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Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | Fax +43 (0) 3842 200-216 | E-mail [email protected]
Andreas Gerstenmayer (CEO)
Thomas Obendrauf (CFO)
Martin Theyer (IRO)
Tuesday, 24 January 2012
4pm CET
Conference Call Conference Call Conference Call Conference Call Q3 2011/12Q3 2011/12Q3 2011/12Q3 2011/12
AT&S Austria Technologie & SystemtechnikAktiengesellschaft
Martin TheyerDirector of Strategy & IR/PRFabriksgasse 13A-8700 Leoben
tel: +43 3842 200 5909email: [email protected]
Despite a diligent preparation of this presentation we assume no liability for the content or any action basedon this presentation. We do not give any warranty, guarantee or commitment, neither explicitly nor implicitly.Neither AT&S nor any of its employees assume responsibility for the completeness or accuracy of theinformation contained or not in this presentation. The presentation does not include and does not constituteor form part of any offer whatsoever, nor does it constitute or form part of any kind of prospectus.
This presentation contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Forward-looking information involves risks and uncertainties that could significantly affect expected results.
DisclaimerDisclaimerDisclaimerDisclaimer
1
AgendaAgendaAgendaAgenda
2
AT&S Executive Summary
AT&S Outlook
AT&S Financials
Executive SummaryExecutive SummaryExecutive SummaryExecutive Summary
3
� Mobile devices sales for third quarter reached new record high -some mobile device customers fell short of our expectations –clear sign that our strategy of customer diversification pays off
� The customer uptake in the industrial business was clearly disappointing – the downturn in our sales but also our profit reflects the current “crisis” in Europe
� The order intake from our automotive component supplier remained stable
� EBIT margin was effected by FX effects and increasing depreciation – EBITDA Margin remains strong which is a good sign
� Stock levels increased to record highs due to Chinese New Year but also due to customer shifts in deliveries
� Gearing level came down due to currency translation differences
© figures are based on internal management information and are subject to change
Market Market Market Market DevelopmentsDevelopmentsDevelopmentsDevelopments
As our revenues portion from our customers in Austria & Germany went down, the revenuesportion from our customers in Canada/USA went up.
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29%
5%
13%
53%
Distribution of turnover per Headquarter
Austria+Germany
Rest of Europe
Asia
Canada/USA
Turnover YTD 2011/12 Turnover YTD 2011/12
30%
16%
40%
14%
Distribution of turnover Ship to Party
Austria+Germany
Rest of Europe
Asia
Canada/USA
67,6
32,4
13,4
76,8
36,5
14,7
65,2
40,3
15,8
61,8
43,9
17,2
56,0
33,6
20,7
76,2
32,6
22,4
83,0
26,3
19,7
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
Umsatz QTD'
Q1 10/11
Q2 10/11
Q3 10/11
Q4 10/11
Q1 11/12
Q2 11/12
Q3 11/12
Mobile Devices
� Sales for Q3 reached new record high
� Some customers fell short of expectations in the run upto Christmas
� High stock levels due to preparation for Chinese New Year and customer shifts in deliveries
5
Segment Segment Segment Segment TurnoverTurnoverTurnoverTurnover
5
Industrial
� Financial and debt crisis in Europe had a negative impact
� Capacity utilization of our Austrian plants is lowerthan in Q2
Automotive
� The order intake from our automotive component supplier remained stable
� Slightly lower demand from the European automotive supply industry
� Due to seasonal effects slight downturn in Q3
Distribution of segment turnover
in EURm
Mobile Devices
Industrial
Automotive
© figures are based on internal management information and are subject to change
� We will not be able to make up for the shortfall from the first quarter
� The debt crisis directly impacts our business in Europe
� Expected growth rate was impacted by the shortfalls of some of our customers
� We need to reflect this development in our Outlook:
� We are targeting revenues in the amount of EUR 500m*
� We expect an EBIT Margin between 8 and 9%*
� CAPEX remains unchanged with EUR 130m
� Gearing Ratio (midterm) ≤ 80 %
� The fundamentals of our markets have not changed, showing attractive growth rates mid-
and long-term.
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Outlook 2011/12 ChangeOutlook 2011/12 ChangeOutlook 2011/12 ChangeOutlook 2011/12 Change
It is difficult to provide a firm forecast in the light of continued uncertainty on financial markets
* based on stable exchange rates
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AT&S Technology
AT&S AT&S AT&S AT&S andandandand MFLEX MFLEX MFLEX MFLEX launchlaunchlaunchlaunch SSSStrategic trategic trategic trategic AAAAlliancelliancelliancelliance
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� AT&S and MFLEX launch strategic alliance to jointly manufacture
high density interconnect (HDI) rigid-flex circuit boards
� Advantages:
� Synergy between the core strengths of both technology
leaders are being used to meet the market needs for
complex interconnect solutions
� Production of Best in Class HDI rigid-flex circuit boards
� This cooperation is another important step in our
strategy to further strengthen our industry leadership in
technology and innovation
AT&S AT&S AT&S AT&S FinancialsFinancialsFinancialsFinancials
Financial Financial Financial Financial FiguresFiguresFiguresFigures Q3 Q3 Q3 Q3 2011/122011/122011/122011/12
In EUR '000 Sept - Dec2011
April – Dec2011
Q3 YTD
CONSOLIDATED INCOME STATEMENT
Revenues (in EUR ´000) 129,870 371,754
Produced in Asia (in %) 77 72
Produced in Europe (in %) 23 28
EBITDA (in EUR ´000) 28,215 75,913
EBITDA-Margin (in %) 21.7 20.4
EBIT (in EUR ´000) 12,068 31,644
EBIT-Margin (in %) 9.3 8.5
Net income (in EUR ´000) 7,896 21,864
Cash Earnings (in EUR ´000) 24,051 66,159
10101010© figures are based on internal management information and are subject to change
Financial Financial Financial Financial FiguresFiguresFiguresFigures Q3 Q3 Q3 Q3 2011/122011/122011/122011/12
In EUR '000 31.12.2011 30.09.2011
CONSOLIDATED BALANCE SHEET
Total assets (in EUR ´000) 722,209 668,887
Total equity (in EUR ´000) 289,293 261,794
Net debt (in EUR ´000) 255,727 250,482
Net gearing (in %) 88.4 95.7
Net working capital (in EUR ´000) 108,184 105,648
Net working capital / revenues (in %) 21.8 21.8
Equity ratio (in %) 40.1 39.1
11111111© figures are based on internal management information and are subject to change
Net Investments in line with our capacity expansion in Shanghai respectively our construction activities done in Chongqing.
Development of Development of Development of Development of Capital Capital Capital Capital IIIInvestmentnvestmentnvestmentnvestment
12121212© figures are based on internal management information and are subject to change
32 28
34
29
-2
4
10
16
22
28
34
40
Q4 10/11 Q1 11/12 Q2 11/12 Q3 11/12
Net
CA
PE
X
(EU
Rm
)
In November AT&S Group issued a corporatebond successfully. To further improve the quality ofour financing portfolio we already signed a long-term OeKB credit facility.
175
93
0
115
9099
0
20
40
60
80
100
120
140
160
180
200
< 1 year 1-3 year > 3 year
13
AT&S AT&S AT&S AT&S Financial StructureFinancial StructureFinancial StructureFinancial Structure
Deb
tMat
urity
Pro
file
(EU
Rm
)
© figures are based on internal management information and are subject to change
Q3 11/12
Q2 11/12
Net debt increased slightly, net gearing ratio declined due to currencies translation differences.
194 217
251
70%
85%
100%
-
30
60
90
120
150
180
210
240
31/03/11 30/06/11 30/09/11 31/12/11
Net
Gea
ring
Net
Deb
t (E
UR
m)
256
ThankThankThankThank youyouyouyou forforforfor youryouryouryour attentionattentionattentionattention!!!!
