s&t ag | q2 2018 results
TRANSCRIPT
Hannes Niederhauser, CEORichard Neuwirth, CFO
HY1 2019 Results | August 2019
COMPANY PRESENTATION
1 S&T provides globally IoT 4.0 technology
S&T offers vertical IoT solutions + security appliances for Industrial/Infotainment/Smart Energy/Medical
IoT grows fast: 2020 25 Bn. devices will beconnected to the internet
3 S&T in figures
2018: EUR 991 Mio. revenues and EUR 90,5 Mio. EBITDA HY1 2019: EUR 473,8 Mio. revenues and 44,3 Mio. EBITDA 4.855 employees in 30 countries
4 Listed in Frankfurt and member of the TecDAX® & SDAX®
Headquarter in Linz, Austria, listed in Frankfurt, Germany ~EUR 1.3 Bn. market cap 2018 trading volume of ~1,4 Bn.
2 S&T is an IT service provider with regional focus
Germany, Austria, Switzerland (DACH) East Europe
S&T AT A GLANCE
SAN DIEGO
MONTREAL
AUGSBURG
LINZ
TOULON
PENANG
BEIJING
TAIPEI
MOSCOWWARSAW
2
S&T HIGHLIGHTS
Revenue 6M 2019 (6M 2018): +12% EUR 473,8 Mio. (EUR 422,7 Mio.) EBITDA 6M 2019 (6M 2018): +21% EUR 44,3 Mio. (EUR 36,7 Mio.) Net Profit after NCI (6M 2018): + 12% EUR 18,2 Mio. (EUR 16,2 Mio.)
Manufacturing cooperation and IoT cooperation with Foxconn in progress Alliance with Microsoft and Intel for Industry 4.0 Cloud Solutions Progress with IoT software framework “SUSiEtec” and real-time networking
TecDAX® listed since Sept. 2016 , SDAX® listed since Sept. 2018 Continuous dividend increase: 2014 - 2017: 7ct; 8ct; 10ct; 13ct; 2018: 16ct Share buyback program II 2019 started on July 25, 2019
Profit Focus
Shareholder Focus
Leading IoT alliance
Cash and cash equivalents of EUR 266,1 Mio. at hand Liquidity available to finance organic and an-organic growth Working Capital Optimization in progress
Finance Growth
3
S&T BUSINESS MODEL
* incl. I/C revenues
Roll out of IoT technologies in America and Asia
Communications
IoT Solutions America
Revenue plan 2019: EUR 190 Mio.*
Targets: EBITDA > 12%GM > 40%Growth p.a.: 10%
Avionics
IT Services | Europe
DACH RegionEastern Europe
Revenue plan 2019: EUR 450 Mio.*
Targets: EBITDA > 5% GM > 30% Growth p.a.: 5%
Services DACHServices EE Services DACH
4
Revenue plan 2019: EUR 570 Mio.*
Targets: EBITDA > 12% GM > 40% Growth p.a.: >12%
Industrial MedicalMedical Smart Energy
IoT Solutions Europe
Transportation Asia
LEADING NEW TECHNOLOGIES TO BOOST OUR GROWTH AND MARGINS
1. SUSiEtec: S&T’s IoT software framework: Enabling machine learning (AI)
2. TSN (Time Sensitive Networks): Realization of real-time applications
For both: Enabling revenue potential > EUR 300 Mio. EBITDA until 2023
3. IoT-ready Smart Grids: Hardware (meter) to data management software
Revenue potential of EUR 100 Mio. until 2023
4. Avionics technologies: In flight Entertainment & Connectivity technologies
Revenue potential of EUR 170 Mio. until 2023
5. Autonomous Driving: Secure, safety-critical high performance technologies
Revenue potential of EUR 100 Mio. until 2023
5
#1 in engineering heads Cost efficient in-house
resources in Eastern Europe 2018: EUR 122,8 million
R&D costs (12,4% of revenues)
Around 2.434 engineering heads worldwide
2.434
494
684
1.243
Engineering Field Engineers
Sales Others
TECHNOLOGY SMART FACTORY
Our offering for a Smart Factory: from Edge to Cloud
Cooperation with Foxconn Roll out of IoT Software together in Asia Cooperate on leading Industry 4.0
production standards and technologies Create a global Industry 4.0 factory
Customer Examples Printing industry
IoT Industry Computer Platforms to operate printing presses Manufacturer of injection molding machines
Modern user experience and process control in factory environment Producer of warehouse logistics solutions
Monitoring of robot arm torque to enable predictive maintenance
Edge Devices Gateways / PLC FOG Cloud
Cooperation with Microsoft Azure
Embedded Softwarecustomized
IoT interfacesecurity
On premise computing & storage
“Real-Time Networks”
6
TECHNOLOGY AI FOR AUTONOMOUS DRIVING
Use Cases
For professional vehicles, car prototypes (Level 4)
Automated Guided Vehicles (AGV)
Cooperation with Intel (Mobileye)
USD 28 Mio. revenue in 2018
Smart Vehicles Embedded Edge Server
Facts and customer projects
US, Europe and China lead customers
High-growth potential
Design wins with three major car manufacturers to boost revenues to
USD 50 Mio. in 2019
7
TECHNOLOGY FOR CONNECTIVITY IN AVIONICS
Use Cases
Secure wireless connectivity for Commercial Airlines and Aviation
Solutions for BYOD devices enabling cost savings
Ethernet based solutions for line-fit or retro fit installation
Increasing software content
Secure wireless connectivity S&T outperforms TecDaxComprehensive solution offering
Facts
Used in 4.000+ airplanes worldwide
US certification ‘FAA’s PMA Supplement’ for worldwide deployment
Customers: EasyJet, Lufthansa, Pegasus Airlines, Immfly
Global Eagle Entertainment, Gogo, Ameco, Air China
8
4,9%
14,0%
7,3%
5,0%
14,6%
7,3%
IT Services IoT SolutionsEurope
IoT SolutionsAmerica
LEFT: HY1 2018 | RIGHT: HY1 2019
Adjusted EBITDA margins HY 1****
“IOT SOLUTIONS EUROPE” SEGMENT DRIVES PROFITABILITY
*3rd party revenues including IC | ** USD FX effect ~ EUR 2,2 Mio. | *** Difference based on changed management fees to S&T AG (part of IT Services Segment)****HQ-fee adjusted EBITDA margins in % of external revenue
Long-term strategy of profitable revenue growth is being continued in 2019
9,5
21,8
5,4
14,9
26,5
2,9
IT Services IoT SolutionsEuropa
IoT SolutionsAmerica
EBITDA HY1 2018 vs HY1 2019
-2,3***
-2,4***
+4,7***
LEFT: HY1 2018 | RIGHT: HY1 2019
9
199,9185,4
77,6
213,0
237,2
77,9
IT Services IoT SolutionsEurope
IoT SolutionsAmerica
LEFT: HY1 2018 | RIGHT: HY1 2019
* *
Revenue HY1 2018 vs HY1 2019*
S&T GROUP BALANCE SHEET
PEC Program to increase balance sheet ratios
*From 2019 onwards new calculation of net cash based on IFRS 16: Cash and cash equivalents less non-current and current financial liabilities (incl. liabilities from leasing)
** WC= Inventories + AR (trade) + Contract Assets – AP (trade)
Mio. EUR 30.06.2019 31.12.2018 30.06.2019 31.12.2018
NON-CURRENT ASSETS 423,1 292,5 CAPITAL AND RESERVES 364,2 367,3
Fixed Assets 381,0 262,7 Equity 364,2 367,3
Other Assets 42,1 29,8 NON-CURRENT LIABILITIES 341,7 131,9
CURRENT ASSETS 720,7 555,5 Long-term loans and borrowings 229,4 79,4
Inventories 167,0 130,8 Other Non-Current Liabilities 112,3 52,4
Trade accounts receivable 187,3 202,7 CURRENT LIABILITIES 437,9 348,8
Contract Assets from Customers 24,8 4,4 Trade accounts payable 157,9 177,0
Cash and cash equivalents 266,1 171,8 Contract Liabilities from Customers 63,8 37,5
Other receivables and assets 75,4 46,0 Short-term loans and borrowings 80,3 39,6
Other Current Liabilities 136,0 94,7
Total Assets 1.143,9 847,9 Total Liabilities & Equity 1.143,9 847,9
Equity Ratio 31,8% 43,3%
Net Cash -101,5 44,6
Working Capital 221,3 160,8**
10
*
11
PEC PROGRAM (PROFITABILITY | EFFICIENCY | CASHFLOW)
With the PEC Program S&T will gain +2% EBITDA margin, increase group efficiencies and generate EUR 60 Mio. cash
Profitability
GOAL: INCREASE EBITDA MARGIN MID TERM BY 2%
Better ROI: Global roll out of new innovations and technologies
Increase synergies and cooperation within the S&T Group (CGU concept)
Intensify Manufacturing cooperation with Foxconn and further benefit from their supply chain power
Efficiency
GOAL: OPTIMIZATION AND EFFICIENCY GAINS ACROSS THE GROUP
Virtual global technology profit centers to boost our innovations
Reduce number of legal entities
Process improvements measured by extensive reporting
General tax optimization
Cashflow
GOAL: GENERATE EUR 60 MIO. CASH ACROSS THE GROUP
WC in 2018: 15,6%; reduce in 2019 to 12% and mid-term to 10%
Reduction in inventory and working capital
Adjustment of supplier contracts (VMI)
Strict Accounts Receivable management
2019 potential: EUR 30 Mio.
IMPACT OF THE TRADE DISPUTE AND NEW TARIFFS ON S&T
Status
S&T achieves ~75% of its revenues in Europe → this business is not impacted
S&T delivers ~20% of its products to the USA and ~5% to China → this business (segment “IoT Solutions America”) is partially impacted
Our measures
a) EUR 16 Mio. per year shipments from China to the USA (solved in Q4/2018)
We transferred most of the products for local manufacturing to the USA
We proved that our products are “made in Germany” and routed shipments (manufactured by Foxconn) via Germany
Administrative costs, but < 0,5% of our American revenues are subject to tariffs → the situation is under control
b) Shipments from the USA to China
EUR 18 Mio. from the avionics business with Air China are subject to 25% tariff, starting in July 2019
Before that, we increased inventory in Kontron China; for supply until November 2019 (volume: EUR 6 Mio.)
We prepare a transfer of the production to China → we have 5 months for the transfer
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A stop of the dispute could have a positive impact on our profit!
S&T’s guidance 2019 is not yet impacted by the trade dispute!
607
1633
752
1874
0
400
800
1200
1600
2000
Backlog Project pipeline
HY1 2018
HY1 2019
13
GOOD PERFORMANCE IN THE FIRST HALF YEAR OF 2019
Backlog development remains positive
In 2020 we expect 5 of our new design wins to be under the Top 10 customers
New design wins and IoT customer projects won in the first half year of 2019:
Global leader in social media platforms (expected to develop to No 1 customer by 2020, potential of > EUR 50 Mio.)
Autonomous driving: new project won with a German car manufacturer (up to USD 38 Mio.)
In-flight entertainment solution with one of China’s largest airlines (USD ~ 18 Mio.) and a well-known German airline (EUR ~ 4 Mio.)
Smart Grid technologies with LINZ AG (EUR ~ 10 Mio.)
+24%
+15%
S&T GROWTH PATH CONTINUOUS
* Joint Venture with Foxconn
EBITDA will grow over proportionally from EUR 91 Mio. in 2018 to above EUR 200 Mio. in 2023
Organic growth in line with market growth per segment
Additional organic growth potential from the growth programs
Anorganic growth via start-ups & acquisitionsEUR 2 Bn.
2023
2018
IT Services
420
IoT Solutions
450
EUR 1 Bn.
Growth in Asia*Acquisitions
Embedded ODM Services
Edge Server
Smart Meter
IoT Technologies
Potential up to EUR 300 Mio.
Potential up to EUR 200 Mio.
Potential up to EUR 100 Mio.
Potential up to EUR 100 Mio.
Potential up to EUR 200 Mio.
Potential up to EUR 400 Mio.
14
S&T ACQUISITION STRATEGY
Plus EUR 45 Mio. revenues in 2019 through Kapsch M&A (May 2019)|~EUR 100 Mio. revenues through M&A per year planned
Acquisition targets – “Technology Pearls” Complement our technology
SW Companies in the American region
Target small technology companies: Reasonable price despite high multiples
Acquisition targets – “Volume Suppliers” Kontron model: Buy synergetic volume
companies at reasonable prices (multiples <10)
Increase GM from 25% to 40% under S&T ownership
Acquisition targets – “Start Up's” Acquire small & innovative Start Up’s
Win new IIoT products or source for engineers
Target companies with a size of EUR 1 Mio. in revenue
Dedicated acquisition department installed at S&T responsible for:
− due diligence
− technology synergies
− 1 year integration phase
With an increased focus on working capital and cash generation (PEC Program) S&T has currently funds up to EUR 200 Mio. for M&A
15
KAPSCH M&A: THE TRANSACTION
Acquisition of 100% shares in Kapsch CarrierCom (KCC) & Kapsch PublicTransportCom (KPTC)
EUR 124 Mio. of revenues (as of which EUR 100 Mio. are profitable to proceed)
470 employees
16
Market focus
Mission Critical Networks for: railways, public transport, airports, emergency, rescue. Electronic fare collection
Products
End-to-end solutions for Mission Critical Networks: GSM-R, GPRS, LTE-R, TETRA, DMR, PS-LTE Cybersecurity solutions, LoRa/IoT, SDN/NFV - SD-WAN. Software focus
2018 key facts
Revenues EUR 124 Mio., EBITDA EUR -16,9 Mio. (incl. EUR 9 Mio. OT effect)
3 R&D centers (Brussels, Paris, Vienna)
12 sales offices: PL,HU,RO,CZ,FE,UK,PT,ES,USA,CN,SA,TW
470 FTEs; 311 engineers (EUR 28 Mio. in R&D)
17 ETCS level 2 networks, 12 level 3 projects
40% market share in rail control networks
Revenues by region
37%West Europe
9%CN,USA
54%East Europe
KAPSCH M&A: THE TURNAROUND PROCESS
Kapsch results 2018* 2019** 2020 2021
Revenues 124 100 (45**) 100 110
EBITDA -16,9 -4,9*** 5,2 11,5
Topic Improvement 2019 2020 2021
Growth 2019/2020: Reduce EUR 20 Mio. loss biz2021: 10% growth in profitable business
- - 4,8 Mio.
SynergiesChannel
Merge USA, CN, TW, PL, HU, RO into S&T channel, Focus on Europe
0,6 Mio. 3,9 Mio. 3,9 Mio.
SynergiesTechnology
Kapsch Software solution to replace 3rd party products by Kontron
0,8 Mio. 2,3 Mio.
SynergiesEngineering
Insource external engineers outsourced (India/Russia) (cost EUR 9,5 Mio.)→ insource S&T: save EUR 3,8 Mio.
3,8 Mio. 3,8 Mio.
Cost savings Reduce 55 heads + 4000m² space 2,4 Mio. 5,6 Mio. 5,6 Mio.
Improvement Total improvement vs year 2018 +3 Mio. +14,1 Mio. +20,4 Mio.
S&T Group Guidance 2019: Revenues of EUR 1.145 Mio., EBITDA unchanged > EUR 100 Mio.
2021 targets for KCC: 50% GM, >10% EBITDA, 10% growth (Long Term 15% EBITDA possible)
S&T Management has strong track record in turnarounds (S&T, Kontron, etc. …)
*FY: 4/2018 – 3/2019, **EUR 45 Mio. consolidated in S&T;*** EUR - 4,9 Mio. consolidated in S&T
20202018
Synergies
Savings
One time effect: majority MAV Hungary
2019
Savings
Synergies S&T
17
Increase Decrease Sum
18
THE S&T SHARE - TECDAX & SDAX MEMBER; TARGET: MDAX
Share buyback program II initiated on July 25, 2019 (Volume EUR 30 Mio., Cap EUR 20)
Ennoconn Corporation -27%
Freefloat - 73% - includes as follows:
Investec Asset Management Ltd - 5%
BNP Paribas Asset Management - 5%
Allianz Global Investors GmbH - 4%
Dorval Asset Management - 3%
Hannes Niederhauser - 2%
Coverage Hauck & Aufhäuser | Buy: EUR 30,00
HSBC | Buy: EUR 30,00
Kepler Cheuvreux | Buy: EUR 27,00
Pareto Securities | Buy: EUR 27,00
Warburg Research | Buy: EUR 26,00
Liquidity
0
500.000.000
1.000.000.000
1.500.000.000
2012 2013 2014 2015 2016 2017 2018
Two new analysts will take on coverage of S&T AG
0,00
5,00
10,00
15,00
20,00
25,00
30,00
0
100
200
300
400
500
600
TecDAX Index SDAX S&T AG EUR
Shareholder Structure S&T outperforms TecDAX
S&T‘S GROWTH PATH CONTINUES: EUR 2 BN. IN 2023
* 6M 2019
Guidance for 2019: EUR 1,145 Bn. revenues and at least EUR 100 Mio. EBITDA | PEC Program to boost EBITDA margin mid term > 10%
EBITDA(in EUR Mio.)
22,928,3
34,4
68,1
90,5> 100
2014 2015 2016 2017 2018 2019fc
Backlog EURMio.
12/13 12/14 12/15 12/16 12/17 12/18 06/19
Project Pipeline 308 644 701 1.002 1.105 1.632 1.874
Scheduled Orders 97 157 181 306 474 607 752
GM 33,0 % 33,9 % 33,5% 35,7 % 35,0% 36,8%*
EBITDA 5,9% 6,0% 6,8% 7,7% 9,1% 9,4%*
2014 2015 2016 2017 2018 2019fc
IoT Solutions | America
IoT Solutions | Europe
IT Services
385504468
882991
Revenue(in EUR Mio.)
1.145
19
SUMMARY
PEC Program to boost CF and EBITDA margin to > 10%
Growth areas America + China Leading technologies in the high
growing IIoT marketOpportunities
HY1 2019: Revenue growth of 12% and EBITDA growth of 21%
New design wins with technologies SUSiEtec, IoT-ready Smart Grid, Avionics and Autonomous Driving
Cost efficient engineering in EE
Achievements
Big players enter our niches in Industry 4.0
US-Dollar development Address right technology trends Risks
2 Bn. revenues in 2023 Ongoing GM Improvement to
40% and EBITDA to > 10% MDAX membershipTargets
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DISCLAIMER
This document includes 'forward-looking statements'. Forward-looking statements are all statements, which do not describe facts of the past, but containing the words "believe", "estimate","expect", "anticipate", "assume", "plan", "intend", "could", and words of similar meaning. These forward-looking statements are subject to inherent risks and uncertainties since they relate tofuture events and are based on current assumptions and estimates of S&T AG, which might not occur at all or occur not as assumed. They therefore do not constitute a guarantee for theoccurrence of future results or performances of S&T AG. The actual financial position and the actual results of S&T AG, as well as the overall economic development and the regulatory environmentmay differ materially from the expectations, which are assumed explicitly or implicitly in the forward-looking statements and do not comply to them. Analysts and investors, and any other person orentity that may need to take decisions, or prepare or release opinions about the shares / securities issued by S&T AG are cautioned not to place undue reliance on those forward-lookingstatements, which speak only as of the date of this document. Past performance cannot be relied upon as a guide to future performance.
Except as required by applicable law, S&T AG undertakes no obligation to revise these forward-looking statements to reflect events and circumstances after the date of this presentation, including,without limitation, changes in S&T’s business or strategy or to reflect the occurrence of unanticipated events. The financial information and opinions contained in this document are unaudited andare subject to change without notice. This document contains summarized information or information that has not been audited. In this sense, this information is subject to, and must be read inconjunction with, all other publicly available information, including if it is necessary, any fuller disclosure document published by S&T AG. None of the Company, its subsidiaries or affiliates or by anyof its officers, directors, employees, advisors, representatives or agents shall be liable whatsoever for any loss however arising, directly or indirectly, from any use of this document its content orotherwise arising in connection with this document.
This document or any of the information contained herein do not constitute, form part of or shall be construed as an offer or invitation to purchase, subscribe, sale or exchange, nor a request for anoffer of purchase, subscription, sale or exchange of shares / securities of S&T AG, or any advice or recommendation with respect to such shares / securities. This document or a part of it shall notform the basis of or relied upon in connection with any contract or commitment whatsoever.
This document does not constitute an offer to purchase securities in the United States, Canada, Australia, South Africa and Japan. Securities, including the bond of S&T AG may not be sold oroffered for sale within the United States or to or for the account of / in favor of US citizens (as defined in Regulation S under the U.S. Securities Act of 1933 in the current version (the "SecuritiesAct") unless they are registered under the regulations of the Securities Act or unless they are subject to an exemption from registration. Neither S&T AG nor any other person intend to register theoffer or a part thereof in the United States or to make a public offer of the securities in the United States.
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MichaelRiegert
OlgaSinenko
Steve Chen
RobertCourteau
ChristophNeumann
EVPIntegration Management
EVPSmart Energy
EVP Asia
EVPAmerica
VP Technology
APPENDIXEXPERIENCED MANAGEMENT TEAM
Hannes Niederhauser
Richard Neuwirth
Peter Sturz
Michael Jeske
Carlos Queiroz
CEO CFOCOO
Services EECOO
Services DACHCOO
IoT/Europe
Executive Board
Extended Management Board
22
APPENDIXS&T KEY FIGURES
*From 2019 onwards new calculation of net cash based on IFRS 16: Cash and cash equivalents less non-current and current financial liabilities (incl. liabilities from leasing)
In Mio. EUR 2016 2017 2018 6M 2018 6M 2019
Revenues 503,7 882,0 990,9 422,7 473,8
Gross Profit (Margin) 168,9 (33,5%) 315,0 (35,7%) 346,5 (35,0%) 154,8 (36,6%) 174,5 (36,8%)
EBITDA (Margin) 34,4 (6,8%) 68,1 (7,7%) 90,5 (9,1%) 36,7 (8,7%) 44,3 (9,4%)
EBIT before PPA amortization 28,2 47,9 67,3 25,8 25,8
Net Income 20,4 29,4 48,5 17,2 17,4
EBITDA Interest Coverage Ratio 7,9 9,8 14,5 10,8 14,5
Net Cash* 32,0 101,8 44,6 37,1 -101,5
Working Capital 119,2 121,5 160,8 149,7 221,3
Equity Ratio 36,0% 41,2% 43,3% 45,4% 31,8%
Operating Cashflow 61,4 44,9 35,5 -15,9 -11,7
Employees 3.786 3.918 4.335 4.012 4.855
23
APPENDIXS&T 3-YEARS TREND OF PROFITABLE GROWTH
10% EBITDA target in short-term reach
503,7
882,0
990,9
0,0
100,0
200,0
300,0
400,0
500,0
600,0
700,0
800,0
900,0
1 000,0
2016 2017 2018
Revenues(Mio. EUR)
20,4
29,4
48,5
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
50,0
2016 2017 2018
Net income(Mio. EUR )
34,4
68,1
90,5
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
100,0
2016 2017 2018
EBITDA(Mio. EUR)
+75%
+12%
+98%
+33%
+44%
+65%
24
APPENDIX INTERNET OF THINGS (IOT) & INDUSTRY 4.0. MARKET
Source: IMS Report, ABI Research, Oracle, MarketsandMarkets Analysis
Started in 2010: Intelligent machines had been connected to the Internet to communicate with each other = 4th Industrial Revolution („Industry 4.0“)
By year 2020 there are expected > 25 Bn. connected devices in the Internet vs. 4 Bn. humans using PCs
The whole Industry 4.0 market is expected to reach ~USD 152 billion by 2022 at a CAGR of ~15% during the forecast period: As of this market volume, up to EUR 25 billion are relevant for S&T Group in the smart IIOT market area
S&T is amongst the biggest beneficiaries of the growth in Industry 4.0
The major key players:
ABB (Switzerland)
Advantech Co., Ltd. (Taipei)
Beckhoff Automation (Germany)
Emerson Electric Co. (US)
General Electric (US)
Honeywell International Inc. (US)
IDEC Corporation (Japan)
Kontron S&T AG (Germany)
Mitsubishi Electric Corporation (Japan)
OMRON (Japan)
Source: Market Prognosis 2018
Bn. connected devices
25
APPENDIX IT SERVICES: A COMPREHENSIVE PORTFOLIO
Synergies with the IoT Solutions & Embedded Systems
Access to highly skilled and cost efficient software engineers in EE
System integration capabilities to provide IoT turnkey solutions
Sales channel for the IoT Solutions in Eastern Europe
Portfolio Top Customers
Recent project wins
Hyper-converged datacenter in Switzerland (~ EUR 12 Mio.)
First SAP S/4HANA cloud solution in Austria
New production IT infrastructure in Czech Republic
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