-- Conference Call · Tuesday 25 th January 2011 4:00pm CET Conference Call Q3 2010/11. Austria...

Austria Technologie & Systemtechnik Aktiengesellschaft | Fabrksgasse13 | A-8700 Leoben Tel +43 (0) 3842 200-0 | Fax +43 (0) 3842 200-216 | E-mail [email protected]

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Andreas Gerstenmayer (CEO)

Thomas Obendrauf (CFO)

Martin Theyer (IRO)

Tuesday 25th January 2011

4:00pm CET

Conference Call Q3 2010/11

www.ats.net

Austria Technologie & SystemtechnikAktiengesellschaft

2Conference Call Q3 2010/11

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Source: AT&S

Agenda

AT&S Performance

AT&S Innovation

AT&S Outlook

AT&S Financials

www.ats.net



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Source: AT&S

AT&S Performance

www.ats.net



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Source: AT&S

Highlights Q3 2010/11

� Overall, the first 9 months with cumulative sales at EUR 365m

and an EBIT margin of around 10% are in the envisaged range

running from EUR 470m to 500m.

� Despite the continuing upward pressure on prices of raw

material prices and increased investment activities an EBIT

Margin of over 9% was reached.

� The next high-tech HDI production line in Shanghai for mobile

devices was ramped up in October.

� The recovery of the general industry worldwide as well as

automotive suppliers resulted in additional orders for AT&S in

India and Austria.

� In partnership with industry leaders such as OSRAM AT&S

develops innovative ideas for the LED industry worldwide.

Insulated Metal Substrate (IMS) Technology plays a key role in

AT&S LED approach.

www.ats.net



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Source: AT&S

� 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 – ourcore markets Austria & Germany develop betterthan expected.

AT&S Performance

Revenues per region and customer segments Revenues per region and customer segments Revenues per region and customer segments Revenues per region and customer segments

67,6

32,4

13,4

144,4

68,9

28,1

209,6

109,2

43,9

0

50

100

150

200

250

Mobile Devices Industrial Automotive

Q1 10/11

Q2 10/11

Q3 10/11

Asia 29%

Canada/USA 25%

Rest of Europe 15%

Other 1%

Austria/Germany 30%

www.ats.net



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Source: AT&S

AT&S backing LED technology

AT&S Innovation

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Source: AT&S

AT&S backing LED technology

www.ats.netSource: AT&S

� AT&S is in an excellent position to produce special printed circuit boards for advanced LED applications.

� AT&S is in partnership with industry leaders such OSRAM within the global network “LED Light4You”.

� The focus will be on high-value circuit boards that dissipate heat efficiently and prolong life of LEDs.

� AT&S views the LED sector as one of its target markets. LED Technology addresses specific customer needs:

- High energy efficiency (six times more efficient that common bulbs)

- Highest durability (thirty times longer life time in comparison to common bulbs)

- Flexible application

- Improved thermo management

Mekka Tower with LED Lightning

www.ats.net



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Source: AT&S

AT&S ranked among top 500 growth companies in Europe

� The president of Europe‘s 500 awards AT&S among TOP 500 growth companies in Europe.

� Europe's 500 have been selecting the top growth companies in Europe since 1996 for their exceptional achievements in terms of sustainability.

� This award is testimony to AT&S strategic focus on sustained and sustainable growth.

www.ats.net



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Source: AT&S

AT&S – a model for sustainable use of resources

� AT&S is one of the first printed circuit board manufacturers in the world whodecided to measure and publish its global CO2 footprint.

� AT&S is a pioneer in the PCB industry.

� Strong evidence for AT&S principle of conserving natural resources.

生物生物生物生物过滤过滤过滤过滤池池池池 Bio-filter 红红红红色垃圾桶色垃圾桶色垃圾桶色垃圾桶配套配套配套配套红红红红色垃圾袋色垃圾袋色垃圾袋色垃圾袋

Red dustbin red bag

绿绿绿绿色垃圾桶色垃圾桶色垃圾桶色垃圾桶配套配套配套配套绿绿绿绿色垃圾袋色垃圾袋色垃圾袋色垃圾袋

Green dustbin green bag

蓝蓝蓝蓝色垃圾桶色垃圾桶色垃圾桶色垃圾桶配套配套配套配套蓝蓝蓝蓝色垃圾袋色垃圾袋色垃圾袋色垃圾袋

Blue dustbin blue bag

www.ats.net



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Source: AT&S

Capacity expansion in Shanghai

� The high-tech HDI production line 11 in Shanghai was ramped up in October. AT&S is able to ramp up its capacities quicker as expected.

� In the next six months two further lines will go live adding approx. 70.000m² to technical maximal capacity.

� Shanghai produces high-tech printed circuit boards for smartphones and other mobile devices.

� The expansion will show first positive impacts from Q1 2011/12 revenue stream.

www.ats.net



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Source: AT&S

AT&S Outlook

www.ats.net



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Source: AT&S

AT&S OutlookGuidance 2010/11*

*based on the current exchange rates** estimated amount – may differ from the accounting standards

AT&S sticks to already announced outlook

� In the short term AT&S is confident that market expectations can be met.

� Net revenues for the whole financial year will be in the envisaged range from 470m to 500m Euros.

� EBIT Margin is expected to be in demand of around 10% taking into account that negative trends in raw material prices and high volatilities in the foreign exchange markets.

� Effective Tax Rate should be around 20% mainly driven by Chinese tax policy.

� Net Cap Expand should be up to EUR 130m**.

� Net Gearing Ratio will stay in the target zone of ≤80%.

www.ats.net



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Source: AT&S

AT&S Financials

www.ats.net



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Source: AT&S

Key Financial Ratios

9M 9M 9M 9M 2010/112010/112010/112010/11 Margin Margin Margin Margin

6M 6M 6M 6M 2010/112010/112010/112010/11 MarginMarginMarginMargin

Total revenues 364,8 242,7

Gross profit 71,6 19,6% 46,1 19,0%

EBITDA 1) 76,368 20,9% 49,1 20,3%

EBIT 1) 40,3 11% 25,5 10,5%

PBT 36,45 10% 24,5 10,1%

Net income 29,6 8,1% 19,1 7,9%

EPS 2) 1,27 0,82

Avg. # sharesoutstanding 3) 23.323 23.323

1) EUR m, adjusted for non-recurring items 2) EUR 3) Thousands of shares

www.ats.net



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Source: AT&S

In EUR '000 31/12/2010 31/03/2010

Trade and other receivables 108.055 90.976

Inventory 61.015 38.700

Trade and other payables -107.620 -60.436

Current provisions -5.958 -5.478

Working capital as reported 55.492 63.762

Not cash-effective additions to CAPEX 34.581 8.144

Working capital and change YTD 90.073 -18.167 71.906

Effects of exchange rate changes YTD 335

Change in Working Capital YTD -17.833

Working capital/Sales 18.5% 19.3%

Working Capital

www.ats.net



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Source: AT&S

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



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Source: AT&S

Gearing Ratio

In EUR '000 31/12/2010 30/09/2010

Short-term borrowings 108.839 85.613

Long-term borrowings 95.721 98.920

Total debt 204.560 184.533

- Cash and cash equivalents (3.788) (8.514)

- Financial assets, current (14.051) (14.279)

- Financial assets, non-current (96) (96)

Net debt 186.624 161.645

Equity 247.243 223.922

Net gearing ratio 76% 72%

www.ats.net



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Source: AT&S

AT&S - Well Positioned for the Future

Many thanks for your attention!

-- Conference Call · Tuesday 25 th January 2011 4:00pm CET Conference Call Q3 2010/11. Austria...

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