-- conference call 2010/11 · austria technologie & systemtechnik aktiengesellschaft conference...

Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | Fax +43 (0) 3842 200-216 | E-mail [email protected]

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Andreas Gerstenmayer (CEO)

Thomas Obendrauf (CFO)

Martin Theyer (IRO)

Tuesday, 10 May 2011

04:00pm CET

Conference Call 2010/11

www.ats.net

Austria Technologie & SystemtechnikAktiengesellschaft

2Conference Call 2010/11

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Source: AT&S

Agenda

AT&S Performance

AT&S Innovation

AT&S Outlook

AT&S Financials

www.ats.net



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Source: AT&S

AT&S Performance

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Source: AT&S

Highlights

� AT&S ends the financial year 2010/11 with strong quarterly results and year-on-year growth of about 30%

� Two digit profitable growth

� 115mln Euro invested in new capacities in China andIndia (~ 20 % capacity increase)

� ~ 6% of total revenues invested to strengtheninnovation power

� Development of Chongqing sets the ground for the nextgeneration of PCB plants in China

� Customer portfolio diversified – new customers gained

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Source: AT&S

�� Revenues equal pre -crisis level –efficient costs structure implemented

� Two Digit Revenue Growth (~30%) on year to year basis

AT&S Performance – 2010/11

© all figures based on internal Managment Information and might change

Q1 09/10 Q2 09/10 Q3 09/10 Q4 09/10 Q1 10/11 Q2 10/11 Q3 10/11 Q4 10/11Revenues 83,25 88,04 101,24 99,66 113,94 128,74 122,13 123,14 EBIT-margin -14,2% 3,5% 13,4% 6,2% 8,9% 11,9% 12,1% 7,4%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

-

10

20

30

40

50

60

70

80

90

100

110

120

130

Revenues

EBIT-margin

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Source: AT&S

� All segments show high growth rates on a year to year basis

� Mobile Devices has saisonality inherent in its business model

� Customer portfolio further diversified

� Ultra modern technology in China providegood starting point for future growth

AT&S Performance – 2010/11

Revenues per region and customer segments Revenues per region and customer segments Revenues per region and customer segments Revenues per region and customer segments

31%

15%

27%

25%

1%

Austria+Germany

Rest of Europe

Asia

Canada/USA

Other


67,6

32,4

13,4

76,8

36,5

14,7

65,2

40,3

15,8

61,8

43,9

17,2

-

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

Mobile Devices Industrial Automotive

Q1 10/11

Q2 10/11

Q3 10/11

Q4 10/11

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Source: AT&S

AT&S growth path

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Source: AT&S

NAN Plant II / Phase1 Chongqing New Plant

EX

IST

ING

PLA

NT

S

SHA L11

01/2010 12/2010

03/2010 09/2010

05/2011Q2 2011 Q1 2013

07/2011

IN PRODUCTION RAMP-UP 2011/12

AT&S increased its capacity by almost 20%

Production facilities / installed capacity[m²]*:710k

Nanjangud Shanghai Seoul (Korea)

380k

120k

Klagenfurt Leoben Fehring

300k130k

400k

Chongqing

~200k

SHA L11

SHA L12

DEVELOPMENT

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Source: AT&S

AT&S acquired plot in Chongqing, China

• Growth scenario forsees that every second HDI PCB used will be manufactured in China

� AT&S will build one of the most modern and automatedplants in China

� First step to develop the plot (120.000 sqm) as soon aspossible

� Building and infrastructure will account for roughly 50 mln Euro

� High end production equipmentwill be in the range of150 mln Euro investments

� Additional HDI capacity added tobe in the range of 200.000 sqm

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Source: AT&S

AT&S backing new

technologies & markets

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Source: AT&S

AT&S focuses on technology differentiation versus maincompetitors

Strategy

� building one of the most modern and highly automated PCB plants in China � developing and investing into newest technologies� extending its innovation power� supporting customers by shortening the development cycle and reducing time to

markets

Wider functionality on less space in mobile devices

Increasing prevalence of electronic systems in everyday life

Rising penetration rate of communication applications

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Source: AT&S

AT&S enhances its innovation power

www.ats.netSource: AT&S

� AT&S builds up collaborative relationships with an eye to developing next-generation circuit board technology in order to accelerate business expansion in mobile device markets, such as smartphones and tablets

� AT&S licenses ALIVH® (Any Layer Interstitial Via Hole) Technology from Panasonic Electronic Devices Co Ltd to enhance its HDI Anylayer portfolio

� The Technology combines different advantages

- PCBs can become even thinner

- environmentally friendly

- more efficiency in production

www.ats.net



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Source: AT&S

ATS& has entered the tablet market

� Introduction of the LTE (Long Term Evolution ) standard and the boom for tablet PCs promises huge growth potential – three digit growth rates are expected for the coming years – estimates indicate 150 million pieces sold in 2015

� AT&S‘s innovative and quality edge is veryattractive for existing mobile device customersto expand their product portfolio - in additionAT&S was already successful in acquiring newcustomers

� It is our clear aim to grow our current marketshare in the Tablet segment by offering fasterinnovation and higher quality standards to ourcustomers

www.ats.net



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Source: AT&S

AT&S Guidance

2011/12

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Source: AT&S

AT&S gives an Outlook for 2011/12*

*Assuming current exchange rates** depending on the value word done

� Expected revenues of EUR 535mln – 550mln* � EBIT margin > 9 %* � Effective tax rate of around 20 %� Investments (CAPEX): EUR 130 mln plus**� Net Gearing (long term) ≤ 80 %*


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Source: AT&S

AT&S Financials

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Source: AT&S

Key Financial Ratios 2010/11


In EUR '00003/2011 before non- recurring

items 31.03. 2011

03/2010 before non- recurring

items 31.03. 2010

Q4/2011 before non- recurring

items Q4/2011

YTD YTD YTD YTD QTD QTD

CONSOLIDATED INCOME STATEMENT

Revenues 487.948 372.184 123.140

thereof produced in Asia (in %) 68,6 67,1 62,7

thereof produced in Europe (in %) 31,4 32,9 37,3

EBITDA 98.582 95.947 54.082 34.480 22.188 22.188

EBITDA-Marge 20,2 19,7 14,5 9,3 18,0 18,0

EBIT 49.208 46.531 10.971 -25.562 8.945 8.945

EBIT-Marge 10,1 9,5 2,9 -6,9 7,3 7,3

Net income 37.709 35.032 -1.084 -37.617 5.463 5.463

Cash Earnings 87.218 84.584 42.372 22.771 18.706 18.706

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Source: AT&S

Key Financial Ratios 2010/11


In EUR '000 31.03. 2011 31.03. 2010 31.12. 2010

YTD YTD YTD

CONSOLIDATED BALANCE SHEET

Total assets 575.335 483.390 603.032

Equity 229.816 208.793 247.243Equity attributable to equity holders of theparent company 229.463 208.304 246.888

Net debt 193.726 147.985 186.624

Net gearing (in %) 84,3 70,9 75,5

Net working capital 79.357 71.906 90.073

Net working capital per revenues(in %) 16,3 19,3 18,5

Equity ratio (in %) 39,9 43,2 41,0

CONSOLIDATED CASH FLOW STATEMENTNet cash generated from operating activities(OCF) 70.707 47.003 42.591

Net CAPEX 115.145 19.505 82.901

www.ats.net



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Source: AT&S

Working Capital

In EUR '000 31.03.2011 31.03.2010

Trade and other receivables 99.899 90.976

Inventory 53.376 38.700

Trade and other payables -96.554 -60.436

Current provisions -2.698 -5.478

Working capital as reported 54.023 63.762

Not cash-effective additions to CAPEX 25.334 8.144

Working capital final and change YTD 79.357 -7.451 71.906

Effects of exchange rate changes -1.499

Change in Working Capital -8.950

Working capital/Sales 16,3% 19,3%


www.ats.net



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Source: AT&S

The increase in the gearing ratio is due to CCTD movements and the Capex. Total net debtsincreased by 46m Euro

We have invested in capacity enlargement in Shanghai (HDI Line 11 was ramped up in October) and in India (new plant built in Nanjangud)

Capex & Gearing


19

30

36 31

17%

23%

29% 25%

0%4%8%12%16%20%24%28%32%36%40%

-2

4

10

16

22

28

34

40

Q1 10/11 Q2 10/11 Q3 10/11 Q4 10/11

Net

CA

PE

X /

Sal

es

Net

CA

PE

X

(EU

R m

)

148 154 162

194

71%62%

72%85%

-5%

10%

25%

40%

55%

70%

85%

100%

-

30

60

90

120

150

180

Q1 10/11 Q2 10/11 Q3 10/11 Q4 10/11

Net

Gea

ring

Net

Deb

t (E

UR

m)

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Source: AT&S

Cash Flow

In EUR '000 31.03.2011 31.03.2010

Net cash generated from operating activites 70.707 47.003

Net cash used in investing activities (116.671) (18.254)

Net cash generated from/(used in) financing activities 36.945 (22.791)

Net increase/(decrease) in cash and cash equivalents ( 9.019) 5.958

Cash and cash equivalent at beginning of the year 13.354 7.031

Exchange gains/(losses) on cash and cash equivalents (108) 365

Cash and cash equivalents at the end of the year 4.227 13.3 54


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Source: AT&S

AT&S - Well Positioned for the Future

Many thanks for your attention!

-- conference call 2010/11 · austria technologie & systemtechnik aktiengesellschaft conference...

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