25% Focus on fast-growing and profitable applications Highest service level and customer orientation Operational excellence Focus on cash flow generation Creation of shareholder value • Long-term ROCE ≥ 12% Sustainable business development with focus on ROCE Transparent dividend payout Vision: “First choice for advanced application” Sustainable Management • Fulfill and further develop standards in the area of quality, environment, health & safety… Active Human resource development Committed to highest business ethics
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  Investor and AnalystPresentation 13 Market Player/Position HDI Technology (high end segment) Market position HDI Technology (2017) Revenue (USD in millions) 1) Rank Supplier Country/Region HDI Non HDI PCBs Total revenue 1 Compeq TWN 898 880 1,778 2 TTM USA 837 1,750 2,658 3 AT&S AUT 794 325 1,119 4 Unimicron TWN 781 489 2,240 5 Tripod TWN 361 1,053 1,510 6 Meiko JPN 341 606 947 7 Unitech TWN 319 279 598 8 Zhen Ding TWN 298 3,290 3,588 9 Korea Circuit KOR 288 236 524 10 DAP KOR 268 - 2682) Source: AT&S Market Intelligence 1) Prismark 718.3/044skc; published 2018 2) NTI-100/2017; published 2018 active in IC substrates business
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  Investor and AnalystPresentation 14 Market trends Miniaturization and modularization still the main trends 14 Source: Yole , AT&S AG (2018)
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  Investor and AnalystPresentation 15 Driving the industry: miniaturization & modularization ? 2003/04 2013 2017 202X TYPE Mobile Phone Smartphone Smartphone All in One PCB 125x55mm 85x20mm 80x20mm 25x25mm? FORM FACTOR 1 0.25 0.23 0.06? LINE/SPACE 100/100µm 40/40µm 30/30µm 10/10µm TECHNOLOGY 1-n-1 Any-layer mSAP – Any-layer FO/SAP/mSAP
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  Investor and AnalystPresentation 16 R&D as the key for technological leadership International R&D Partners As of FY 2017/18 (ended 31/03/2018) * Revenue generated with products with new, innovative technologies introduced to the market within the last three years R&D Headquarters Austria Industrialization at the respective production site 6.6% R&D Quota (equivalent to € 65.8 million) 40.4% Innovation Revenue Rate * International R&D Partners 258 Patents
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  Investor and AnalystPresentation 17 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
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  Investor and AnalystPresentation 18 Key highlights H1 2018/19 Strengthened positioning as technology leader in a challenging industry − One of the top 3 companies worldwide for high-end interconnect solutions − Successful positioning in the high-frequency product area Strong revenue and earnings development in the first half-year − Additional output from the plants in Chongqing − Very good demand for IC substrates − Improving development in Medical & Healthcare − Supply constraints in key components are slowing down demand in Automotive and Industrial − Stricter emission tests due to the diesel scandal temporary reduce the demand for automotive PCBs Excellent profitability with an EBITDA margin of 26.8% − Higher contribution margin mainly from Chongqing − Improved product portfolio for IC substrates supports results AT&S increases profitable growth in the first half-year 18
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  Investor and AnalystPresentation 19 286.0 280.2 225.9 222.1 294.8 485.7 516.9 74.7 85.9 35.7 52.0 86.3 104.4 138.3 Q2 2017/18Q3 2017/18Q4 2017/18Q1 2018/19Q2 2018/19 H1 2017/18 H1 2018/19 Revenue EBITDA and margin 23.4%26.1% 15.8%30.7% 29.3% 21.5% 26.8% Revenue and EBITDA development € in millions * Figures in parentheses refer to same period last year 19 Revenue split by segment: H1 2018/19* Revenue split by customer: H1 2018/19* 19 67% (64%) 33% (36%) Mobile Devices & Substrates Automotive, Industrial, Medical 67% (61%) 19% (21%) 7% (12%) 7% (6%) Americas Germany/Austria Asia Other European countries Revenue: YoY: +6.4%: Additional revenue from Chongqing and higher demand for IC substrates EBITDA: YoY: +32.5%: Absence of start-up costs from Chongqing and improved product portfolio for IC substrates
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  Investor and AnalystPresentation 20 Business Development – Mobile Devices & Substrates 197.6 199.6 137.2 137.8 208.9 59.4 75.0 23.7 39.3 71.9 Q2 2017/18 Q3 2017/18 Q4 2017/18 Q1 2018/19 Q2 2018/19 Revenue EBITDA Higher revenue and earnings from Chongqing Revenue negatively impacted by FX effects Absence of start-up costs from Chongqing Improved product portfolio for IC substrates Successfully implemented efficiency and productivity improvement measures € in millions (unless otherwise indicated) H1 2017/18 H1 2018/19 Change in % Revenue 358.9 391.5 9.1% Revenue with external customers 311.2 346.7 11.4% EBITDA 80.3 111.2 38.4% EBITDA margin 22.4% 28.4% € in millions; * Revenue with external customers Revenue* and EBITDA
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  Investor and AnalystPresentation 21 87.3 79.3 87.7 83.3 84.3 13.2 9.3 14.5 12.0 12.4 Q2 2017/18 Q3 2017/18 Q4 2017/18 Q1 2018/19 Q2 2018/19 Revenue EBITDA Business Development – Automotive, Industrial, Medical Medical & Healthcare with high demand Diesel scandal and resulting lower sales in car industry temporarily slow down demand Supply constraints in key components are slowing demand in Automotive and Industrial EBITDA margin improves due to product mix while positive FX effects offset decline in volumes € in millions (unless otherwise indicated) H1 2017/18 H1 2018/19 Change in % Revenue 184.8 178.9 -3.2% Revenue with external customers 172.3 167.6 -2.7% EBITDA 23.0 24.4 6.2% EBITDA margin 12.4% 13.6% Revenue* and EBITDA € in millions; * Revenue with external customers
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  Investor and AnalystPresentation 22 Financials H1 2018/19 Additional revenue contribution mainly from Chongqing Negatively impacted by FX development Higher contributions to earnings from Chongqing Other result positively effected by FX valuation of accounts receivables Positive FX effects Lower interest net-expenses Tax scheme in Shanghai considered € in thousands (unless otherwise stated) H1 2017/18 H1 2018/19 Change YoY STATEMENT OF PROFIT OR LOSS Revenue 485,680 516,857 6.4% produced in Asia 84% 86% 2pp produced in Europe 16% 14% (2pp) EBITDA 104,354 138,262 32.5% EBITDA margin 21.5% 26.8% 5.3pp EBIT 36,876 71,943 95.1% EBIT margin 7.6% 13.9% 6.3pp Finance costs – net (5,575) (95) 98.3% Income taxes (15,867) (16,476) (3.8%) Profit for the period 15,434 55,372 >100% Earnings per share € 0.40 € 1.32 >100%
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  Investor and AnalystPresentation 23 € in thousands (unless otherwise stated) 31 Mar 2018 30 Sep 2018 Change STATEMENT OF FINANCIAL POSITION Non-current assets 944,267 862,402 (8.7%) Current assets 586,172 958,364 63.5% Equity 711,391 738,312 3.8% Non-current liabilities 515,276 664,579 29.0% Current liabilities 303,772 417,875 37.6% Total assets 1,530,439 1,820,766 19.0% Net debt 209,237 196,700 (6.0%) Net gearing 29.4% 26.6% (2.8pp) Net working capital 72,437 173,848 >100% Net working capital per revenue 7.3% 16.8% 9.5pp Equity ratio 46.5% 40.5% (6.0pp) Financials H1 2018/19 Increase mainly due to higher profit for the period Negatively impacted by FX effects Increase mainly due to seasonal effects of accounts receivables Increase in cash, financial assets and accounts receivables Issue of a promissory note led to higher total assets and therefore lower equity ratio
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  Investor and AnalystPresentation 24 Financials H1 2018/19 Higher operating result Thereof CAPEX (€ 38mn) and temporary net investment in financial assets (€ 93mn) Positive due to improved operating cash flow and lower CAPEX needs € in thousands H1 2017/18 H1 2018/19 Change YoY STATEMENT OF CASH FLOWS Operating result (EBIT) 36,876 71,943 95.1% Paid/received interests (5,496) (2,737) 50.2% Paid taxes (12,374) (12,567) (1.6%) Non cash bearing of profit or loss 68,200 54,001 (20.8%) Cash flow from operating activities before changes in working capital 87,206 110,640 26.9% Changes in working capital (43,588) (52,616) (20.7%) Cash flow from operating activities 43,618 58,024 33.0% Cash flow from investing activities (95,062) (130,932) (37.7%) Cash flow from financing activities (3,630) 249,798 >100% Change in cash and cash equivalents (55,074) 176,890 >100% Operating free cash flow1) (51,352) 20,107 >100% Free cash flow2) (51,444) (72,908) (41.7%) 1) Cash flow from operating activities minus Net CAPEX 2) Cash flow from operating activities minus cash flow from investing activities Issue of a promissory note
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  Investor and AnalystPresentation 25 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
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  Investor and AnalystPresentation 26 Future-oriented investment in new technology development On track to become one of the worldwide leading interconnect solutions provider Mega trends such as connected systems, autonomous driving or artificial intelligence require higher data rates and volumes as well as high performance density Global data traffic increases at ~50% annually Requirements for interconnect technology also increase Growing data volumes caused by digitalisation result in higher capability requirements of components Good opportunity for AT&S to initiate the next step in technology development and hence second phase of expansion at plant 1 in Chongqing with an investment volume of up to € 160 million − Stepwise technology implementation in the next two to three years
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  Investor and AnalystPresentation 27 IC substrates for mobile 2-4 layers IC substrates for PC, server 4-6 layers IC substrates for AI / self driving car 10-20 layers Global data traffic drives the need for processor ICs for servers (annual growth of 6%) supporting cloud computing Autonomous driving, robotics and various smart consumer applications drive the need for Artificial Intelligence requiring new AI Processors and Memories − ~6% CAGR for ABF substrate market segment (~$ 2.8bn by 2021) served by AT&S More complex applications like AI require higher layer counts and substrate sizes Enhancement of AT&S technology capabilities including embedding capabilities as needed by high value IC substrates used in Advanced Applications (Servers, AI,…) Technology development for High Performance Computing Artificial Intelligence and Servers drive the need for advanced substrates Legend: AI … Artificial Intelligence GPU … Graphics Processing Unit (IC) HBM … High Bandwidth Memory Source: Techsearch, Prismark, Amkor, Intel
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  Investor and AnalystPresentation 28 Outlook for 2018/19 CAPEX for 2018/19 of € 140 to 160 million (maintenance, technology upgrades for current business operations as well as for capacity and technology expansions) Capacity increase of high-frequency printed circuit boards in the area of autonomous driving at the sites in Nanjangud, India and Fehring, Austria already on track Guidance for the financial year 2018/19 upgraded − Considering a positive market and economic environment and taking into account seasonal effects in the fourth quarter of the current financial year 2018/19 − Based on stable exchange rates Revenue growth of 6 to 8% (previously up to 6%) EBITDA margin in the range of 24 to 26% (previously up to 23%)
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  Investor and AnalystPresentation 29 Table of Contents Company Overview Market & Strategy Financials Outlook Annex
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  Investor and AnalystPresentation 30 AT&S – Stock Profile Listing: Vienna Stock Exchange, Prime Standard Indices: ATX, Vönix, WBI Thomson Reuters (A): ATSV.VI Bloomberg (A): ATS:AV Results for the first three quarters 2018/19 31 January 2019 Annual Results 2018/19 07 May 2019 Annual General Meeting 04 July 2019 Financial Calendar Shareholder structure # of shares outstanding 38.85m Average daily volume*: ~ 148,000 shares Performance 1 year*: -4% Dividend 2017/18: € 0.36 per share * 03/12/2017 – 30/11/2018
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  Investor and AnalystPresentation 31 Net CAPEX & Headcount Net CAPEX € in millions 25.3 29.6 17.1 17.1 20.8 Q2 2017/18 Q3 2017/18 Q4 2017/18 Q1 2018/19 Q2 2018/19 * incl. contractors, FTE, average for the period Headcount* 10,159 10,057 9,807 9,598 9,872 Q2 2017/18 Q3 2017/18 Q4 2017/18 Q1 2018/19 Q2 2018/19
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  Investor and AnalystPresentation 32 Key credit figures 299 372 405 523 593 540 82 261 274 260 212 331 217 111 131 263 381 209 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Gross debt Financial assets and cash Net debt 0.9 0.8 1.6 2.9 0.9 2013/14 2014/15 2015/16 2016/17 2017/18 Target: < 3x Net debt/EBITDA Net debt decrease based on lower net capex (Chongqing phase I finished) & Hybrid bond issue € in millions Gross debt, financial assets and cash, net debt Multiple
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  Investor and AnalystPresentation 33 Net Working Capital Management € in millions; % of revenue Net Working Capital development 103 92 95 88 24 72 19.0% 15.6% 14.3% 11.6% 3.0% 7.3% 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Net working capital Net working capital per revenue
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  Investor and AnalystPresentation 34 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
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  Investor and AnalystPresentation 35 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
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  Investor and AnalystPresentation 36 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
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  Investor and AnalystPresentation 37 Management Andreas Gerstenmayer, CEO Joined AT&S as CEO in 2010 Previous positions include: − 18 years of work experience at Siemens, including Managing Director with Siemens Transportation Systems GmbH Austria and CEO of the Drive Technology business unit in Graz from 2003 to 2008 − Partner at FOCUSON Business Consulting GmbH after leaving Siemens Education: − Degree in Production Engineering from Rosenheim University of Applied Sciences Monika Stoisser-Göhring, CFO CFO since 2017 Previous positions include: − Since 2011 with AT&S in senior positions in Finance and Human Resources − Various positions at international accounting and tax consulting companies Education: − Certified Tax Consultant − Degree in Business Administration from Karl-Franzens University Graz Heinz Moitzi, COO COO since 2005; With AT&S since 19811) Previous positions include: − Various management positions within AT&S − Measurement engineer with Leoben University of Mining and Metallurgy Education: − Degree from Higher Technical College of Electrical Engineering 1)He was already with the founding company of AT&S
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  Investor and AnalystPresentation 38 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 2016 AT&S starts serial production of IC substrates at the plant in Chongqing
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  Investor and AnalystPresentation 39 A sustainability benchmark in the industry “Highest resource efficiency“ “Highest standards at all locations worldwide“ “Highest transparency“ * Basis for CO2 output: 2015/16 Sustainability reporting since 2012/13 Gold recognition from the Responsible Business Alliance Conflict minerals reporting Public CDP reporting on climate change (C score) and water (B score) Resource consumption stable/declining Revenue growth Environment: ISO 14001 Safety: OHSAS 18001 Energy: ISO 50001 Quality: ISO 9001, ISO/TS 16949 AS/EN 9100, DS/EN 13485
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  Investor and AnalystPresentation 40 AT&S – First choice for advanced applications IR contact Gerda Königstorfer Tel: +43 3842 200 5925 Mobile: +43 676 8955 5925 Fax: +43 3842 200 15909 [email protected] Johannes Mattner Tel: +43 3842 200 5450 Mobile: +43 676 8955 6093 [email protected] Fabriksgasse 13, 8700 Leoben/Austria www.ats.net Visit: www.ats.net; @AT&S IR_PR; AtundS
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  Investor and AnalystPresentation 41 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.