AT&S First choice for advanced applications - Investor and Analyst Presentation FY 2019/20 - AT&S
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AT&S
First choice for advanced applications
Investor and Analyst Presentation
FY 2019/20
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net
Company overview
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
Investor and Analyst Presentation www.ats.net 1
A world leading high-tech PCB & IC substrates company
Outperforming
High-end interconnect solutions
for market growth
Mobile Devices, Automotive, Industrial,
Medical Applications and Semiconductor
over the last #1
decade high-end PCB producer
Industry
worldwide*
Among the top € 1bn
PCB producers revenue in
worldwide FY 2019/20 Efficient global production
footprint with
6
~ 10,000 plants in Europe and Asia
Employees**
* For CY 2018
Source: Prismark
** For AT&S FY 2019/20
Investor and Analyst Presentation 2
Leading provider of high-end PCBs and IC substrates
Well positioned for the future
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
Investor and Analyst Presentation 3 3
4
Market Segments & Product Applications
Computer,
Communications, IC substrates Automotive Industrial Medical
Consumer Appliances
Smartphones, Tablets, High Performance Advanced Driver Machine-2-Machine Patient
Wearables, Ultrabooks, Computer, Microserver Assistance Systems, Communication, Monitoring, Hearing Aids,
Cameras Emergency-Call, X2X Robots, Industrial Pacemaker,
Communication Computer, Neurostimulation, Drug
X2X Communication Delivery, Prosthesis
Segment Mobile Devices & Substrates Segment Automotive, Industrial, Medical
Investor and Analyst Presentation 4
AT&S – Key Facts
1 Strong growth track record 2 Balanced portfolio/Global customer base
Revenue split by segment: FY 2019/20
1,028 1,001
992
815
31%
763
+4% (2.7%) Mobile Devices & Substrates
+22% 69% Automotive, Industrial,
+7% Medical
226 250 Revenue split by customer: FY 2019/20
168 195 (based on customer’s headquarters)
131* 117
77* 90
47
7*
8%
2015/16 2016/17 2017/18 2018/19 2019/20 8%
Americas
Revenue EBITDA EBIT Revenue growth 16% Germany/Austria
7%
68% Asia
Other European countries
5
€ in millions
*Based on ramp-up effects for new plants in China
Investor and Analyst Presentation 5
Global footprint ensures proximity
to supply chain & cost efficiency
AT&S plant & sales office
AT&S sales office
AT&S Headquarters
977* 395* 1,315* 2,676* 4,542* 258*
Leoben, Headquarters Fehring Nanjangud Chongqing Shanghai Ansan
Austria Austria India China China Korea
*Staff, Average, FTE, FY 2019/20; 75 employees in other locations
Investor and Analyst Presentation 6
7
Market players in the high-end segment
Market position HDI Technology (2018)
HDI
Rank Supplier Country/Region mSAP IC Substrates
(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 7
Strategic focus on high-end technologies
AT&S revenue structure – based on technologies
High-end technology share > 80%*
HDI and any-layer PCBs,
Embedding, IC substrates
High-end
HDI PCBs and
IC substrates
~ 30%
Complementary technology
share: < 20%*
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
* for FY 2019/20
Source: Prismark, AT&S
Investor and Analyst Presentation 8
R&D as the key for technological leadership
9.5%
R&D Quota
(equivalent to € 94.8 million)
326
Patents
International International
R&D Partners R&D Partners
R&D 30.8%
Headquarters Innovation Revenue Rate *
Austria
Industrialization at the respective
production site
as of FY 2019/20
* Revenue generated with products with new, innovative technologies introduced to the market within the last three years
Investor and Analyst Presentation 9More than AT&S
Broadening the service range and opening up of new business opportunities
Leading
provider of
interconnect
Technology solutions
Innovation power
Module integration
Clear focus on dedicated applications
services
Build-up of additional
capabilities
Substrates for HPC
modules
Diversification of
PCBs/substrates application and
for modules customer portfolio
mSAP / SLP High growth
potential
IC substrates Technology leader
Printed circuit boards
One of the leading
Leading producer of high- producers
end PCB
Investor and Analyst Presentation 10Market update &
growth drivers
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
Investor and Analyst Presentation www.ats.net 11PCB & IC substrates market outlook
+4.7% 76.6
+3.8% 10.0
Consumer 58.0 +2.5% 16.9
Computer 8.0
Communication
Substrates 14.5
Medical +5.6% 23.8
Industrial
Aviation 17.2
+11.4%
9.3
Automotive +2.8%
4.8 +3.1% 1.5
1.3 +2.4% 3.1 3.2
2.6 2.7 +4.5%
6.8 8.9
in US-$ billion
Source: Prismark, April 2020 C 2019
Y 2019 CAGR C Y 2025
2025
Investor and Analyst Presentation 12Game changers for innovative applications
5G Big data AI IoT
Investor and Analyst Presentation 135G – The new standard for connectivity
Significant growth opportunities ahead
Total smartphones 5G smartphones
2025: 1.54 billion units
2025: 821 million units
2019: 1.37 billion units
5G
Big data
2019:
16 million units
AI
+1.9% CAGR 92.7% CAGR
Source: IDC (2020), AT&S Analysis
Investor and Analyst Presentation 14IoT and Big data
Strong growth drivers for IC substrates
Connected devices Global data volume
5G 2025: 56 billion units 2025: 175 Zetabyte
2019: 38 billion units
Big data
2019:
40 Zetabyte
AI
+6.9% CAGR +26.0% CAGR
IoT Source: IDC (2019)
Investor and Analyst Presentation 15IoT and Big data
Strong growth drivers for IC substrates
High-end processor modules High-end IC substrates Growth by adding
5G value for AT&S
2025: 1.88 billion units 2025: US-$ 9.2 billion More powerful
2019: 1.18 billion units processors modules
require larger form factor,
2019: higher layer count and
Big data thus higher value IC
US-$ 4.8 billion substrates
Embedding of
components further
AI increases AT&S value add
+8.0% CAGR +11.4% CAGR
IoT Source: IDC (2019) Prismark (2019), Yole (2019)
Investor and Analyst Presentation 16IC substrates business in Chongqing
Capacity expansion and technology investment pushed forward
Strategic focus on business with
IC substrates for high-performance
IC substrates capacities 500% computing modules
1.4x
1.6x
360%
Despite travel bans qualification of
190% 1.2x
220% new capacities out of phase II (CHQ I)
1.9x
100%
in 2020/21 fully on track
Significant new capacities and
revenues out of phase II (CHQ I) in
2020/21
Start main building
structure CHQ III
Equipment move
in and installation
Process and equipment
characterization
Certification Full capacities on
stream
CHQ3: Covid-19 related construction
delay of 7 weeks, catch-up plans
implemented and bearing fruits
Decision for IC substrates Additional capacities Additional capacities
expansion for HPC out of phase II (CHQ I) out of phase III (CHQ
III)
Investor and Analyst Presentation 17Module business Investor and Analyst Presentation 18
Modules & module integration
AT&S solutions for the electronics industry
Customer requirements driving Module integration market
demand for modularization
2025: US-$ 60.6 billion Changing customer requirements
Increased functionality - lower driving the need for modularization
space
Strong growth potential in module
integration market volume
Increased performance 2019: US-$ 32.0 billion AI and 5G are further drivers for
module integration
Reduced time to market
Reduced cost
Scalable for various
applications
Source: A.T. Kearney (8/2018), AT&S (4/2020)
CAGR: 11.3%
Investor and Analyst Presentation 19AT&S solutions for the electronics industry New business opportunities through entry into the module market Investor and Analyst Presentation 20
FY 2019/20
Financials and
key figures
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
Investor and Analyst Presentation www.ats.net 21Global market development Global trade frictions have eased, but are still creating some uncertainties in the market Economic environment further dampened by situation around COVID-19 Covid-19 outbreak effected global logistics as well as production chains Uncertain consumer behavior causes low visibility especially in Mobile devices Growth in data drives the need for processor modules and therefore high-end IC substrates Although increase in electronic content partly compensates for lower units sales difficult market situation in the automotive sector is expected to continue until 2021 European industrial investment behaviour on low level Medical market so far resilient and supported by health systems Investor and Analyst Presentation 22 22
AT&S development in FY 2019/20 Satisfying operating performance despite challenging environment Excellent crisis management helped to mitigate impact on revenue Lower volume and unfavourable product mix in Mobile Devices segment Strong trend at IC substrates business Automotive segment with almost stable performance despite difficult market situation Reduced volume in the Industrial segment Weaker market environment in the Industrial and Automotive segment causes temporary higher price pressure Medical & Healthcare continued positive trend Investor and Analyst Presentation 23 23
Financials in FY 2019/20 Revenue exceeds the one-billion-euro mark again Revenue at € 1,000.6 million (PY: € 1,028.0 million) Positively impacted by FX effects EBITDA at € 194.5 million (PY: € 250.1 million) Ongoing preparations for future applications demand higher R&D expenses Covid-19 impact due to downtime costs and lost production EBITDA margin with 19.4% (PY: 24.3%) within guided margin range of 18 – 20% EBIT at € 47.4 million (PY: € 117.2 million) Deviation from EBITDA development explained by higher depreciation Operating free cash flow at € -33.4 million (PY: € 69.7 million) IC substrates investment caused higher Capex Earnings per share down to € 0.34; dividend of € 0.25 proposed Investor and Analyst Presentation 24 24
COVID-19 – Status quo
Worldwide extensive measures are effective
Extensive measures in place to protect our people
Experience from China was helpful in the group-wide implementation – no diagnosed cases
Productions are in operations
All sites in China have been manufacturing since mid-February
India produces medical components despite governmental restrictions
Other locations in Austria and Korea are in operations
No shortages in the supply chain
Increase in safety stocks
Supply chain managed very well
has
Investor and Analyst Presentation 25Revenue and EBITDA development
Revenue split by segment: FY 2019/20
1,028.0
1,000.6
31%
Mobile Devices & Substrates
69% Automotive, Industrial,
Medical
Revenue split by region*: FY 2019/20
8%
267.6
8%
237.9 262.9 247.3 250.1
222.7 Americas
194.5 16% Germany/Austria
66.2 55.3 68% Asia
29.6 29.6 38.1
12.5% 15.7% 24.7% 21.0% 15.4% 24.3% 19.4% Other European countries
Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20 Q4 2019/20 FY 2018/19 FY 2019/20
in € millions Revenue EBITDA and margin *based on customer’s headquarters 26
Investor and Analyst Presentation 26 26Business development – Mobile Devices & Substrates
€ in millions (unless Sales increase in IC substrates partly
FY 2018/19 FY 2019/20 Change in %
otherwise indicated) compensates for unfavourable mix and
Revenue 776.0 778.5 +0.3% volume effects in Mobile Device and impact
Revenue with external of COVID-19 pandemic
customers 683.9 685.9 +0.3%
Market-related volume reduction caused
EBITDA 193.5 158.6 -18.1% underutilization in Mobile Devices
EBITDA margin 24.9% 20.4%
Revenue and earnings positively impacted
Revenue* and EBITDA by FX effects
186.0 190.1
166.0
150.6 143.8
55.4 50.1
23.8 29.4
16.3
Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20 Q4 2019/20
Revenue EBITDA
In € millions; * Revenue with external customers
Investor and Analyst Presentation 27Business development – Automotive, Industrial, Medical
€ in millions (unless
otherwise indicated)
FY 2018/19 FY 2019/20 Change in % Medical & Healthcare continued robust
Revenue 365.2 350.4 -4.0%
trend
Revenue with external Automotive segment with almost stable
customers 338.9 314.7 -7.1% performance despite difficult market
EBITDA 52.6 28.9 -45.1% situation
EBITDA margin 14.4% 8.2% Reduced volume in the Industrial segment
Revenue* and EBITDA Weaker market environment in the
86.2 Automotive and Industrial segments causes
78.9 81.6 81.3
72.9 temporary higher price pressure and
underutilization
14.4 10.9 8.0 5.2 4.8
Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20 Q4 2019/20
Revenue EBITDA
In € millions; * Revenue with external customers
Investor and Analyst Presentation 28Net CAPEX
Investments in IC substrates and technology upgrades main reason for increase
254.3
240.7
218.5
164.8
141.7
100.8
2014/15 2015/16 2016/17 2017/18 2018/19 2019/20
in € millions
Investor and Analyst Presentation 29Solid finance structure
Existing funds and cashflow generation help to meet repayments and capex needs
High level of existing liquid funds
1,044.8 Cash: € 418.0 million
Financial assets: € 136.4 million
Unused credit lines
Additional unused credit lines of € 490.4 million
490.4
Future cashflow still to be considered
554.4
338.7
45.0
102.0 62.8 87.2
2020/21 2021/22 2022/23 2023/24 2024/25
Currency: EUR Repayments Cash & Financial Assets Unused credit lines
Note: as of 31.03.2020
Investor and Analyst Presentation 30Outlook
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
Investor and Analyst Presentation www.ats.net 31Outlook for 2020/21
AT&S is well positioned to positively participate in intact market trends
Future trends not harmed by COVID-19 pandemic
Influences on customer demand in the coming months expected
Product launches may be delayed in the Mobile Devices segment
Visibility in Automotive business is limited
Industrial segment continues to develop at a low level
Stable development for medical applications
Demand for IC substrates remains strong according to current forecasts
Solid performance in Q1 with revenue and EBITDA at the level of previous year
Outlook update as soon as economic framework conditions can be better quantified
Investments in the IC substrate and module business to be consistently continued
Depending on market developments CAPEX for maintainance and tech-upgrade of up to € 80 million
CAPEX for strategic projects of up to € 410 million
Investor and Analyst Presentation 32Medium-term guidance confirmed
Technology development to module integration and capacitiy expansion
Expansion of technology leadership
Leading provider of new interconnect solutions
Innovation revenue rate: > 20%
Focus on continued profitable growth
Revenue target of € 2 billion
First choice Prosecution of sustainable margin improvement
for advanced
applications Medium-term EBITDA margin target of 25-30%
Creation of shareholder value
Medium-term ROCE above 12%
Sustainability management
80% renewable energy
Eco-balancing of product groups
30 % women in management positions
Investor and Analyst Presentation 33Annex
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
Investor and Analyst Presentation www.ats.net 34Financials FY 2019/20
STATEMENT OF PROFIT OR LOSS
01 Apr 2018 – 01 Apr 2019 – Change
€ in thousands
31 Mar 2019 31 Mar 2020 YoY Revenue still above € 1 billion
Revenue 1,027,983 1,000,577 (2.7%) lower volume out of market situation,
positive FX effects
EBITDA 250,098 194,529 (22.2%) Unfavourable product mix and temporary
underutilization in Mobile Devices,
EBITDA margin 24.3% 19.4% (4.9pp)
Automotive and Industrial
higher R&D costs for future applications
EBIT 117,210 47,402 (59.6%) Higher depreciation due to growing fixed
asset base and first-time application of
EBIT margin 11.4% 4.7% (6.7pp)
IFRS 16
Finance costs – net (2,018) (6,465) (>100%) Higher negative FX-effects
Profit/(loss) for the year 89,027 21,456 (75.9%)
Earnings per share € 2.08 € 0.34 (83.7%)
Investor and Analyst Presentation 35Financials FY 2019/20
STATEMENT OF FINANCIAL POSITION
Change
€ in thousands 31 Mar 2019 31 Mar 2020
YoY
Equity 803,451 760,259 (5.4%) Positive profit for the year and negative FX
effects, dividend and hybrid coupon payout
Total assets 1,784,106 1,853,510 3.9% Higher property plant and equipment
Net debt 150,258 246,747 64.2% Due to higher financial liabilities
Net working capital 160,537 144,418 (10.0%) Lower trade receivables and higher trade
payables
Equity ratio 45.0% 41.0% (4.0pp) Effect out of lower equity and
higher total assets
Investor and Analyst Presentation 36Financials FY 2019/20
STATEMENT OF CASH FLOWS
01 Apr 2018 – 01 Apr 2019 – Change
€ in thousands
31 Mar 2019 31 Mar 2020 YoY
Positive effects from higher working capital and
Cash flow from operating activities 170,534 185,123 8.5% negative effects from result
Cash flow from investing activities (276,579) (116,629) 57.8% Higher net capex and lower temporary net
investment in financial assets
Cash flow from financing activities 147,199 17,924 (87.8%) Previous year period impacted by issuance
of promissory note
Change in cash and cash equivalents 41,154 86,418 >100% Mainly due to shift between short- and
long-term financing activities
Operating free cash flow1) 69,698 (33,404) (>100%) Higher net capex mainly due to IC
substrates investment
Free cash flow2) (106,045) 68,494 >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 37AT&S – Stock Profile
Listing: Vienna Stock Exchange, # of shares outstanding 38.85m
Prime Standard Dividend for 2019/20*: € 0.25 per share
*Proposed to the AGM
Indices: ATX, Vönix, WBI
Thomson Reuters (A): ATSV.VI
Bloomberg (A): ATS:AV
Financial Calendar Shareholder structure
Annual general meeting 09 July 2020
Publication of the first quarter 2020/21 04 August 2020
Publication of the first half-year 2020/21 03 November 2020
Investor and Analyst Presentation 38Key credit figures
Gross debt, financial assets and cash, net debt Net debt/EBITDA
801
717
593 2.9
523 540
567 554
381
1.6
263 247 1.3
209331
0.9
260 150 0.6
212
2015/16 2016/17 2017/18 2018/19 2018/19 2015/16 2016/17 2017/18 2018/19 2019/20
Gross debt Financial assets and cash Net debt
€ in millions Multiple
Net debt increase due to higher financial liabilities Target: < 3x
Investor and Analyst Presentation 39AT&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
Investor and Analyst Presentation 40AT&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
Investor and Analyst Presentation 41AT&S PRODUCT PORTFOLIO – III
Flexible printed Semi-flexible printed Rigid-flex printed Flexible printed circuit AT&S patented
circuit boards circuit boards circuit boards boards on aluminum technologies
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
Used to replace wiring and More limited bend radius than Combine the Used when installing LEDs more powerful devices, such as
connectors, allowing for flexible printed circuit advantages of flexible in car headlights, for smartphones, tablets, digital
connections and geometries that boards. The use of a and rigid printed circuit example, where the cameras and hearing aids.
are not possible with rigid standard thin laminate boards, yielding benefits printed circuit board is Production sites: Leoben, Shanghai
printed circuit boards. makes them a cost-effective for signal transmission, bonded to an aluminum
alternative. size and stability. heat sink to which the
2.5D® Technology
LEDs are then attached.
Platform
Combines mechanical and electronic
miniaturization, and enables partial
Production site reduction of the thickness of a
Ansan, Fehring Fehring Ansan Ansan circuit board. Advantage: populated
assemblies have a thinner profile.
Can be also used to make cavities in
Applications the printed circuit board, e.g. for
Nearly all areas of Automotive applications Industrial electronics, Lighting, automotive, acoustic channels. Major application
electronics, including such as production building lighting for this technology is the 2.5D® rigid-
measuring devices and machines and industrial flex printed circuit board, a lower
medical applications robots cost alternative for flex-to install
applications.
Production sites: Leoben, Shanghai
Investor and Analyst Presentation 42MILESTONES 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
2018 2019
Start of the second AT&S is the global
2015 2016 2017 expansion phase at number one for high-
AT&S again achieves record high sales and AT&S starts serial production Successful introduction and plant 1 in Chongqing end printed circuit
earnings for financial year 2014/15 and of IC substrates at the plant optimisation of the mSAP technology boards
decides to increase the investment program in in Chongqing in Shanghai and Chongqing
Chongqing from € 350 million to € 480 million
Investor and Analyst Presentation 43Thank you
for your attention!
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net 44Disclaimer 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. Investor and Analyst Presentation 45
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