At & S Austria Technologie & Systemtechnik Aktiengesellschaft · VIE:ATS
At & S Austria Technologie & Systemtechnik Aktiengesellschaft — Institutional Investor Conference - Virtual Zürs 2021
33 slides from At & S Austria Technologie & Systemtechnik Aktiengesellschaft's conference presentation, Apr 12, 2021
Slide 1: AT&S First choice for advanced applications
AT&S First choice for advanced applications Institutional Investor Conference - Virtual Zürs 2021 12-13. April 2021 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net
Slide 2: Driving sustainability
Driving sustainability High level of social, ecological and economic responsibility Rated by Outperformer 2019 Overall Score: 77 Prime 2020 Corporate Responsibility: B- Achievements1 BBB Share of renewable energies of 47%2 2021 ESG rating Share of women in leadership positions of 19% Innovatio
Slide 3: Leading provider of high-end PCBs and IC substrates
Leading provider of high-end PCBs and IC substrates Well positioned for the future #2 #5 #3 € 1bn € 2bn high-end PCB ABF substrates in revenue revenue producer worldwide producer worldwide FY 2024/25 FY 2019/20 FY 2023/24 Unique market position Broad product portfolio to serve all growth markets
Slide 4: An exciting growth story
An exciting growth story AT&S with faster revenue growth than market 25-30% in 2024 21% >15% 6% 9%* 5% 4% 3% World GDP PCB & IC substrate AT&S revenue EBITDA margin market (average) CAGR 2015 - 2020 CAGR 2020 - 2024 … *Revenue 2020/21 assumes envisaged growth of around 15% AT&S - Virtual Zürs 2021 3
Slide 5: Growing profitably with served markets
Growing profitably with served markets Expanding served markets > 15 % Growing market • IC substrates/modules: 11% market Revenue CAGR 2020 – 2024 • Technology leadership growth until 2025 ____ • Operational excellence • Strong customer engagement 25 – 30 % • Clear focus on dedicated applications EB
Slide 6: More than AT&S
More than AT&S Broadening the service range and opening up of new business opportunities Leading provider of interconnect Technology solutions Innovation power Module integration Clear focus on dedicated applications services Build-up of additional capabilities Substrates for HPC modules Diversifica
Slide 7: Market Update & Growth Drivers
MARKET UPDATE & GROWTH DRIVERS AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net
Slide 8: PCB & IC substrates market outlook
PCB & IC substrates market outlook +5.7% 78.4 10.0 +5.2% +2.2% 58.0 +2.2% 59.3 There was market growth even in +2.2% 18.0 -2.8% 7.7 the COVID year 2020 8.0 Consumer 17.5 +5.7% CAGR 14.6 +11.1% Computer +6.8% 24.3 All adressed markets show positive Communication growth rates over the mid-term Substra
Slide 9: Digitalisation is accelerating
Digitalisation is accelerating Growth in various areas 2019 42.5 million units Server ICs in Data Centres 2020 46.5 million units (10% CAGR 2020-2025) 2025 75.3 million units 2019 0.16 million units 5G Base Station 2020 1.09 million units (25% CAGR 2020-2025) 2025 3.35 million units 2019 1,370 milli
Slide 10: Capacity expansion in Chongqing
Capacity expansion in Chongqing On the way to becoming one of the leading high-end ABF substrates producers AT&S - Virtual Zürs 2021 9
Slide 11: Growing demand for ABF substrates drives capacity expansion
Growing demand for ABF substrates drives capacity expansion Chongqing I and III excellently executed ABF substrates output capacity 560% 580% CHQ I: Running on full capacity 1.1x 1.4x since Q3 2020/21 390% 1.7x CHQ III: Currently in the installation 230% 190% 1.2x and qualification phase 1.9x 10
Slide 12: Top-8 global ABF substrates suppliers
Top-8 global ABF* substrates suppliers AT&S expects to enter the top-league of ABF substrates suppliers and significantly increase output capacity by 2025 Output capacity by company (based on US-$) 30% ABF is the state-of-the-art 25% production process for high-end 20% IC substrates with high grow
Slide 13: Module business
Module business AT&S - Virtual Zürs 2021 12
Slide 14: New opportunities through entry into the module market
New opportunities through entry into the module market Module integration market growing by 11% annually until 2025 Main applications Modules integration include PCBs for RF/5G Total investment Chongqing II in module market growing by 11% modules, power business of about €annually 160 million un
Slide 15: AT&S solutions for the electronics industry
AT&S solutions for the electronics industry Module Design Chip Chip Assembly & PCB Substrate Product/ Product Manufacturing Test Manufacturing Manufacturing Module Ownership (Front-end) (Back-end) Assembly Design 02 Module Integration Service Provider houses 01 OEMs Module Board Manufacturer (SLP) 0
Slide 16: Q1-3 2020/21 – Financials and Key Figures
Q1-3 2020/21 – FINANCIALS AND KEY FIGURES AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net
Slide 17: Global market development
Global market development Accelerated digitalisation is driving electronics market Rising data traffic, Internet of Things and enhanced connectivity are pushing digital networking across all areas of life and work ABF substrates market continues with strong demand and limited capacity Mobile d
Slide 18: Development in Q1-3 2020/21
Development in Q1-3 2020/21 Highest ever generated revenue despite difficult economic situation IC substrates business profits from completed ramp-up of new capacities in CHQ I and ongoing strong demand for ABF substrates Mobile applications positively influenced by solid smartphone launch, cust
Slide 19: Revenue and EBITDA development
Revenue and EBITDA development 883.8 Highest ever quarterly and YTD revenue despite slightly negative FX effects 753.2 +17.3% EBITDA increased to € 186.7 million (PY: € 156.4 million) mainly supported by higher revenues out of Chongqing plants Net profit higher at € 37.3 million (PY: € 25.2 34
Slide 20: Net CAPEX
Net CAPEX Investments in IC substrates and module PCBs consistently continued Capex outlook 2020/21 up to 520 Depending on market developments CAPEX for maintenance and tech upgrade of up to € 80 million CAPEX for strategic projects of up to € 410 304.0 million plus € 30 million due to timing 24
Slide 21: Solid finance structure
Solid finance structure Net debt/EBITDA Existing funds and cash flow generation help to meet repayments and capex needs 2.9 <3 Net debt / EBITDA target 1.6 526.2 1.3 0.9 0.6 2015/16 2016/17 2017/18 2018/19 2019/20 AT&S - Virtual Zürs 2021 20
Slide 22: Maturity profile
Maturity profile 854.2 million € of existing liquid funds* Cash: € 393.9 million 854.2 Financial assets: € 38.7 million Unused credit lines of € 421.6 million 421.6 345.1 432.6 432.6 96.5 62.8 44.9 8.7 2020/21* 2021/22 2022/23 2023/24 2024/25 Repayments Cash & Financial Assets Unused credit
Slide 23: Outlook
OUTLOOK AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net
Slide 24: Outlook for 2020/21
Outlook for 2020/21 Full-year guidance increased Digital change will speed up and further pervade all areas of life Expectations for the current year Ongoing strong demand for ABF substrates and continuing market capacity shortage Mobile Devices with usual seasonality in Q4 Positive trend
Slide 25: Medium-term guidance 2024/25
Medium-term guidance 2024/25 Technology development to module integration and capacity expansion Expansion of technology leadership Leading provider of new interconnect solutions Innovation revenue rate: > 20% Revenue and EBITDA target already reached in 2023/24 Revenue target of more than € 2
Slide 26: Annex
ANNEX AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net
Slide 27: Market Segments & Product Applications
26 Market Segments & Product Applications Mobile devices IC substrates Automotive Industrial Medical - Smartphones - Data centres - ADAS - Smart building, lighting, - Diagnostics and - Wearables - Microservers - Sensoric (radar, lidar, manufacturing, imaging systems - Notebooks - Client PCs camera,
Slide 28: Key facts FY 2019/20
Key facts FY 2019/20 Revenue split by segment: FY 2019/20 +7% CAGR 1,028.0 31% 991.8 1,000.6 Mobile Devices & Substrates 814.9 24.3% 762.9 69% Automotive, Industrial, Medical 22.0% 22.8% 19.4% 16.1% Revenue split by customer: FY 2019/20 226.0 250.1 167.5 194.5 (based on customer’s headquarters) 130.
Slide 29: Global footprint ensures proximity to supply chain & cost efficiency
Global footprint ensures proximity to supply chain & cost efficiency AT&S plant AT&S sales support office AT&S Headquarters 1,041* 389* 1,352* 3,556* 4,497* 251* Leoben, Headquarters Fehring Nanjangud Chongqing Shanghai Ansan Austria Austria India China China Korea *Staff, Average, FTE, Q1-3 2020/21
Slide 30: Market players in the high-end segment
29 Market players in the high-end segment Market position HDI Technology (2019) HDI Rank Supplier Country/Region (revenue in US-$ millions) 1 Compeq TWN 776 2 AT&S AUT 736 3 TTM USA 716 4 Unimicron TWN 706 5 Tripod TWN 508 6 Meiko JPN 461 7 Zhen Ding TWN 428 8 Korea Circuit KOR 227 9 Founder PCB CHN
Slide 31: AT&S – Stock Profile
AT&S – Stock Profile Listing: Vienna Stock Exchange, # of shares outstanding 38.85m Prime Standard Dividend for 2019/20: € 0.25 per share Indices: ATX, Vönix, WBI Thomson Reuters (A): ATSV.VI Bloomberg (A): ATS:AV Financial Calendar Shareholder structure Publication Preliminary Annual Results 2020/2
Slide 32: 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 31
Slide 33: 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