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AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | 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
December 2016
Company Overview
Strategy & Market
Annex
Financials
Table of Contents
1
High-end interconnection
solutions for
Mobile Devices, Automotive,
Industrial, Medical Applications
One of the
most profitable players
in the industry
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
9,315 employees
Cost-competitive production
footprint with
6 plants in Europe and Asia
AT&S – a world leading high-tech PCB company
2
Outstanding process know-how
and process efficiency
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
3
What guides us
Vision First choice for advanced applications
Targets
Strengthening 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
4
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
Harman
EADS
Mobile Devices & Substrates
Automotive, Industrial, Medical
Consumer Electronic
Smartphones
Wearables
Tablets, Ultrabooks, 2 in 1
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 ** Does not reflect actual customer base
58%
42%
5
514 542
590
667
763
387 387
103 102 127 168 168
93 52 42 31 54
90 77 51
(6)
2011/12 2012/13 2013/14 2014/15 2015/16 H12015/16
H12016/17
Revenue EBITDA EBIT
AT&S – Key Facts
Strong track record 1 Balanced portfolio/Global customer base 2
7%
Split revenue: Business Unit, H1 2016/17
Split revenue: Customer Region, H1 2016/17 based on sold to party
+5% +9% +13% +14%
* Based on ramp-up effects for new plants in China
Revenue growth
€ in millions
*
6
25%
6%
15%
54%
Germany/Austria
Other Europeancountries
Asia
Americas
58% 42%
Mobile Devices &Substrates
Automotive,Industrial, Medical
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 9,315 employees*
Plant Shanghai, China Staff: 4,539*
Plant Ansan, Korea Staff: 291*
Plant Nanjangud, India Staff: 1,122*
Plant Chongqing, China In ramp phase Staff: 1,929*
Plant Leoben, Austria Headquarters Staff: 983*
Plant Fehring, Austria Staff: 373*
AT&S sales offices AT&S plants
* Average, FTE, H1 2016/17; 78 employees in other locations
7
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%
Source: Prismark, Feb. 2016
Moderate growth of 2.4% forecast for the total PCB market until 2020.
49.104 54.042 CAAGR 2016-
2020: 2.4%
2.4%
USD in billions
8
AT&S outperformed a flat market in the past 5 years and is set to continue to do so also in the future.
100.5 101.3 103.7 99.8
105.4 114.8
129.8
148.4
2011* 2012 2013 2014 2015
Index (2011 = 100)*
PCB & substrates market AT&S revenue
* Basis 2011: PCB & substrates market: USD 55.4bn AT&S revenue: € 514m
AT&S outperformed the market by scaling high-end any-layer technology and by leveraging HDI technology to the Computer-, Consumer-, Automotive-, Industrial and Medical market.
Company Overview
Strategy & Market
Annex
Financials
Table of Contents
9
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 any-layer 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 (USD 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 61.7bn beyond the smartphone market in 2020 Source: Gartner Inc. 2016
The world is changing – miniaturization & modularization as main drivers
2003/04 2013 2017 202x
?
Type Mobile Phone Smartphone Smartphone All in One
PCB 125x55mm 85x20mm 80x20mm 25x25mm ?
FF 1 0.25 0.23 0.06 ?
L/S 100/100µm 40/40µm 30/30µm 10/10µm
Techn. 1-n-1 Any-layer mSAP – Any-layer FO/SAP/mSAP
13
From vision to strategy
14
Targets/Key performance Indicators
Strategy
Strengthening 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 ~ € 1bn
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 Program
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%.
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
15
„New interconnection solutions“ > supporting miniaturization and
modularization
„High-end Toolbox“
New and existing Application Areas
New and existing customers Semiconductors Packaging
companies (OSATs) Original Electronic
Manufacturers (OEMs)
Tier 1 suppliers
Future positioning 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 any-layer PCBs
Embedding Flexible PCBs
CORE BUSINESS Multilayer PCBs, HDI any-layer 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, ICs,
connectors, etc.) Density: Line/Space > 35 micron
Computer, Consumer, Communication, Automotive
Industrial, Medical
OEMs Tier 1 Tier 2
Substrate-like PCBs
Substrate-like PCBs are the next evolution of high-end HDI PCBs with higher density: Line/Space < 30 micron
Mobile Applications like Wearables
OEMs 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
OEMs 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 miniaturization
Power Electronics, e.g. for
Automotive, Industrial
OEMs
Semiconductor Industry
AT&S’ advanced technology solutions
Growth Project Chongqing
IC substrate project Investment* Phase 1: ~ € 280m Investment* as of 30/09/2016: € 238m
Substrate-like PCB project Investment* Phase 1: ~ € 200m Investment* as of 30/09/2016: € 155m
19
Total investment: € 480m* in first phase (until mid 2017) Depreciation & Amortization: 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
21
Company Overview
Strategy & Market
Annex
Financials
Table of Contents
Sound top-line growth, above industry margins and increasing cash conversion
87
72
105
144 137
56
(13)
Revenue YoY growth
Operating Cash Flow YoY development
EBITDA and EBITDA-margin
Stable revenue in H1 2016/17; first revenue from Chongqing plants balanced expected Q1 seasonality effects.
EBITDA impacted by negative effects from ramp-up of new plants in Chongqing.
EBITDA margin adjusted for Chongqing effects almost on high level of H1 2015/16.
Decrease is based on lower EBIT and higher depreciation.
€ in millions
514 542
590
667
763
387 387
€ in millions
103 102 127
168 168
93
52
89*
€ in millions; % * Adjusted for Chongqing effects
(0.2%)
20.1% 18.9% 21.6% 25.1% 22.0% 24.1% 13.5%
25.8%* 23.7%* 24.3%* 23.8%*
22
Good demand in Q2
Chongqing revenue contribution almost compensated stronger seasonality in Q1 and negative FX effect
Effects from Chongqing and price/product mix impacted profitability
Business Development – Mobile Devices & Substrates
68.0
88.7
120.9 104.5
115.9 112.2 123.4
101.0 97.7
126.6
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 Q2 16/17
€ in millions (unless otherwise indicated)
H1 2015/16 H1 2016/17 Change in %
Revenue 272.8 269.7 (1.1%)
Revenue with external customers 228.1 224.3 (1.7%)
EBITDA 67.6 24.5 (63.8%)
EBITDA margin 24.8% 9.1% -
EBITDA adjusted* 68.8 58.5 (14.9%)
EBITDA margin adjusted* 25.3% 22.7% -
€ in millions; * Adjusted for Chongqing effects; ** 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 79.9
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 Q2 16/17
Automotive: continuous high demand for HDI PCBs (e.g. driver assistance systems and safety features)
Medical: strong growth based on new technologies and functionalities
Industrial: on same high level as last year
On EBITDA level, positive impact from release of a provision for unused production space
Business Development – Automotive, Industrial, Medical
€ in millions (unless otherwise indicated)
H1 2015/16 H1 2016/17 Change in %
Revenue 169.5 174.4 2.9%
Revenue with external customers 157.3 160.3 1.9%
EBITDA 19.2 23.0 19.9%
EBITDA margin 11.3% 13.2% -
24
Revenue per quarter*
€ in millions; * Revenue with external customers
Net CAPEX & Staff
Net CAPEX CAPEX spending of € 142.5m in H1 2016/17 includes investments in Chongqing project (whereof € 105.2m in H1) and technology investments in existing locations.
STAFF* The increased headcount is primarily based on Chongqing.
40.3
57.9
78.7 77.4
66.3
76.2
Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 Q1 2016/17 Q2 2016/17
7,341 7,403 7,399 7,379 7,339 7,386
1,049 1,152 1,289 1,380 1,826 1,929
8,390 8,555 8,688 8,759 9,165 9,315
Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 Q1 2016/17 Q2 2016/17
Core business Employees Chongqing
25
€ in millions * Incl. leased personnel, FTE, average for the period
€ in thousands (unless otherwise
stated)H1 2015/16 H1 2016/17
Change
YoY
STATEMENT OF PROFIT OR LOSS
Revenue 387,129 386,510 (0.2%)
produced in Asia 80% 81% 1pp
produced in Europe 20% 19% (1pp)
EBITDA 93,230 52,115 (44.1%)
EBITDA margin 24.1% 13.5% (10.6pp)
EBITDA adjusted 93,681 89,380 (4.6%)
EBITDA adjusted margin 24.3% 23.8% (0.5pp)
EBIT 50,742 (5,818) (>100%)
EBIT margin 13.1% (1.5%) (14.6pp)
EBIT adjusted 55,403 51,688 (6.7%)
EBIT adjusted margin 14.4% 13.8% (0.6pp)
Finance costs – net 25 (10,046) (>100%)
Income taxes (8,630) 1,025 >100%
Profit/loss for the period 42,137 (14,839) (>100%)
Earnings per share € 1.08 (€ 0.38) (>100%)
Financials H1 2016/17
26
Negative impact of € 37.3m from Project Chongqing.
Slight reduction vs. prior year due to price/product mix – could not be compensated by cost savings.
Includes negative FX effects of € 3.7m. Last year includes positive FX impact of € 3.4m.
Financials H1 2016/17
Reduction due to net loss of € 14.8m, dividend payment of € 14.0m and FX.
27
Increase due to high CAPEX spending.
€ in thousands (unless otherwise stated)31 Mar 2016 30 Sep 2016 Change
STATEMENT OF FINANCIAL POSITION
Non-current assets 866,338 953,948 10.1%
Current assets 478,312 507,842 6.2%
Equity 568,936 531,928 (6.5%)
Non-current liabilities 421,407 562,883 33.6%
Current liabilities 354,307 366,979 3.6%
Total assets 1,344,650 1,461,790 8.7%
Net debt 263,192 439,157 66.9%
Net gearing 46.3% 82.6% 36.3pp
Net working capital 88,427 124,306 40.6%
Net working capital per revenue 11.6% 16.1% 4.5pp
Equity ratio 42.3% 36.4% (5.9pp)
273 299
372 405
523
681
31
82
261 274
260 242 243 217
111 131
263
439
2011/12 2012/13 2013/14 2014/15 2015/16 H1 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 € 242m 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
28
Overview Debt Portfolio Duration
Average debt portfolio duration: 3.4 years (2015/16: 3.9 years)
Average financing costs: 2.6% (as of 30/09/2016)
€ 152m of credit lines not utilized (as of 30/09/2016)
Currency mix of EUR and USD to support natural hedging strategy
29
Maturity
€ in millions* < 1 Year 1-5 Years > 5 Years Total
Bond 2011-2016 78.8 - - 78.8
Promissory note loans 2014 1.4 61.1 5.0 67.5
Promissory note loans 2015 2.4 154.2 66.3 222.9
Promissory note loans 2016 0.8 49.9 100.0 150.7
Subsidized loans 43.9 35.4 - 79.3
Bank Borrowings and others 50.5 31.6 - 82.1
Total 30/09/2016 177.8 332.2 171.3 681.3
Total 31/03/2016 161.4 285.3 76.3 523.0
* Including accrued interest and placement costs
81.6%
15.3% 3.1%
Currency mix of debt portfolio
EUR USD RMB
€ in thousandsH1 2015/16 H1 2016/17
Change
YoY
STATEMENT OF CASH FLOWS
Operating result (EBIT) 50,742 (5,818) (>100%)
Paid/received interests (2,379) (3,066) (28.8%)
Paid taxes (4,346) (9,219) (>100%)
Non cash bearing of profit or loss 41,375 55,021 33.0%
Cash flow from operating activities before
changes in working capital85,392 36,918 (56.8%)
Changes in working capital (29,757) (49,955) (67.9%)
Cash flow from operating activities 55,635 (13,037) (>100%)
Cash flow from investing activities (97,485) (155,072) (59.1%)
Cash flow from financing activities (9,879) 138,838 >100%
Change in cash and cash equivalents (51,729) (29,271) 43.4%
Financials H1 2016/17
30
Increase includes payout of promissory note loans of € 150m.
Net working capital increase due to seasonality.
Net Working Capital Management
92
103
92 95 88
124
18.0% 19.0%
15.6%
14.3%
11.6%
16.1%
2011/12 2012/13 2013/14 2014/15 2015/16 H1 2016/17
Net Working Capital development Net Working Capital as a percentage of revenues
€ in millions; % of revenue
Net Working Capital development
31
AT&S – Stock Profile
Listing: Vienna Stock Exchange,
Prime Standard
Indices: ATX Prime, WBI
Thomson Reuters (A): ATSV.VI
Bloomberg (A): ATS:AV
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
Average daily volume: ~ 78,100 shares*
Performance YTD: -31.43%*
Dividend 2015/16: EUR 0.36/per share
Dividend yield: 2.8%
* 01/01/2016 – 30/11/2016
33
Outlook FY 2016/17
Focus on:
- Chongqing plant 1 (IC substrates): capacity utilization of first production line of IC substrates and
ramp of the second production line
- Chongqing plant 2 (Substrate-like PCBs): ramp of the first production line
- Partial adjustment of capacities for the new technology in the Shanghai plant for 2017
- Cost and price management
AT&S expects stronger seasonality in 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 4-6%.
EBITDA margin should be on a level of 15-16%, based primary 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.
34
Company Overview
Strategy & Market
Annex
Financials
Table of Contents
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 miniaturization.
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 < 30 micron.
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
35
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 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
36
AT&S Product Portfolio – III
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
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 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
37
Management
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 1981* 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
* 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 Organization Procurement
Responsibilities: Research & Development (R&D) Operations Quality Management Business Process Excellence Environment Safety
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 changes
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 € 350m to € 480m.
2011 Construction starts on new
plant in Chongqing, China.
Capacity increase in
Shanghai by 30%.
2013 AT&S enters the IC substrates
market in cooperation with a
leading manufacturer of
semiconductors.
2016 AT&S starts the serial production
of IC substrates at the plant in
Chongqing.
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Five core dimensions of sustainability within AT&S
Energy and carbon footprint
Water
AT&S – a learning organization
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
The importance of sustainability is rising within:
Authorities (basis for securing operation licenses)
Customers (relevant for placing orders)
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AT&S saves CO2 and Water…
Sustainability – Figures and Fields of Action
AT&S aims to minimize 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
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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
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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.
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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
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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
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