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AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0 www.ats.net AT&S First choice for advanced applications Investor and Analyst Presentation May 2018

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Page 1: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben Tel +43 (0) 3842 200-0

www.ats.net

AT&SFirst choice for advanced applications

Investor and Analyst PresentationMay 2018

Page 2: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 1

Table of Contents

Company Overview

Strategy & Market

FY 2017/18 & Outlook

Annex

Page 3: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 2

AT&S – outstanding 2017/18 results

High-end interconnect solutionsfor

Mobile Devices, Automotive, Industrial, Medical

Applications and Semiconductor Industry

Highest revenue

in AT&S history€ 991.8 m (+21.7%)

EBITDA€ 226.0 (+72.6%)

22.8%EBITDA margin

46.5% Equity ratio

9,981employees

Dividend proposal

0.36 €

Page 4: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 3

Market Segments & Product Applications served by AT&S

3

Computer, Communication,

Consumer

Smartphones, Tablets, Wearables, Ultrabooks,

Cameras…

Industrial

Machine-2-Machine Communication,

Robots, Industrial Computer,

X2X Communication

Automotive

Advanced Driver Assistance Systems,

Emergency-Call, X2X Communication

Medical

Patient Monitoring, Hearing Aids,

Pacemaker, Neurostimulation, Drug

Delivery, Prosthesis

IC substrates

High Performance Computer, Microserver

Segment Mobile Devices & Substrates Segment Automotive, Industrial, Medical

Page 5: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 4

Our competitive advantages

Strategic focus on high-end technologies and applications

Outstanding process know-how and process efficiency

First high-end IC substrates manufacturer in China

Scale innovation and technology leverage between customer segments

Highest quality

Page 6: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 5

AT&S – Key Facts

542590

667

763815

992

102 127168 168

131*

226

31 5490 77*

7*

90

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

Revenue EBITDA EBIT

Good track record1 Balanced portfolio/Global customer base2

7%

Split revenue: Business Unit, FY 2017/18

Split revenue: Customer Region, FY 2017/18based on sold to party

+9%+13%

+14%+7%

* Based on ramp-up effects for new plants in China

Revenue growth

€ in millions

66%

34%Mobile Devices & Substrates

Automotive, Industrial, Medical

63%21%

10%6% Americas

Germany/Austria

Asia

Other European countries

+21.7%

Page 7: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 6

Global footprint ensures proximity to supply chain & cost efficiency

1,008* 394* 1,143* 2,361* 4,694* 307*

Plant Shanghai China

Plant AnsanKorea

Plant ChongqingChina

Plant Leoben, HeadquartersAustria

Plant FehringAustria

Plant NanjangudIndia

AT&S plant & sales office

AT&S sales office

AT&S Headquarters

*Staff, Average, FTE, FY 2017/18; 73 employees in other locations

Page 8: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 7

Table of Contents

Company Overview

Strategy & Market

FY 2017/18 & Outlook

Annex

Page 9: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 8

From vision to strategy

Targets/Key PerformanceIndicators

Strategy

Expansion of technology leadership• Leading provider of new interconnect solutions• Innovation revenue rate: > 20%

Focus on high-end technologies and applications Focus on innovative solutions “More than AT&S”

Medium-term profitable growth• Medium-term revenue target of € 1.5 billion• Medium-term EBITDA margin target of 20-25%

Focus on fast-growing and profitable applications Highest service level and customer orientation Operational excellence Focus on cash flow generation

Creation of shareholder value• Long-term ROCE ≥ 12%

Sustainable business development with focus on ROCE Transparent dividend payout

Vision:“First choice for advanced application”

Sustainable Management• Fulfill and further develop standards in the area

of quality, environment, health & safety…

Human resource development Uphold business ethics

Page 10: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Strategic focus on high-end technologies

AT&S Revenue structure in FY 2017/18 – based on technologies

High-endHDI PCBs andIC substrates

~ 30%

Single-sided (SS), double-sided (DS), multilayer- (ML), flex and rigid-flex (RF) PCBs

~ 70%

High-end technology share > 75% HDI and any-layer PCBs, Embedding, IC

Substrates

Complementary technology share: < 25% SS, DS, ML,

Flex, RF

Structure of general PCB market – based on technologies

Source: Prismark PCB Report 2Q17/ August 2017; AT&S Controlling

Page 11: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 10

Market trendsMiniaturization and modularization still the main trends

10

Yole , AT&S AG (2018)

Mobile Phone

Desktop

Notebook

Smartphone

Tablet

Convertible

Internet

of

Things

AR&VR

Virtual

Reality

Artificial

Intelligence

(AI)

Smart Home

Smart Cities

Smart Speaker

Smartwatch

Datacenter/

ServerVehicle

electrificationAutonomous

driving

“real time”

Connectivity

(5G)

~ 2000 ~ 2010

COMPUTING &

CONNECTIVITY

+ SENSING + ACTUATING

~ 2020+

Page 12: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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PCB & IC substrates market – Overview

15.3 16.4

18.621.4

8.3

9.85.5

6.43.9

4.42.5

2.75.6

6.1

2018 2022

IC Substrates

Military/Aerospace

Industrial/Medical

Automotive

Consumer

Communication

Computing

3.1%

3.9%

4.3%

1.8%

3.5%

2.3%

59.7

67.2

Forecast for the total PCB & IC substrates marketuntil 2022: CAAGR of 3.0%

2.2%

USD in billions

11

AT&S outperformed a flat market in the past 6 years and is set to continue to do so also in the future.

100.8 103.2 96.4 94.6 103.2

108.9123.1

140.8 150.4

183.0

6080

100120140160180200

2012* 2013 2014 2015 2016 2017

Index (2012 = 100)*

PCB & substrates market AT&S revenue

* Basis 2012:PCB & substrates market: USD 55.7bn AT&S revenue: € 542m

AT&S outperformed the market by scaling high-end any-layer technology and by leveraging HDI technology to the Computer-, Consumer-, Automotive-, Industrial and Medical market.

Source: Prismark, February 2018, Yole April 2017

Page 13: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Driving the industry: miniaturization & modularization

?

2003/04 2013 2017 202X

TYPE Mobile Phone Smartphone Smartphone All in One

PCB 125x55mm 85x20mm 80x20mm 25x25mm?

FORM FACTOR 1 0.25 0.23 0.06?

LINE/SPACE 100/100µm 40/40µm 30/30µm 10/10µm

TECHNOLOGY 1-n-1 Any-layer mSAP – Any-layer FO/SAP/mSAP

Page 14: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 13

Future positioning as leading high-end interconnect solutions provider

Core businessNew technologies and interconnect

solutions

Extended technology toolbox

Additional customers

Additional applications

Broader positioning in the value chain

+

Mo

re t

han

AT&

S

Overview of the transformation from a high-endPCB manufacturer to a high-end interconnect solutions provider:

Page 15: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Table of Contents

Company Overview

Strategy & Market

FY 2017/18 & Outlook

Annex

Page 16: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Highlights in the financial year 2017/18

Very successful year 2017/18

Growth in all business segments above market average

High operating performance (utilization, yield, efficiency)

Position as technology leader in a challenging industry strengthened

Ramp-up of the new mSAP lines in record time

Operational improvement in the area of IC substrates

Successful positioning in the high-frequency segment

Balance sheet structure significantly strengthened through hybrid bond (€ 173.0 million)

AT&S again listed on the Austrian lead index ATX

Among the top performers of the Vienna Stock Exchange with share price gaining 113.8 % in FY 2017/18

Record levels for revenue, EBITDA and EBIT

15

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Preliminary results for the financial year 2017/18

Revenue up 21.7% to € 991.8 million

High-end printed circuit boards for mobile devices, especially mSAP and IC substrates, contributed to revenue growth

Strong demand in the automotive, industrial, medical segments

Negative exchange rate effects amounting to €-46.8 million had an impact on revenue

Generally high operating performance and product mix improve earnings

EBITDA margin: 22.8% (PY: 16.1%)

EBIT margin: 9.1% (PY: 0.8%)

EPS improved from €-0.59 to €1.38

Capex of € 141.7 million financed from cash flow from operating activities

Equity ratio increased to 46.5% due to issue of hybrid bond

Debt repayment period (net debt/EBITDA) improved to 0.9 years

Dividend of € 0.36 (PY: € 0.1) proposed

Record levels for revenue and EBITDA

16

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Revenue and EBITDA development

€ in millions

17

Split revenue FY 2017/18: Business Unit

Split revenue FY 2017/18: Customer Region

17

66%

34%Mobile Devices & Substrates

Automotive, Industrial,Medical

63%21%

10%6%

Americas

Germany/Austria

Asia

Other European countries

Revenue: YoY: + 21.7%: very good product mix, high demand and additional revenue from all plantsEBITDA: YoY: + 72.6 %: expansion capex, high operational performance, successful introduction & optimization of mSAP

199.8 199.6

286.0 280.2225.9

814.9

991.8

28.8 29.774.7 85.9

35.7

130.9

226.0

Q42016/17

Q12017/18

Q22017/18

Q32017/18

Q42017/18

FY2016/17

FY2017/18

Revenue EBITDA and margin

16.1%30.7%26.1%14.9%14.4% 15.8% 22,8%

Page 19: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 18

Net CAPEX & Staff

Net CAPEXFY 2017/18: CAPEX at a high level due to mSAP upgrade and Chongqing phase 1

€ in millions

90.3

164.8

254.3240.7

141.7

2013/14 2014/15 2015/16 2016/17 2017/18

* incl. contractors, FTE, average for the period

Staff*Increase in number of employees by more than 2,900

7,0277,638

8,7599,526

9,981

2013/14 2014/15 2015/16 2016/17 2017/18

Page 20: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Business Development – Mobile Devices & Substrates

113.7 113.6

197.6 199.6

137.2

486.5

648.0

12.4 20.959.4 75.0

23.768.5

179.0

Q4 2016/17 Q1 2017/18 Q2 2017/18 Q3 2017/18 Q4 2017/18 FY 2016/17 FY 2017/18

Revenue EBITDA

Successful introduction of mSAP technology

Operational improvements in IC substrates

EBITDA improvements as a result of product mix

Very strong Q2 and Q3, seasonality in Q4

Price pressure on IC substrates remains

€ in millions (unless otherwise indicated)

FY 2016/17 FY 2017/18 Change in %

Revenue 573.0 738.9 29.0%

Revenue with external customers

486.5 648.0 33.2%

EBITDA 68.5 179.0 161.3%

EBITDA margin 12.0% 24.2% -

€ in millions; * Revenue with external customers

Revenue* and EBITDA

Page 21: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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84.9 85.0 87.3 79.3 87.7

324.1 339.3

14.5 9.7 13.2 9.3 14.551.5 46.8

Q4 2016/17 Q1 2017/18 Q2 2017/18 Q3 2017/18 Q4 2017/18 FY 2016/17 FY 2017/18

Revenue EBITDA

Business Development – Automotive, Industrial, Medical Continued growth path in all sub-segments,

particularly in Industrial and Medical

EBITDA 2016/17: € 44.3 m (included a reversal of provision of € 7.2 m)

EBITDA margin impacted by negative FX effects, higher raw material prices

€ in millions (unless otherwise indicated)

FY 2016/17 FY 2017/18 Change in %

Revenue 351.5 364.9 3.8%

Revenue with external customers

324.1 339.3 4.7%

EBITDA 51.5 46.8 (9.1%)

EBITDA margin 14.6% 12.8% -

Revenue* and EBITDA

€ in millions; * Revenue with external customers

Page 22: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Outlook for 2018/19

Seasonality expected for mobile devices segment, especially in Q1

Technology development projects in CHQ I as preparation of second phase in implementation

Further expansion in CHQ II depending on market development – next evaluation in mid-2018

Technology expansion and capacity increase in the area of autonomous driving at the sites in Nanjangud (India) and Fehring (Austria) currently implemented

Maintenance investments and minor technology upgrades of roughly € 70 to 100 million

Investments in capacity and technology expansion by another € 100 million depending on market development

Outlook 2018/19: Revenue growth by up to 6% and EBITDA margin at 20 to 23%

Core business with stable and growing demand in a competitive environment

Page 23: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Medium-term strategy – More than AT&S

Path of value-added growth will be pursued consistently

Focus on leading position in terms of technology, quality and results

New revenue target of € 1.5 billion

EBITDA margin of 20 to 25%

Positioning as a leading high-end interconnect provider

Page 24: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 23

Table of Contents

Company Overview

Strategy & Market

FY 2017/18 & Outlook

Annex

Page 25: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

Investor and Analyst Presentation 24

AT&S – Stock ProfileListing: Vienna Stock Exchange,

Prime Standard

Indices: ATX Prime, WBI

Thomson Reuters (A): ATSV.VI

Bloomberg (A): ATS:AV

Publication of the Annual Report 2017/18 06 June 2018

Record date Annual General Meeting 25 June 2018

24th Annual General Meeting 05 July 2018

Ex-dividend day 24 July 2018

Record date dividend 25 July 2018

Dividend payment day 26 July 2018

Results for the first quarter 2018/19 31 July 2018

Results for the second quarter 2018/19 31 July 2018

Financial Calendar Shareholder structure

# of shares outstanding 38.85m

Average daily volume*: ~ 115,000 shares

Performance 1 year*: +107%

Dividend proposal 2017/18: € 0.36 per share

* 02/05/2017 – 30/04/2018

Page 26: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Market development

Communication

Decline in smartphone sales volume by 2.3% for the first time in 2017

2018 – 2020 5G-capable smartphones provide for above-average growth of 2.8% p.a.

Computer

Slight decline of overall market by approx. 2.5% in 2017

Slight increase forecast for servers in 2018, while tablet sales stagnate

2018 – 2020 average growth of roughly 1.8% p.a.

Consumer

Market trend is the interconnection of devices (“Connected Devices”, “Internet of Things” – “IoT”)

2018 – 2020 average annual growth of roughly 4.3% p.a.

IC substrates

2017 slight growth with a total market volume of $ 5.4 billion

“System-in-package” or “all-in-one” modules for the integration of functions are the growth drivers for the future

2018 – 2020 growth rate of 2.8% p.a.

Development in the customer segments in the calendar year 2017

Page 27: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Market development

Automotive electronics

Strong growth due to continuous increase in the proportion of electronics in vehicles

Electrification, interconnection and autonomous driving are the growth drivers

2018 – 2020 growth of 3.9% p.a.

Industrial electronics

Stable growth in 2017 at 2.9% due to automation and energy efficiency

Driven by robotics, automation and Industry 4.0 activities

2018 – 2020 growth by up to 3.4% p.a.

Medical electronics

Growth in 2017 by roughly 4.8% in mobile diagnostic equipment and therapy devices

High complexity in applications such as diagnostic and imaging devices, mobile devices on and in the body

2018 – 2020 growth rates of 2.1% p.a.

Development in the customer segments in the calendar year 2017

26

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Financials FY 2017/18

Hybrid bond issue (€ 173.0m)

Full Capex financed from operating cash flow

€ in thousands01 Apr 2016 – 31 Mar 2017 01 Apr 2017 – 31 Mar 2018

Change

YoY

STATEMENT OF CASH FLOWS

Operating result (EBIT) 6,649 90,286 >100%

Paid/received interests (15,962) (13,875) 13.1%

Income taxes paid (12,370) (26,015) (>100%)

Non cash bearing of profit or loss 112,207 141,705 26.3%

Cash flow from operating activities

before changes in working capital90,524 192,101 >100%

Changes in working capital 45,892 (48,910) (>100%)

Cash flow from operating activities 136,416 143,191 5.0%

Cash flow from investing activities (161,148) (193,389) (20.0%)

Cash flow from financing activities 54,872 135,547 >100%

Change in cash and cash equivalents 30,140 85,349 >100%

Operating free cash flow1) (104,253) 1,492 >100%

Free cash flow2) (24,732) (50,198) (>100%)

1) Cash flow from operating activities minus Net CAPEX2) Cash flow from operating activities minus cash flow from investing activities

Page 29: AT&S First choice for advanced applications · First choice for advanced applications Investor and Analyst Presentation May 2018. Investor and Analyst Presentation 1 ... Intelligence

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Financials FY 2017/18

Increase as a result of hybrid bond issue and net profit

Negative FX effects (mainly RMB-EUR and USD-EUR) of € 53.5 m. Positive: Hybrid bond issue (€ 173.0m)

In 2016/17 special net debt optimization program

Hybrid bond issue (€ 173.0m)

€ in thousands (unless otherwise stated)31 Mar 2017 31 Mar 2018 Change

STATEMENT OF FINANCIAL

POSITION

Non-current assets 1,029,363 944,267 (8.3%)

Current assets 407,331 586,172 43.9%

Equity 540,094 711,391 31.7%

Non-current liabilities 569,849 515,276 (9.6%)

Current liabilities 326,751 303,772 (7.0%)

Total assets 1,436,694 1,530,439 6.5%

Net debt 380,549 209,237 (45.0%)

Net debt/EBITDA 2.9x 0.9x (2.0pp)

Net gearing 70.5% 29.4% (41.1pp)

Net working capital 24,374 72,437 >100%

Net working capital per revenue 3.0% 7.3% 4.3pp

Equity ratio 37.6% 46.5% 8.9pp

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Financials FY 2017/18

High demand, additional revenue contribution mainly from both plants in Chongqing, Negative FX impact of € 46.8 m.

Generally high operational performance, successful implementation & optimization of mSAP technology

Further reduction mainly due to positive FX impact

Significantly higher earningsCapitalization of deferred taxes in AustriaReduced tax scheme in Shanghai effected

€ in thousands (unless otherwise stated)01 Apr 2016 – 31 Mar 2017 01 Apr 2017 – 31 Mar 2018

Change

YoY

STATEMENT OF PROFIT OR LOSS

Revenue 814,906 991,843 21.7%

produced in Asia 82% 84% 2pp

produced in Europe 18% 16% (2pp)

EBITDA 130,933 225,977 72.6%

EBITDA margin 16.1% 22.8% 6.7pp

EBIT 6,649 90,286 >100%

EBIT margin 0.8% 9.1% 8.3pp

Finance costs – net (17,499) (14,775) 15.6%

Income taxes (12,047) (18,992) (57.6%)

Profit/(loss) for the year (22,897) 56,519 >100%

Cash earnings 101,764 192,211 88.9%

Earnings per share (€ 0.59) € 1.38 >100%

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Key credit figures

299

372405

523

593540

82

261 274

260212

331

217

111131

263

381

209

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

Gross debt Financial assets and cash Net debt

0.9 0.8

1.6

2.9

0.9

2013/14 2014/15 2015/16 2016/17 2017/18

Target: < 3x

Net debt/EBITDA

Net debt decrease based on lower net capex (Chongqing phase I finished) & Hybrid bond issue

€ in millions

Gross debt, financial assets and cash, net debt

Multiple

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Net Working Capital Management

€ in millions; % of revenue

Net Working Capital development

103

92 95

88

24

72

19.0%

15.6%14.3%

11.6%

3.0%

7.3%

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

Net working capital Net working capital per revenue

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AT&S Product Portfolio – I

ECP®:Embedded Component Packaging IC substrates Substrate-like printed circuit boards

mSAP

Embedded Component Packaging allows to embed active/passive components (e.g. wafer level dies) within the layers of a PCB – contributes to miniaturization.

IC substrates serve as interconnection platform withhigher density (Line/Space < 15 micron) between semiconductors (Chips) & PCBs .

Substrate-like PCBs (mSAP technology) are the next evolution of high-end HDI PCBs with higher density: Line/Space < 30 micron.

Production siteLeoben, Shanghai Chongqing Chongqing, Shanghai

ApplicationsDevices such as smartphones, tablets, digitalcameras and hearing aids

High-end processors for Computer, Communication, Automotive, Industrial

Mobile applications like smartphones

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HDI any-layer printed circuit

boards

HDI microvia printed circuit boards – high density interconnect

Multilayer printed circuit boards

Double-sided printed circuit boards

IMS printed circuit boards – insulated metal

substrate

Further technological enhancement to HDI microvia: All electrical connections in HDI any-layer boards consist of laser-drilled microvias. Advantage: further miniaturization, and higher performance and reliability. AT&S produces HDI any-layer in 4 to 12 layers.

HDI: high density interconnect, meaninglaser-drilled connections (microvias). HDI is first step towards miniaturization.AT&S can produce 4-layerlaser PCBs up to 6-n-6HDI multi layer PCBs.

Found in almost every area of industrial electronics. AT&S produces printed circuit boards with 4 to 28 layers, in quantities from individual prototypes to small batches and mass production.

Used in all areas of electronics. AT&S focuses on double-sided printed circuit boards with thicknesses in the range of 0.1-3.2mm.

IMS: insulated metal substrate. Primary function: heat dissipation for use mainly with LEDs and power components.

Production siteShanghai Shanghai, Leoben Leoben, Nanjangud, Fehring Fehring, Nanjangud Fehring

ApplicationsSmartphones, Tablets, Notebooks

Mobile phones and nearly all electronic applications including automotive (navigation, infotainment and driver assistance systems)

Used in all electronic applications including touch panels, and in products ranging from aircraft to motorcycles, from storage power plants to solar arrays

Primarily industrial and automotive applications

Lighting industry

AT&S Product Portfolio – II

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Flexible printed circuit boards

Semi-flexible printed circuit boards

Rigid-flex printed circuit boards

Flexible printed circuitboards on aluminum

AT&S patentedtechnologies

Used to replace wiring and connectors, allowing for connections and geometries that are not possible with rigid printed circuit boards.

More limited bend radius than flexible printed circuitboards. The use of astandard thin laminatemakes them a cost-effective alternative.

Combine theadvantages of flexibleand rigid printed circuitboards, yielding benefitsfor signal transmission,size and stability.

Used when installing LEDsin car headlights, forexample, where theprinted circuit board isbonded to an aluminumheat sink to which theLEDs are then attached.

Production siteAnsan, Fehring Fehring Leoben, Ansan Ansan

ApplicationsNearly all areas ofelectronics, includingmeasuring devices andmedical applications

Automotive applications Industrial electronics,such as productionmachines and industrialrobots

Lighting, automotive,building lighting

AT&S Product Portfolio – III

ECP®: Embedded Component PackagingECP® is a patented AT&S packaging

technology used to embed active and passive electronic components in the inner layers of a printed circuit

board. ECP® technology is used in ever smaller, more efficient and more powerful devices, such as

smartphones, tablets, digital cameras and hearing aids.Production sites: Leoben, Shanghai

2.5D® Technology PlatformCombines mechanical and electronic miniaturization, and enables partial reduction of the thickness of a

circuit board. Advantage: populated assemblies have a thinner profile. Can be also used to make cavities in

the printed circuit board, e.g. for acoustic channels. Major application for this technology is the 2.5D® rigid-

flex printed circuit board, a lower cost alternative for flex-to install applications.

Production sites: Leoben, Shanghai

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Management

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:

Degree in Production Engineering from Rosenheim University of Applied Sciences

Monika Stoisser-Göhring, CFO

CFO since 2017 Previous positions include:

Since 2011 with AT&S in seniorpositions in Finance and Human Resources

Various positions at international accounting and tax consulting companies

Education: Training as Tax Consultant Degree in Business Administration

from Karl-Franzens University Graz

Heinz Moitzi, COO

COO since 2005; with AT&S since 19811)

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

1)He was already with the founding company of AT&S

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Milestones in the Group’s history

1987Founding of the Group, emerging

from several companies owned by

the Austrian State Owned

Industries

1994Privatization and

acquisition by Messrs

Androsch, Dörflinger, Zoidl

1999Initial public offering on Frankfurt Stock Exchange

(„Neuer Markt“). Acquisition of Indal Electronics

Ltd., largest Indian printed circuit board plant

(Nanjangud) – today, AT&S India Private Limited

2002Start of production at new Shanghai

facility – one of the leading HDI

production sites in the world

2010Start of production

at plant II in India

2009New production direction: Austrian

plants produce for high-value niches

in the automotive and industrial

segment; Shanghai focuses on the

high-end mobile devices segment

2008AT&S change

to Vienna Stock

Exchange 2006Acquisition of Korean

flexible printed circuit

board manufacturer,

Tofic Co. Ltd. – today,

AT&S Korea Co., Ltd.

2015AT&S again achieves record high sales and earnings for

financial year 2014/15 and decides to increase the investment

program in Chongqing from € 350 million to € 480 million

2011 Construction starts on new

plant in Chongqing, China

Capacity increase in

Shanghai by 30%

2013AT&S enters the IC substrate

market in cooperation with a

leading manufacturer of

semiconductors 2016AT&S starts serial production of

IC substrates at the plant in

Chongqing

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A sustainability benchmark in the industry

37

“Highest resourceefficiency“

“Highest standards at all locations worldwide“

“Highesttransparency“

* Basis for CO2 output: 2015/16

Sustainability reporting since 2012/13 Gold recognition from the Responsible

Business Alliance Conflict minerals reporting Public CDP reporting on climate change

(C score) and water (B score)

Resourceconsumptionstable/declining

Revenue growth Environment: ISO 14001 Safety: OHSAS 18001 Energy: ISO 50001 Quality: ISO 9001, ISO/TS 16949

AS/EN 9100, DS/EN 13485

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AT&S – First choice for advanced applications

IR contactGerda Königstorfer

Tel: +43 3842 200 5925Mobile: +43 676 8955 5925Fax: +43 3842 200 [email protected]

Johannes Mattner

Tel: +43 3842 200 5450Mobile: +43 676 8955 6093

Fabriksgasse 13, 8700 Leoben/Austriawww.ats.netVisit: www.ats.net; @AT&S IR_PR; AtundS

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