This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | Fax +43 (0) 3842 200-216 | E-mail [email protected]
Despite a diligent preparation of this presentation we assume no liability for the content or any action based onthis presentation. We do not give any warranty, guarantee or commitment, neither explicitly nor implicitly. NeitherAT&S nor any of its employees assume responsibility for the completeness or accuracy of the informationcontained or not in this presentation. The presentation does not include and does not constitute or form part ofany 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 thoseprojected or implied in such forward-looking statements. Forward-looking information involves risks anduncertainties that could significantly affect expected results.
AT&S Austria Technologie & Systemtechnik Aktiengesellschaft
Martin TheyerHead of Strategy Development & CommunicationsFabriksgasse 13A-8700 Leoben
2002 Production start-up in the new Shanghai factory. Ranking among world's top three HDI/microvia manufacturers. Signing of German Corporate Governance Code.
2000 Opening of the new logistics centre in Nörvenich, Germany. Stepwise start-up of Leoben Hinterberg II, Europe’s most modern printed circuit board factory.
1999 AT&S listed on the New Market [Neuer Markt], Frankfurt. Purchase of Indal, India’s largest printed circuit board factory in Nanjangud: AT&S India.
1998 Start-up of new production hall in Fehring.
1995/96
Conversion to a stock corporation, increase of equity capital, holdings of 212 employees.
1994 Award to the tendering group Androsch-Dörflinger-Zoidl.
1990 Founding of E+E Printed Circuit Board Holding as parent company of the three factories: AT&S Fehring, AT&S Fohnsdorf, AT&S Leoben.
1987 Foundation of AT&S.
1982 Foundation of a Voest-Alpine works in Leoben.
1977 Foundation of the Eumig branch factory in Fohnsdorf -production of single sided printed circuit boards.
1974 Foundation of Körting Electronics works in Fehring. Manufacture of television sets with outsourced printed circuit board manufacture.
2011 New Development Lease in Chongqing
2010 Extension of Nanjangud Plant II
2009 Relocation of volume business from Leoben-Hinterberg plant to Shanghai.Reorganization of the plant in Leoben-Hinterberg and focus on the European market.Focus on high-end segment in mobile device sector.
2008 AT&S builds a second plant in Nanjangud (India) . AT&S establishes new sales and marketing subsidiary in San Jose (California). Listing at Vienna Stock Exchange [Wiener Börse].
2007 Ramp-up Shanghai III.
2006 Ramp-up of second plant in Shanghai, China. Acquisition of the Korean flexible printed circuit board producer Tofic Co. Ltd. Relocation of the Fohnsdorf plant to Leoben. Reorganization of the plant in Leoben: split in HDI Operations and SPP Operations (former Fohnsdorf plant).
2005 Focusing on Austrian plants on European niche markets.
2003 Concentration on three business sectors: Telecom, Automotive, Industrial. AT&S listed in the new selected-technology index, TecDAX. Takeover of the printed circuit board business AIK Electronics (77%), Klagenfurt (Austria). Moving AT&S Headquarters to Vienna. Establishing a purchasing center in Hong Kong. Extension of the plant in India, increasing production by 50%.
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft
AT&S managed the turn around after Lehman Brothers very quickly – the only loss making quarters were Q3 2008/09 and Q1 2009/10 – all other quarters were positive.
* Pre-Crisis Level with new Set up
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft
� AT&S Group came out of the crisis strenghtened� Stronger customer relations and less volatility compared to pre-crisis period� Overall is the customer portfolio well balanced
30%
18% 23%
28%
Revenues per business segment 2007/08 – 2010/11
2010/11 (forecast)
475-500 Mio. €
9%
24%
12%
1%
28%
21%
10%
486 Mio. €450 Mio. €
2008/09
60%
64%67%
59%
2007/08
372 Mio. €
2009/10
28%
11%
8,7%- 0,2%
- 6,9%
~ 9%
Fiscal year
Other
Mobile devices
Industrial
Automotive
10%
3%2%
EBIT-margin (%)
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft
� Cumulative Sales of 365m Euros exceed internal expectations– all three customer segments delivered two digit growth rates – net earnings were slightly down as a result of December holidays in Europe and US.
� Importance of the Asian market is increasing – our core markets Austria & Germany develop better than expected.
Revenues per region and customer segments Revenues per region and customer segments Revenues per region and customer segments Revenues per region and customer segments
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft
• Two thirds of global production takes place in Far-East (excl. Japan) by today• In 2015 almost 80% of all PCBs (by value) will be produced in Far-East (excl. Japan), only 3%
in Europe (5% today)• Production in China accounts to one third by today. In 2015 almost the half of the worldwide
production will take place in China
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft
Smart phone shipments are expected to grow by 19% p.a. (CAGR)
Source: GBI Research: Microprocessor Market to 2020
Global smart phone shipments (million units)
500
100
400
300
200
0201420132012
CAGR+9%
CAGR+9%
20152008 201120102009
• Smart phone shipments to hit 300 m in 2012 and 500 m in 2015
• Growth of smart phones driven by an increase in purchases especially in emerging markets in Asia-Pacific, notably China and India, and Central and Latin American countries
� AT&S has to grow it’s core business to keep pace with market developments and to meet customers’ requirements
* estimated on HDI output in Shanghai
AT&SCAGR
~13% - 15%*
AT&SCAGR
~13% - 15%*
Covered by GBI - Study Extrapolation
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft
These trends will offer additional growth opportunities to us
www.ats.netSource: AT&S
Markets and applications of the early 21st century
Mankind will start to connect bodies and brains with technological add-ons already in the coming decade.
Intelligent environment with approximately 1,000 processors and sensors per citizen, which are interconnected.
The generation 50+ will be the biggest and at the same time financially strongest target group. Microelectronic and sensor technology offer chances to support senior-friendly living and housing as well as new opportunities in the tele-medical services.
Robots will carry out routine work in hospitals, hotels, and many private households. They will be on the 2020 Christmas wish list of many families.
Honda and other automotive OEMs consider self-drive cars possible by 2015.
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft
Net Gearing Ratio slightly increased over the last three months – in total additional 32m Euros needed to be financed through third party debts. The remaining 52m Euros were financed throughinternal cash generation.
Net-CAPEX is in line with the capacityexpansion for Shanghai and Nanjangud – line11 in Shanghai went live – for India no ramp upcosts are expected from January 2011 ongoing.
Capex & Gearing
7
19
30
36
7%
17%
23%
29%
-2
4
10
16
22
28
34
40
Q4 09/10 Q1 10/11 Q2 10/11 Q3 10/11
Net
CA
PE
X
(EU
R m
)
0%
8%
16%
24%
32%
40%
Net
CA
PE
X /
Sal
es
187
162148 154
71% 72%62%
76%
-
30
60
90
120
150
180
31/03/10 30/06/10 30/09/10 31/12/10
Net
Deb
t (E
UR
m)
-5%
10%
25%
40%
55%
70%
85%
100%
Net
Gea
ring
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft
The long term funding strategy must be that the net debt equity ratio is not exceeding 80% and that sufficient cash is generated over the next years to repay the current net debts level (targeted duration of 5 years)
AT&S is currently covered by 6 analysts. 5 analysts recommend BUY.The expected price range was lifted to 24 Euro. The current consensus is roughly by around 20,00 Euro.Estimated EPS are around 1,50 Euro for 2010/11.
www.ats.net
Austria Technologie & SystemtechnikAktiengesellschaft