AT&S Investor and Analyst Presentation August 2016
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Transcript of AT&S Investor and Analyst Presentation August 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
Investor and Analyst Presentation
August 2016
High-End Interconnection
Solutions for
Mobile Devices, Automotive,
Industrial, Medical Applications
One of the
most profitable Players
in the Industry: EBITDA margin of 22.0%
in FY 2015/16
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
9,165 employees
Cost-competitive production
footprint with
6 plants in Europe and Asia
2
AT&S – a world leading high-tech PCB company
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
4
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
5
High-end PCBs for high-end applications
Revenue Share*
Segment Selected Market
Leaders
GoPro
Sony
LG
Canon
Qualcomm
Blackberry
Lenovo
Huawei
Samsung
Xiaomi
ZTE
Intel
Apple
Selected Applications
Osram
Hella
Siemens
General Electric
Continental
Harmann
EADS
Mobile Devices & Substrates
Automotive, Industrial, Medical
Wearables
Smartphones
Tablets
Ultrabooks
Automotive: Navigation, Advanced Driver Assistance Systems, Infotainment..
Industrial: Machine-2-Machine communication, industry computer..
Medical: MRT, hearing aids, pacemaker, patient monitoring..
* based on external revenue
55%
45%
AT&S – Key Facts
Strong track record 1 Balanced portfolio / Global customer base 2
7%
6
Split revenue: Business Unit, Q1 2016/17
Split revenue: Customer Region, Q1 2016/17 based on sold to party
52% 27%
14%
7% Americas
Germany/Austria
Asia
Other EuropeanCountries
55% 45%
Mobile Devices &Substrates
Automotive,Industrial, Medical+5% +9% +13% +14%
* based on ramp-up effects for new plants in China
Revenue growth
€ in millions
514 542
590
667
763
194 179
103 102 127 168 168
46 19 42 31 54
90 77 24
(9)
2011/12 2012/13 2013/14 2014/15 2015/16 Q12015/16
Q12016/17
Revenue EBITDA EBIT
*
7
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 9,165 employees*
Plant Shanghai, China Staff: 4,556*
Plant Ansan, Korea Staff: 286*
Plant Nanjangud, India Staff: 1,108*
Plant Chongqing, China under construction Staff: 1,826*
Plant Leoben, Austria Headquarters Staff: 951*
Plant Fehring, Austria Staff: 360*
AT&S sales offices AT&S plants
*Average, FTE, Q1 2016/17; 78 employees in other locations
PCB market - overview
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 2013/14 and Q1-Q3 2014/15, correspond to calendar year 2014 Q4 2014/15 and Q1-Q3 2015/16, correspond to calendar year 2015
8
10
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
11
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
Market Player/Position HDI Technology
12
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
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 ?
From vision to strategy
14
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
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.
162 patent families, resulting in 212 patents.
R&D expenses: € 95.5m in the financial year 2015/16.
R&D quota (i.e. relation to revenue): 12.5% (vs. 8.7% in the previous year). Adjusted for
project IC substrates: 4.5%
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
Research and development as the key for technological leadership
„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
16
„More comprehensive positioning in the value chain“
17
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 < 30micron
Mobile Applications like Wearables
OEM’s Tier 1 Tier 2
18
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
Growth Project Chongqing
IC substrate project Investment* Phase 1: ~ € 280m Investment* as of 30/06/2016: € 221.8m
Substrate-like PCB project Investment*Phase 1: ~ € 200m Investment* as of 30/06/2016: € 119.6m
19
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
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 – September 2016)
Q3 2016/17 (October – 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
20
22
Sound top-line growth, above industry margins and increasing cash conversion
87
72
105
144 137
38
(12)
Revenue Y-O-Y growth
Operating Cash Flow Y-O-Y development
EBITDA and EBITDA-margin
Revenue decline in Q1 2016/17 based on normal, expected seasonality (Q1 2015/16: no seasonality) and expected price pressure.
EBITDA impacted by negative effects from ramp-up of new plants in Chongqing.
EBITDA margin adjusted for Chongqing effects almost on high level of Q1 2015/16.
Decrease is based on lower EBIT and higher depreciation.
€ in millions
514 542
590
667
763
194 179
€ in millions
103 102 127
168 168
45
19
38*
€ in millions; % * Adjusted for Chongqing effects
20.1% 18.9% 21.6% 25.1% 22.0% 23.4% 10.5%
25.8%* 23.7%* 23.3%* 21.9%*
Normal seasonality in Q1 2016/17
Continuous diversification: > new projects for high-end computing and consumer applications for US and Japanese customers > further strengthening of position with fast growing high-end Chinese smart phone manufacturers > Qualified supplier for wireless providers
Business Development – Mobile Devices & Substrates
68.0
88.7
120.9 104.5
115.9 112.2 123.4
101.0 97.7
Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Q3 15/16 Q4 15/16 Q1 16/17
€ in millions (unless otherwise indicated)
Q1 2015/16 Q1 2016/17 Change in %
Revenue 138.2 120.4 (12.9%)
Revenue with external customers 115.9 97.7 (15.6%)
EBITDA 33.3 8.7 (73.8%)
EBITDA margin 24.1% 7.3% -
€ in millions * Revenue with external customers
Revenue per quarter*
23
72.6 71.7 65.9 72.6 77.8 79.5 72.7 76.6 80.4
Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Q3 15/16 Q4 15/16 Q1 16/17
Overall: good position in all technologies provided by this Business Unit, based on strategically chosen applications
Automotive: continuous high demand for HDI PCBs for driver assistance systems and gearbox control units
Medical: solid growth based on new technologies and functionalities (e.g. communication modules)
Industrial: similar level than last years quarter, development more stable than expected, new projects ramping
Business Development – Automotive, Industrial, Medical
Revenue per quarter*
24
€ in millions (unless otherwise indicated)
Q1 2015/16 Q1 2016/17 Change in %
Revenue 84.8 86.7 2.3%
Revenue with external customers 77.8 80.4 3.3%
EBITDA 8.7 8.9 1.6%
EBITDA margin 10.3% 10.2% -
€ in millions * Revenue with external customers
Capex & Staff
CAPEX * CAPEX spending includes investments in Chongqing project (whereof € 51.8m) and technology investments in existing locations.
STAFF** The increased headcount is based on Chongqing.
€ in millions
* Net CAPEX
40.3
57.9
78.7 77.4
66.3
Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 Q1 2016/17
7,341 7,403 7,399 7,379 7,339
1,049 1,152 1,289 1,380 1,826
8,390 8,555 8,688 8,759
9,165
Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 Q1 2016/17
Core business Employees Chongqing
** incl. leased personnel, FTE, average for the period
25
Financials Q1 2016/17
26
Difference due to FX; interest expense on prior year level despite higher gross debt
€ in thousands (unless otherwise
stated)Q1 2015/16 Q1 2016/17
Change
YoY
STATEMENT OF PROFIT OR LOSS
Revenue 194,392 178,867 (8.0%)
produced in Asia 80% 79% (1pp)
produced in Europe 20% 21% 1pp
EBITDA 45,518 18,831 (58.6%)
EBITDA margin 23.4% 10.5% (12.9pp)
EBITDA adjusted 45,243 38,084 (15.8%)
EBITDA adjusted margin 23.3% 21.9% (1.4pp)
EBIT 23,813 (9,169) (>100%)
EBIT margin 12.3% (5.1%) (17.4pp)
EBIT adjusted 25,657 19,118 (25.5%)
EBIT adjusted margin 13.2% 11.0% (2.2pp)
Finance costs – net (170) (5,718) (>100%)
Income taxes (3,993) 1,253 >100%
Profit for the period 19,650 (13,634) (>100%)
Earnings per share € 0.50 (€ 0.35) (>100%)
Financials Q1 2016/17
Increase from additions in tangible and intangible assets of € 81.4m
Equity decrease mainly due to net loss of € 13.6m
27
Increase due to promissory note loans of € 150.0m
Increase mainly due to CAPEX of € 66.3m
€ in thousands (unless otherwise
stated)31 Mar 2016 30 Jun 2016
Change
QoQ
STATEMENT OF FINANCIAL
POSITION
Non-current assets 866,338 930,772 7.4%
Current assets 478,312 557,581 16.6%
Equity 568,936 553,533 (2.7%)
Non-current liabilities 421,407 581,734 38.0%
Current liabilities 354,307 353,086 (0.3%)
Total assets 1,344,650 1,488,353 10.7%
Net debt 263,192 342,372 30.1%
Net gearing 46.3% 61.9% 15.6pp
Net working capital 88,427 99,614 12.7%
Net working capital per revenue 11.6% 13.9% 2.3pp
Equity ratio 42.3% 37.2% (5.1pp)
28
273 299
372 405
523
651
31
82
261 274
260
308
243 217
111 131
263
342
2011/12 2012/13 2013/14 2014/15 2015/16 Q1 2016/17
Gross debt Financial assets and 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
Financial debt, financial assets and cash, net debt
Based on €308m financial assets and cash: repayment of the bond in November 2016, financing the start-up phase and outstanding payments for investments of the first phase of Chongqing are secured
€ in millions
29
Overview Debt Portfolio Duration
Maturity
Average debt portfolio duration: 3.5 years (2015/16: 3.9 years) Average financing costs: 2.6% € 177m of credit lines not utilised
Includes promissory note loans of € 439.2m
€ in millions < 1 Year 1-5 Years > 5 Years Total
Corporate Bond 77.8 - - 77.8
Export Loans 32.0 - - 32.0
Public funds and other 0.4 4.4 - 4.8
Bank Borrowings 19.4 339.2 177.6 536.2
Total 30/06/2016 129.6 343.6 177.6 650.8
Total 31/03/2016 161.4 285.3 76.3 532.0
Financials Q1 2016/17
30
Increase mainly due to other receivables
Includes cash from payout of promissory note loan net of repayment of loans
€ in thousandsQ1 2015/16 Q1 2016/17
Change
YoY
STATEMENT OF CASH FLOWS
Operating result (EBIT) 23,813 (9,169) (>100%)
Paid/received interests (362) (1,414) (>100%)
Paid taxes (2,926) (5,145) (75.8%)
Non cash bearing of profit or loss 24,203 24,293 0.4%
Cash flow from operating activities
before changes in working capital44,728 8,565 (80.9%)
Changes in working capital (7,041) (20,363) (>100%)
Cash flow from operating activities 37,687 (11,798) (>100%)
Cash flow from investing activities (40,331) (101,527) (>100%)
Cash flow from financing activities 3,320 125,671 >100%
Change in cash and cash equivalents 676 12,346 >100%
31
Net Working Capital Management
Net Working Capital Development - € in millions and in % of revenue
92
103
92 95 88
100
18.0% 19.0%
15.6%
14.3%
11.6%
13.9%
2011/12 2012/13 2013/14 2014/15 2015/16 Q1 2016/17
Net Working Capital development Net Working Capital % of revenue
AT&S - Stock Profile
Listing: Vienna Stock Exchange,
Prime Standard
Indices: ATX, WBI
Thomson Reuters (A): ATSV.VI
Bloomberg (A): ATS:AV
Results for the first half-year 2016/17 03 November 2016
Results for the first three quarters 2016/17 31 January 2017
Annual results 2016/17 09 May 2017
Record Date Annual General Meeting 26 June 2017
23rd Annual General Meeting 06 July 2017
Ex-Dividend Day 25 July 2017
Record Date Dividend 26 July 2017
Dividend Payment Day 27 July 2017
32
Financial Calendar Shareholder structure
# of shares outstanding 38.85m
Avg. daily volume: 79.800 shares*
Performance ytd: -29.74%*
Dividend 2015/16: EUR 0.36/per share
Dividend yield: 2.8%
* 01/01/2016 – 27/07/2016
33
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 project Chongqing of additional ~ € 40m in FY 2016/17 will have a
clear impact on EBIT level.
35
AT&S Product Portfolio - I
ECP: Embedded Component Packaging
IC substrates Substrate-like printed circuit boards
Embedded Component Packaging allows to embed active/passive components (e.g. wafer level dies) within the layers of a PCB – contributes to miniaturisation.
IC substrates serve as interconnection platform with higher density (Line/Space < 15 micron) between semiconductors (Chips) & PCBs .
Substrate-like PCBs are the next evolution of high-end HDI PCBs with higher density: Line/Space < 30micron.
Production site Leoben
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 wearables
36
AT&S Product Portfolio - II
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
37
AT&S Product Portfolio - III
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
Management
38
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 & Strategy Compliance CSR & Sustainability
Responsibilities: Finance and Accounting, Treasury Controlling Legal Affairs, Risk Management and
Internal Audit IT and Organisation Procurement
Responsibilities: Research & Development (R&D) Operations Quality Management Business Process Excellence Environment Safety
39
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
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)
AT&S saves CO2 and Water…
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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
Visit: www.ats.net; Twitter @AT&S IR_PR; YouTube AtundS
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AT&S – first choice for advanced applications
IR Contact: Elke Koch Fabriksgasse 13, 8700 Leoben/Austria Tel: +43 3842 200 5925 Mobile: +43 676 8955 5925 Fax: +43 3842 200 15909 [email protected] www.ats.net
Disclaimer
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This presentation is provided by AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, having its headquarter at Fabriksgasse 13, 8700 Leoben, Austria
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