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AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben
Tel +43 (0) 3842 200-0 | E-Mail info@ats.net
www.ats.net
AT&S
Company Presentation 2014
July 2014
Disclaimer
1
Despite a diligent preparation of this presentation the information contained herein has not been independently
verified and we assume no liability for the content or any action based on this presentation. We do not give any
warranty, guarantee or commitment, neither explicitly nor implicitly. No reliance should be placed on the fairness,
accuracy, completeness or correctness of this information or opinions contained herein and neither AT&S nor any of
its employees assume responsibility for the completeness or accuracy of the information contained or not in this
presentation. The presentation does not include and does not constitute or 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. These are based on management’s views and
assumptions and involve known and unknown risks and uncertainties. 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.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor
any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
2
AT&S – the quality leader of PCB production
Best positioned in highly attractive market
Mid Term Strategy
Financials
Agenda
3
3D X-ray image of embedded electronic
components
ECP® -
Embedded Component
Packaging
AT&S – first choice …..
AT&S – …..for advanced applications
4
Product: Flexible printed circuit board on aluminium
Application: for Audi A6
5
Double-sided printed
circuit boards
HDI microvia printed
circuit boards
HDI any-layer printed
circuit boards
IMS printed
circuit boards
Multilayer
printed circuit boards
AT&S Product Portfolio
AT&S is one of the world’s leading manufacturers of high valued circuit boards
AT&S is committed to the highest quality & CSR standards in the industry
6
History
2013 Cooperation with leading semiconductor manufacturer
to enter IC substrate market
2011 Acquisition of land and start of construction of a high-
end plant in Chongqing, China – AT&S’s seventh high-
end manufacturing facility
2010 Relocation of Group Headquarters from Vienna to
Leoben
Ramp-Up plant II in Nanjangud
2009 Restructuring and reorientation of Leoben plant
towards high-value industrial business
Focusing Shanghai on high-end mobile devices segment
2008 Relisting on the Vienna Stock Exchange (Prime Market)
2006 AT&S buys flexible plant in Korea
2002 Start of production in new AT&S plant in Shanghai –
one of the world’s leading HDI* facilities
1999 AT&S listed on the Neuer Markt at the Frankfurt Stock
Exchange
AT&S buys PCB plant in India
1987 Foundation of AT&S
* High Density Interconnect (laser-drilled printed circuit boards)
Management
7
Andreas Gerstenmayer, CEO
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, CTO
CTO 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
− Studied electrical installation with Stadtwerke Judenburg (Judenburg municipal utility company)
Karl M. Asamer, CFO
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
► volatility due to seasonal effects
8
Business Segments
Characteristic Applications
54%
Segment
Revenue
share*
*) Based on external revenues in EURm for FY 2013/14
46%
Mobile Device
Industrial & Automotive
Advanced
Packaging
Target market diversification provides for superior earnings stability
and a close relationship with selected technology leaders in each market segment
Selected Market Leaders
Siemens
General Electric
EADS
Hella
Continental
Texas Instruments
TDK-EPCOS
Sony
LG
Motorola
Blackberry
Canon
Samsung
Nokia
Huawei
ZTE
Apple
►► more stable business due to longer product
life time
FY 2012/13 FY 2013/14
Includes the segment Advanced Packaging (still in the
process of being established) as well as group
management and financial activities
FY 2012/13 FY 2013/14
Others
9
Profitable Growth Path
Revenue and margin development
Local presence in key markets & access to emerging Asian smartphone players
Well balanced customer and industry portfolio
Strong presence in both Asia and Europe
Advanced know-how to capture regional market growth
EURm
5yr CAGR 27.5%
10
Locations and Competencies
11
AT&S – the quality leader of PCB production
Best positioned in highly attractive market
Mid Term Strategy
Financials
Agenda
PCB growth cycle
Global PCB turnover ($m)
The PCB Market is a fast growing market
We are just at the beginning of a new growth cycle
Source: Prismark; Forecast Prismark (August 2013)
12
$6,465
$6,734
$7,437
$10,179
$11,682
.$11,071
$12,348
$18,117
$19,946
20,185
21,500
$18,974
$18,212
$20,842
$22,837
$26,375
$29,703
$32,559
$34,288
.$36,058
$42.642
$33,237
$32,109
$34,485
$38,753
$42,424
$47,626
$50,269
$50,786
$44,155
$52,469
$55,409
$55,039
$56,732
$59,301
$61,555
$63,894
$66,442
$0,000
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
1980
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AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben
Tel +43 (0) 3842 200-0 | E-Mail info@ats.net
www.ats.net
MegatrendsURBANISIERUNGNEW WORK
GLOBALISIERUNG
MOBILITÄT
INDIVIDUALISIERUNG
SILVER SOCIETY
KONNEKTIVITÄT
GESUNDHEIT
NEUES LERNEN
NEO-ÖKOLOGIE
Mega Trend: for example Internet of Things (IoT)
Source: http://www.forbes.com and http://de.control4.com
“The world is made up of trillions of things — cars, planes, jet engines, exercise equipment, the
items on my desk. And then there’s the Internet. This category is about all of these things and the
Internet, as we know it, coming together. Anything I can do over the Internet blended with my
things.”
Chet Pipkin, CEO and founder of Belkin
“Everything Is Connected: What 'The Internet Of Things' Means Now”
Forbes Magazine, April 2014
13
1995 2000 2014
Fixed Computer
You go to the
device
Mobility
The device goes
with you
IoT
everyday physical things can become a
computer that is connected to the
Internet
2020
Internet of
Everything
200 Million
*
* Number of connected devices
10 Billion
50 Billion
15
Expected market growth: Revenues in Wearable Devices will grow from 8,8 bln US$ (2012) to 30 bln
US$ (2018)
Sales of Wearables units: 2014 - 105mln units/2018: 210mln units
Deep Brain
Neurostimlators
Gastric
Stimulators
Foot
Drop
Implants
Cochlear
Implants
Cardiac
Defibrillators/
Pacemakers
Insulin Pump
Megatrend – for example Wearables
Quelle: Shutterstock, Agentur DMP
16
AT&S – the quality leader of PCB production
Best positioned in highly attractive market
Mid Term Strategy
Financials
Agenda
17
Mid Term Strategy
Increase revenue in selected market niches (medical,
automotive, etc.)
AT&S to leverage its patented chip embedding
technology with a major industry player
Continue growth strategy (High-end Smartphones,
Tablets, Ultrabooks, etc.)
Improve GP-Margin (Portfolio management, Improve
plant utilization)
Enter the high-end IC
substrate market
New Business – IC-substrates
Core Business – HDI PCBs
AT&S will further improve its technology portfolio to strengthen its
market position but will not increase significantly production
capacities in the next three years
Investments in core activities planned to be in the € 20-
40m range per annum
Planned investment of c. € 350m (excl. ramp-
up costs) in Chongqing in IC-substrates over
the next three years
Financ-
ing
+
What is an IC-Substrate?
18
Substrate (15µm – 7µm)
PCB (50µm-25µm)
Chip (40nm – 10nm)
Performance increase
(Moores Law)
Size reduction PCB
(Trend: Miniaturisation)
1
2
3 Technical parameter (~ 25µm)
(Physical process border)
3
2
1
Mitochondrion – 1µm
DNA – 1nmHair – 100µm
Scale:
19
Main difference
PCB commodity vs. HDI vs. IC-Substrate
Source: Prismark, August 2013 , company estimates
Market size
No. of competitors
Prod-cap. China [%]
Tech. Spec. (L/S)
Quality standards
Level of automation
Entry barriers
PCB Commodity HDI
28,020 M$2012 7,918 M$2012
> 2000 > 50
48% 45%
-40 µm 40 µm
high high
high high
low high
IC Substrate
8,935 M$2012
< 20
5%
10-12 µm
very high
very high
very high
Level of complexity
20
Project Chongqing
Projektstatus Chongqing
Completion of
Infrastructure
Start Equipment Installation
Start Equipment
Characterisation
Certification
Start
Training
Start Equipment
Ordering
Plant Lay-out
Product-
Specification
Ramp-up Volume Production
21Hinweis: Zahlen basieren auf die bereits getätigten Bestellungen und können daher von den unter net capex ausgewiesenen Ziffern abweichen
*Value work done at 31/03/2014
Q4 Q1 Q2 Q3
GJ 2013/14
Q4 Q1 Q2 Q3
GJ 2014/15
Q3
GJ 2012/13
Q4 Q1 Q2 Q3
GJ 2015/16
Q4 Q1 Q2 Q3
GJ 2016/17
Q4
Investment as of 31/3/2014: EUR 111 m*
22
AT&S – the quality leader of PCB production
Best positioned in highly attractive market
Mid Term Strategy
Financials
Agenda
Distribution of Turnover
*EUR 451m of revenue in Q1-3 2013/14
** Revenue split is based on shipping location
23
*EUR 451m of revenue in Q1-3 2013/14
** Revenue split is based on customer‘s headquarter
24%
12%
52%
12%
Distribution of Turnover*
Ship to Party**
Austria/Germany
Rest of Europe
Asia
Canada/USA 25%
6%
15%
54%
Distribution of Turnover*
by Headquarter**
Austria/Germany
Rest of Europe
Asia
Canada/USA /Mexico/
Others
/Mexico/
Others
Statement of Profit or Loss
24
1) Adjusted according to IAS 19 revised
In EUR '000 (unless otherwise
indicated)
01.04.2013 - 31.03.2014 01.04.2012 - 31.12.20131)
before non-
recurring items
after non-recurring items after non-recurring items
STATEMENT OF PROFIT OR LOSS
Revenue
589,909 541,673
produced in Asia
75.9 % 73.9 %
produced in Europe
24.1 % 26.1 %
EBITDA
130,179 127,175 102,356
EBITDA margin
22.1 % 21.6 % 18.9 %
EBIT
56,934 53,930 31,365
EBIT margin
9.7 % 9.1 % 5.8 %
Net income
41,223 38,219 14,573
Cash Earnings
114,417 111,413 85,563
Statement of Financial Position
25
1) Adjusted according to IAS 19 revised
In EUR '000 (unless otherwise indicated) 31.03.2014 31.03.20131)
STATEMENT OF FINANCIAL POSITION
Total assets 916,059 726,663
Total equity 390,680 304,844
Net debt 110,874 217,409
Net gearing ratio 28.4 % 71.3 %
Net working capital 91,722 102,679
Net working capital / revenue 15.6 % 19.0%
Equity ratio 42.7 % 42.0 %
Statement of Cash Flows
26
1) Adjusted according to IAS 19 revised
In EUR '000 01.04.2013 - 31.03.2014 01.04.2012 - 31.03.20131)
CASH FLOW
Net cash generated from operating
activities 104,759 71,673
Net cash used in investing activities -90,288 -40,549
Net cash generated from financing
activites 169,144 17,933
Net increase in cash and cash
equivalents 183,615 49,057
CAPEX, net 90,276 40,459
AT&S – Financing Strategy
27
The management has worked to strengthen the balance
sheet in the past two years :
Successful placement of a retail bond worth
EUR 100m in November 2011
Successful capital increase of gross EUR 100m in
September / October 2013
Successful placement of Schuldschein (SSD) loan worth
EUR 158m in January 2014
Increase of internal financing power (EBITDA) of about
EUR 34m to EUR 127m in the last 5 years
148
194
242.5
217
111
71%
84% 86%
70%
28%
0
50
100
150
200
250
300
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2009/10 2010/11 2011/12 2012/13 2013/14
Net Debt Net Gearing
EURm
28
Overview Debt Portfolio Duration
Maturity
In EURm < 1 Year 1-5 Years >5 Years Total
Corporate Bond - 99.5 - 99.4
Export Loans 32.0 - - 32.0
Public funds and other 2.0 0.3 0.3 2.6
Bank Borrowings 12.1 182.9 42.8 237.8
Total 2013/14 46.1 282.7 43.1 371.9
Total* 2012/13 129.8 145.7 23.0 298.5
*audited figures 2012/13
AT&S - Stock Profile
Listing Vienna Stock Exchange, Prime Standard
Indices ATX Prime, WBI
Reuters RIC (A) ATSV.VI
Bloomberg (A) ATS AV
# of shares outstanding post right issue 38.85m
Calendar
Annual General Meeting 3 July 2014
Dividend Payment 24 July 2014
1st Quarter Result 2014/15 24 July 2014
29
Shareholder structure & trading volume
*including direct and indirect holdings
*
*
To find out more visit
@www.ats.net; Twitter @AT&S IR_PR; YouTube AtundS
30
AT&S – first choice for advanced applications
Martin Theyer
Director Communications
Tel: +43 3842 2005909
Mobile: +43 676 8955 5909
Fax: +43 3842 200 15909
m.theyer@ats.net
www.ats.net

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company presentation july 2014

  • 1. AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | E-Mail info@ats.net www.ats.net AT&S Company Presentation 2014 July 2014
  • 2. Disclaimer 1 Despite a diligent preparation of this presentation the information contained herein has not been independently verified and we assume no liability for the content or any action based on this presentation. We do not give any warranty, guarantee or commitment, neither explicitly nor implicitly. No reliance should be placed on the fairness, accuracy, completeness or correctness of this information or opinions contained herein and neither AT&S nor any of its employees assume responsibility for the completeness or accuracy of the information contained or not in this presentation. The presentation does not include and does not constitute or 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. These are based on management’s views and assumptions and involve known and unknown risks and uncertainties. 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. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
  • 3. 2 AT&S – the quality leader of PCB production Best positioned in highly attractive market Mid Term Strategy Financials Agenda
  • 4. 3 3D X-ray image of embedded electronic components ECP® - Embedded Component Packaging AT&S – first choice …..
  • 5. AT&S – …..for advanced applications 4 Product: Flexible printed circuit board on aluminium Application: for Audi A6
  • 6. 5 Double-sided printed circuit boards HDI microvia printed circuit boards HDI any-layer printed circuit boards IMS printed circuit boards Multilayer printed circuit boards AT&S Product Portfolio AT&S is one of the world’s leading manufacturers of high valued circuit boards AT&S is committed to the highest quality & CSR standards in the industry
  • 7. 6 History 2013 Cooperation with leading semiconductor manufacturer to enter IC substrate market 2011 Acquisition of land and start of construction of a high- end plant in Chongqing, China – AT&S’s seventh high- end manufacturing facility 2010 Relocation of Group Headquarters from Vienna to Leoben Ramp-Up plant II in Nanjangud 2009 Restructuring and reorientation of Leoben plant towards high-value industrial business Focusing Shanghai on high-end mobile devices segment 2008 Relisting on the Vienna Stock Exchange (Prime Market) 2006 AT&S buys flexible plant in Korea 2002 Start of production in new AT&S plant in Shanghai – one of the world’s leading HDI* facilities 1999 AT&S listed on the Neuer Markt at the Frankfurt Stock Exchange AT&S buys PCB plant in India 1987 Foundation of AT&S * High Density Interconnect (laser-drilled printed circuit boards)
  • 8. Management 7 Andreas Gerstenmayer, CEO 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, CTO CTO 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 − Studied electrical installation with Stadtwerke Judenburg (Judenburg municipal utility company) Karl M. Asamer, CFO 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
  • 9. ► volatility due to seasonal effects 8 Business Segments Characteristic Applications 54% Segment Revenue share* *) Based on external revenues in EURm for FY 2013/14 46% Mobile Device Industrial & Automotive Advanced Packaging Target market diversification provides for superior earnings stability and a close relationship with selected technology leaders in each market segment Selected Market Leaders Siemens General Electric EADS Hella Continental Texas Instruments TDK-EPCOS Sony LG Motorola Blackberry Canon Samsung Nokia Huawei ZTE Apple ►► more stable business due to longer product life time FY 2012/13 FY 2013/14 Includes the segment Advanced Packaging (still in the process of being established) as well as group management and financial activities FY 2012/13 FY 2013/14 Others
  • 10. 9 Profitable Growth Path Revenue and margin development Local presence in key markets & access to emerging Asian smartphone players Well balanced customer and industry portfolio Strong presence in both Asia and Europe Advanced know-how to capture regional market growth EURm 5yr CAGR 27.5%
  • 12. 11 AT&S – the quality leader of PCB production Best positioned in highly attractive market Mid Term Strategy Financials Agenda
  • 13. PCB growth cycle Global PCB turnover ($m) The PCB Market is a fast growing market We are just at the beginning of a new growth cycle Source: Prismark; Forecast Prismark (August 2013) 12 $6,465 $6,734 $7,437 $10,179 $11,682 .$11,071 $12,348 $18,117 $19,946 20,185 21,500 $18,974 $18,212 $20,842 $22,837 $26,375 $29,703 $32,559 $34,288 .$36,058 $42.642 $33,237 $32,109 $34,485 $38,753 $42,424 $47,626 $50,269 $50,786 $44,155 $52,469 $55,409 $55,039 $56,732 $59,301 $61,555 $63,894 $66,442 $0,000 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
  • 14. AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | E-Mail info@ats.net www.ats.net MegatrendsURBANISIERUNGNEW WORK GLOBALISIERUNG MOBILITÄT INDIVIDUALISIERUNG SILVER SOCIETY KONNEKTIVITÄT GESUNDHEIT NEUES LERNEN NEO-ÖKOLOGIE
  • 15. Mega Trend: for example Internet of Things (IoT) Source: http://www.forbes.com and http://de.control4.com “The world is made up of trillions of things — cars, planes, jet engines, exercise equipment, the items on my desk. And then there’s the Internet. This category is about all of these things and the Internet, as we know it, coming together. Anything I can do over the Internet blended with my things.” Chet Pipkin, CEO and founder of Belkin “Everything Is Connected: What 'The Internet Of Things' Means Now” Forbes Magazine, April 2014 13 1995 2000 2014 Fixed Computer You go to the device Mobility The device goes with you IoT everyday physical things can become a computer that is connected to the Internet 2020 Internet of Everything 200 Million * * Number of connected devices 10 Billion 50 Billion
  • 16. 15 Expected market growth: Revenues in Wearable Devices will grow from 8,8 bln US$ (2012) to 30 bln US$ (2018) Sales of Wearables units: 2014 - 105mln units/2018: 210mln units Deep Brain Neurostimlators Gastric Stimulators Foot Drop Implants Cochlear Implants Cardiac Defibrillators/ Pacemakers Insulin Pump Megatrend – for example Wearables Quelle: Shutterstock, Agentur DMP
  • 17. 16 AT&S – the quality leader of PCB production Best positioned in highly attractive market Mid Term Strategy Financials Agenda
  • 18. 17 Mid Term Strategy Increase revenue in selected market niches (medical, automotive, etc.) AT&S to leverage its patented chip embedding technology with a major industry player Continue growth strategy (High-end Smartphones, Tablets, Ultrabooks, etc.) Improve GP-Margin (Portfolio management, Improve plant utilization) Enter the high-end IC substrate market New Business – IC-substrates Core Business – HDI PCBs AT&S will further improve its technology portfolio to strengthen its market position but will not increase significantly production capacities in the next three years Investments in core activities planned to be in the € 20- 40m range per annum Planned investment of c. € 350m (excl. ramp- up costs) in Chongqing in IC-substrates over the next three years Financ- ing +
  • 19. What is an IC-Substrate? 18 Substrate (15µm – 7µm) PCB (50µm-25µm) Chip (40nm – 10nm) Performance increase (Moores Law) Size reduction PCB (Trend: Miniaturisation) 1 2 3 Technical parameter (~ 25µm) (Physical process border) 3 2 1 Mitochondrion – 1µm DNA – 1nmHair – 100µm Scale:
  • 20. 19 Main difference PCB commodity vs. HDI vs. IC-Substrate Source: Prismark, August 2013 , company estimates Market size No. of competitors Prod-cap. China [%] Tech. Spec. (L/S) Quality standards Level of automation Entry barriers PCB Commodity HDI 28,020 M$2012 7,918 M$2012 > 2000 > 50 48% 45% -40 µm 40 µm high high high high low high IC Substrate 8,935 M$2012 < 20 5% 10-12 µm very high very high very high Level of complexity
  • 22. Projektstatus Chongqing Completion of Infrastructure Start Equipment Installation Start Equipment Characterisation Certification Start Training Start Equipment Ordering Plant Lay-out Product- Specification Ramp-up Volume Production 21Hinweis: Zahlen basieren auf die bereits getätigten Bestellungen und können daher von den unter net capex ausgewiesenen Ziffern abweichen *Value work done at 31/03/2014 Q4 Q1 Q2 Q3 GJ 2013/14 Q4 Q1 Q2 Q3 GJ 2014/15 Q3 GJ 2012/13 Q4 Q1 Q2 Q3 GJ 2015/16 Q4 Q1 Q2 Q3 GJ 2016/17 Q4 Investment as of 31/3/2014: EUR 111 m*
  • 23. 22 AT&S – the quality leader of PCB production Best positioned in highly attractive market Mid Term Strategy Financials Agenda
  • 24. Distribution of Turnover *EUR 451m of revenue in Q1-3 2013/14 ** Revenue split is based on shipping location 23 *EUR 451m of revenue in Q1-3 2013/14 ** Revenue split is based on customer‘s headquarter 24% 12% 52% 12% Distribution of Turnover* Ship to Party** Austria/Germany Rest of Europe Asia Canada/USA 25% 6% 15% 54% Distribution of Turnover* by Headquarter** Austria/Germany Rest of Europe Asia Canada/USA /Mexico/ Others /Mexico/ Others
  • 25. Statement of Profit or Loss 24 1) Adjusted according to IAS 19 revised In EUR '000 (unless otherwise indicated) 01.04.2013 - 31.03.2014 01.04.2012 - 31.12.20131) before non- recurring items after non-recurring items after non-recurring items STATEMENT OF PROFIT OR LOSS Revenue 589,909 541,673 produced in Asia 75.9 % 73.9 % produced in Europe 24.1 % 26.1 % EBITDA 130,179 127,175 102,356 EBITDA margin 22.1 % 21.6 % 18.9 % EBIT 56,934 53,930 31,365 EBIT margin 9.7 % 9.1 % 5.8 % Net income 41,223 38,219 14,573 Cash Earnings 114,417 111,413 85,563
  • 26. Statement of Financial Position 25 1) Adjusted according to IAS 19 revised In EUR '000 (unless otherwise indicated) 31.03.2014 31.03.20131) STATEMENT OF FINANCIAL POSITION Total assets 916,059 726,663 Total equity 390,680 304,844 Net debt 110,874 217,409 Net gearing ratio 28.4 % 71.3 % Net working capital 91,722 102,679 Net working capital / revenue 15.6 % 19.0% Equity ratio 42.7 % 42.0 %
  • 27. Statement of Cash Flows 26 1) Adjusted according to IAS 19 revised In EUR '000 01.04.2013 - 31.03.2014 01.04.2012 - 31.03.20131) CASH FLOW Net cash generated from operating activities 104,759 71,673 Net cash used in investing activities -90,288 -40,549 Net cash generated from financing activites 169,144 17,933 Net increase in cash and cash equivalents 183,615 49,057 CAPEX, net 90,276 40,459
  • 28. AT&S – Financing Strategy 27 The management has worked to strengthen the balance sheet in the past two years : Successful placement of a retail bond worth EUR 100m in November 2011 Successful capital increase of gross EUR 100m in September / October 2013 Successful placement of Schuldschein (SSD) loan worth EUR 158m in January 2014 Increase of internal financing power (EBITDA) of about EUR 34m to EUR 127m in the last 5 years 148 194 242.5 217 111 71% 84% 86% 70% 28% 0 50 100 150 200 250 300 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2009/10 2010/11 2011/12 2012/13 2013/14 Net Debt Net Gearing EURm
  • 29. 28 Overview Debt Portfolio Duration Maturity In EURm < 1 Year 1-5 Years >5 Years Total Corporate Bond - 99.5 - 99.4 Export Loans 32.0 - - 32.0 Public funds and other 2.0 0.3 0.3 2.6 Bank Borrowings 12.1 182.9 42.8 237.8 Total 2013/14 46.1 282.7 43.1 371.9 Total* 2012/13 129.8 145.7 23.0 298.5 *audited figures 2012/13
  • 30. AT&S - Stock Profile Listing Vienna Stock Exchange, Prime Standard Indices ATX Prime, WBI Reuters RIC (A) ATSV.VI Bloomberg (A) ATS AV # of shares outstanding post right issue 38.85m Calendar Annual General Meeting 3 July 2014 Dividend Payment 24 July 2014 1st Quarter Result 2014/15 24 July 2014 29 Shareholder structure & trading volume *including direct and indirect holdings * *
  • 31. To find out more visit @www.ats.net; Twitter @AT&S IR_PR; YouTube AtundS 30 AT&S – first choice for advanced applications Martin Theyer Director Communications Tel: +43 3842 2005909 Mobile: +43 676 8955 5909 Fax: +43 3842 200 15909 m.theyer@ats.net www.ats.net