At & S Austria Technologie & Systemtechnik Aktiengesellschaft · VIE:ATS
At & S Austria Technologie & Systemtechnik Aktiengesellschaft — Debt Investor Presentation (November 2019)
23 slides from At & S Austria Technologie & Systemtechnik Aktiengesellschaft's debt investor presentation, Nov 18, 2019
Slide 1: AT&S First choice for advanced applications
AT&S First choice for advanced applications Debt Investor Call 18th November 2019 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net
Slide 2: Table of Contents
Table of Contents Company Overview Market Update Financials H1 2019/20 & Outlook Investment in the future of AT&S Debt Investor Call 1
Slide 3: Company Overview
Company Overview AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 Debt Investor Call www.ats.net 2
Slide 4: AT&S – a world leading high-tech PCB & IC substrates company
AT&S – a world leading high-tech PCB & IC substrates company Outperforming High-end interconnect solutions for market growth Mobile Devices, Automotive, Industrial, Medical Applications and Semiconductor over the last decade #1 Industry high-end PCB producer worldwide* Among the top € 1bn PCB produc
Slide 5: AT&S – Key Facts
AT&S – Key Facts 1 Strong growth track record 2 Balanced portfolio/Global customer base Revenue split by segment: H1 2019/20** 1,028 992 815 33% (33%) 763 +4% Mobile Devices & Substrates 667 +22% +7% 67% (67%) 517 Automotive, Industrial, +14% 490 Medical (5.1)% 226 250 Revenue split by customer: H1
Slide 6: Growth opportunities in all segments
Growth opportunities in all segments Future trends still intact Communication Consumer / Computer Automotive Industrial / Medical Increased digital New applications Autonomous driving Automation networking (IoT) (smartwatch, speakers, RADAR, LiDAR, camera Machine-to-machine Additional functionality
Slide 7: Market Update
Market Update AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 Debt Investor Call www.ats.net 6
Slide 8: PCB & IC substrates market
PCB & IC substrates market Forecast for the total PCB & IC substrates market IC substrates until 2024: CAGR of 5.6% − Mid-term increase in server demand − Cloud computing drives data center expansions − Networking and AI processors trigger demand for high-value IC substrates Medical − Applications i
Slide 9: Current market environment
Current market environment Trade frictions (US-China) and political environment (Brexit) create uncertainties in the market Weakness in automotive market is mainly created by uncertainties about the future of the powertrain Growth in electronic content compensates for declining car unit sales 5G inf
Slide 10: Highlights in H1 2019/20
Highlights in H1 2019/20 AT&S well positioned for the future Operations and strategy on the right track Macroeconomic environment weighs on revenue and earnings in H1 − Lower ramp of new smartphone generation and unfavourable product mix in Mobile Devices − Uncertainty in automotive industry with re
Slide 11: Financials H1 2019/20 & Outlook
Financials H1 2019/20 & Outlook AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 Debt Investor Call www.ats.net 10
Slide 12: Financials H1 2019/20
Financials H1 2019/20 STATEMENT OF PROFIT OR LOSS Change € in thousands H1 2018/19 H1 2019/20 YoY Impacted by lower ramp of new smartphone Revenue 516,857 490,317 (5.1%) generation, unfavourable product mix and positive FX effects EBITDA 138,262 101,064 (26.9%) Unfavourable product mix and underutil
Slide 13: Financials H1 2019/20
Financials H1 2019/20 STATEMENT OF FINANCIAL POSITION € in thousands 31 Mar 2019 30 Sep 2019 Change Equity 803,451 768,385 (4.4%) Negative FX effects and dividend payout Total assets 1,784,106 1,809,660 1.4% Net debt 150,258 233,697 55.5% Higher capex, impact of IFRS 16 Net working capital 160,537 1
Slide 14: Financials H1 2019/20
Financials H1 2019/20 STATEMENT OF CASH FLOWS Change € in thousands H1 2018/19 H1 2019/20 YoY Mainly driven by higher trade payables and lower Cash flow from operating activities 58,024 62,184 7.2% income taxes paid Higher net capex but lower temporary net Cash flow from investing activities (130,93
Slide 15: Outlook for 2019/20
Outlook for 2019/20 Revenues and EBITDA outlook continues to be confirmed Broad product portfolio and past investments in new technologies compensate for market fluctuations − Better market environment leads to satisfying capacity utilization for Mobile Devices − IC Substrates remain on high level −
Slide 16: Overview Debt Portfolio Duration
Overview Debt Portfolio Duration Maturity Currency mix of debt portfolio 0,3% € in millions* < 1 Year 1-5 Years > 5 Years Total Promissory note loans 2014 - 9.0 - 9.0 5,0% Promissory note loans 2015 - 102.6 - 102.6 Promissory note loans 2016 - 150.0 - 150.0 Promissory note loans 2018 - 211.5 123.2 3
Slide 17: Repayment structure
Repayment structure 335.2 220.0 120.0 112.6 86.9 62.8 12.6 17.5 7.5 0.0 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 2027/28 2028/29 The repayment structure shows high amounts in the year 2022/23 due to the repayment of the hybrid bond and parts of the promissory note loan and in
Slide 18: Key credit figures
Key credit figures Gross debt, financial assets and cash, net debt Net debt/EBITDA 717 593 523 540 2.9 567 405 372 381 263 1.6 331 274 260 261 0.9 131 212 0.8 111 209 0.6 150 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2014/15 2015/16 2016/17 2017/18 2018/19 Gross debt Financial assets and cash
Slide 19: Investment in the future of AT&S
Investment in the future of AT&S AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 Debt Investor Call www.ats.net 18
Slide 20: Expansion of IC substrates capacities
Expansion of IC substrates capacities IC substrates business becomes an even more important pillar AT&S already operating successfully in China since 2001 − Since 2013 site in Chongqing with two plants for IC substrates and new technologies − First high-end IC substrates manufacturer in China Strate
Slide 21: Securing profitable growth in tomorrow
Securing profitable growth in tomorrow Medium-term guidance Step towards module integration and “More than AT&S” − Group revenue to double to € 2 billion (CAGR of roughly 15%) − EBITDA margin of 25% to 30% − ROCE target above 12% Significant financing capabilities and solid finance structure to mana
Slide 22: Thank you for your attention!
Thank you for your attention! AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net 21
Slide 23: Disclaimer
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. AT&S does not provide any representations or warrant