-- Conference Call 2010/11 · Austria Technologie & Systemtechnik Aktiengesellschaft Conference...
Transcript of -- Conference Call 2010/11 · Austria Technologie & Systemtechnik Aktiengesellschaft Conference...
Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | 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, 10 May 2011
04:00pm CET
Conference Call 2010/11
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Source: AT&S
Agenda
AT&S Performance
AT&S Innovation
AT&S Outlook
AT&S Financials
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AT&S Performance
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Highlights
� AT&S ends the financial year 2010/11 with strong quarterly results and year-on-year growth of about 30%
� Two digit profitable growth
� 115mln Euro invested in new capacities in China andIndia (~ 20 % capacity increase)
� ~ 6% of total revenues invested to strengtheninnovation power
� Development of Chongqing sets the ground for the nextgeneration of PCB plants in China
� Customer portfolio diversified – new customers gained
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���� Revenues equal pre -crisis level –efficient costs structure implemented
� Two Digit Revenue Growth (~30%) on year to year basis
AT&S Performance – 2010/11
© all figures based on internal Managment Information and might change
Q1 09/10 Q2 09/10 Q3 09/10 Q4 09/10 Q1 10/11 Q2 10/11 Q3 10/11 Q4 10/11Revenues 83,25 88,04 101,24 99,66 113,94 128,74 122,13 123,14 EBIT-margin -14,2% 3,5% 13,4% 6,2% 8,9% 11,9% 12,1% 7,4%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
-
10
20
30
40
50
60
70
80
90
100
110
120
130
Revenues
EBIT-margin
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� All segments show high growth rates on a year to year basis
� Mobile Devices has saisonality inherent in its business model
� Customer portfolio further diversified
� Ultra modern technology in China providegood starting point for future growth
AT&S Performance – 2010/11
Revenues per region and customer segments Revenues per region and customer segments Revenues per region and customer segments Revenues per region and customer segments
31%
15%
27%
25%
1%
Austria+Germany
Rest of Europe
Asia
Canada/USA
Other
© all figures based on internal Managment Information and might change
67,6
32,4
13,4
76,8
36,5
14,7
65,2
40,3
15,8
61,8
43,9
17,2
-
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
Mobile Devices Industrial Automotive
Q1 10/11
Q2 10/11
Q3 10/11
Q4 10/11
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AT&S growth path
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Source: AT&S
NAN Plant II / Phase1 Chongqing New Plant
EX
IST
ING
PLA
NT
S
SHA L11
01/2010 12/2010
03/2010 09/2010
05/2011Q2 2011 Q1 2013
07/2011
IN PRODUCTION RAMP-UP 2011/12
AT&S increased its capacity by almost 20%
Production facilities / installed capacity[m²]*:710k
Nanjangud Shanghai Seoul (Korea)
380k
120k
Klagenfurt Leoben Fehring
300k130k
400k
Chongqing
~200k
SHA L11
SHA L12
DEVELOPMENT
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AT&S acquired plot in Chongqing, China
• Growth scenario forsees that every second HDI PCB used will be manufactured in China
� AT&S will build one of the most modern and automatedplants in China
� First step to develop the plot (120.000 sqm) as soon aspossible
� Building and infrastructure will account for roughly 50 mln Euro
� High end production equipmentwill be in the range of150 mln Euro investments
� Additional HDI capacity added tobe in the range of 200.000 sqm
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AT&S backing new
technologies & markets
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AT&S focuses on technology differentiation versus maincompetitors
Strategy
� building one of the most modern and highly automated PCB plants in China � developing and investing into newest technologies� extending its innovation power� supporting customers by shortening the development cycle and reducing time to
markets
Wider functionality on less space in mobile devices
Increasing prevalence of electronic systems in everyday life
Rising penetration rate of communication applications
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AT&S enhances its innovation power
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� AT&S builds up collaborative relationships with an eye to developing next-generation circuit board technology in order to accelerate business expansion in mobile device markets, such as smartphones and tablets
� AT&S licenses ALIVH® (Any Layer Interstitial Via Hole) Technology from Panasonic Electronic Devices Co Ltd to enhance its HDI Anylayer portfolio
� The Technology combines different advantages
- PCBs can become even thinner
- environmentally friendly
- more efficiency in production
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ATS& has entered the tablet market
� Introduction of the LTE (Long Term Evolution ) standard and the boom for tablet PCs promises huge growth potential – three digit growth rates are expected for the coming years – estimates indicate 150 million pieces sold in 2015
� AT&S‘s innovative and quality edge is veryattractive for existing mobile device customersto expand their product portfolio - in additionAT&S was already successful in acquiring newcustomers
� It is our clear aim to grow our current marketshare in the Tablet segment by offering fasterinnovation and higher quality standards to ourcustomers
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AT&S Guidance
2011/12
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AT&S gives an Outlook for 2011/12*
*Assuming current exchange rates** depending on the value word done
� Expected revenues of EUR 535mln – 550mln* � EBIT margin > 9 %* � Effective tax rate of around 20 %� Investments (CAPEX): EUR 130 mln plus**� Net Gearing (long term) ≤ 80 %*
© all figures based on internal Managment Information and might change
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AT&S Financials
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Key Financial Ratios 2010/11
© all figures based on internal Managment Information and might change
In EUR '00003/2011 before non- recurring
items 31.03. 2011
03/2010 before non- recurring
items 31.03. 2010
Q4/2011 before non- recurring
items Q4/2011
YTD YTD YTD YTD QTD QTD
CONSOLIDATED INCOME STATEMENT
Revenues 487.948 372.184 123.140
thereof produced in Asia (in %) 68,6 67,1 62,7
thereof produced in Europe (in %) 31,4 32,9 37,3
EBITDA 98.582 95.947 54.082 34.480 22.188 22.188
EBITDA-Marge 20,2 19,7 14,5 9,3 18,0 18,0
EBIT 49.208 46.531 10.971 -25.562 8.945 8.945
EBIT-Marge 10,1 9,5 2,9 -6,9 7,3 7,3
Net income 37.709 35.032 -1.084 -37.617 5.463 5.463
Cash Earnings 87.218 84.584 42.372 22.771 18.706 18.706
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Source: AT&S
Key Financial Ratios 2010/11
© all figures based on internal Managment Information and might change
In EUR '000 31.03. 2011 31.03. 2010 31.12. 2010
YTD YTD YTD
CONSOLIDATED BALANCE SHEET
Total assets 575.335 483.390 603.032
Equity 229.816 208.793 247.243Equity attributable to equity holders of theparent company 229.463 208.304 246.888
Net debt 193.726 147.985 186.624
Net gearing (in %) 84,3 70,9 75,5
Net working capital 79.357 71.906 90.073
Net working capital per revenues(in %) 16,3 19,3 18,5
Equity ratio (in %) 39,9 43,2 41,0
CONSOLIDATED CASH FLOW STATEMENTNet cash generated from operating activities(OCF) 70.707 47.003 42.591
Net CAPEX 115.145 19.505 82.901
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Source: AT&S
Working Capital
In EUR '000 31.03.2011 31.03.2010
Trade and other receivables 99.899 90.976
Inventory 53.376 38.700
Trade and other payables -96.554 -60.436
Current provisions -2.698 -5.478
Working capital as reported 54.023 63.762
Not cash-effective additions to CAPEX 25.334 8.144
Working capital final and change YTD 79.357 -7.451 71.906
Effects of exchange rate changes -1.499
Change in Working Capital -8.950
Working capital/Sales 16,3% 19,3%
© all figures based on internal Managment Information and might change
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The increase in the gearing ratio is due to CCTD movements and the Capex. Total net debtsincreased by 46m Euro
We have invested in capacity enlargement in Shanghai (HDI Line 11 was ramped up in October) and in India (new plant built in Nanjangud)
Capex & Gearing
© all figures based on internal Managment Information and might change
19
30
36 31
17%
23%
29% 25%
0%4%8%12%16%20%24%28%32%36%40%
-2
4
10
16
22
28
34
40
Q1 10/11 Q2 10/11 Q3 10/11 Q4 10/11
Net
CA
PE
X /
Sal
es
Net
CA
PE
X
(EU
R m
)
148 154 162
194
71%62%
72%85%
-5%
10%
25%
40%
55%
70%
85%
100%
-
30
60
90
120
150
180
Q1 10/11 Q2 10/11 Q3 10/11 Q4 10/11
Net
Gea
ring
Net
Deb
t (E
UR
m)
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Source: AT&S
Cash Flow
In EUR '000 31.03.2011 31.03.2010
Net cash generated from operating activites 70.707 47.003
Net cash used in investing activities (116.671) (18.254)
Net cash generated from/(used in) financing activities 36.945 (22.791)
Net increase/(decrease) in cash and cash equivalents ( 9.019) 5.958
Cash and cash equivalent at beginning of the year 13.354 7.031
Exchange gains/(losses) on cash and cash equivalents (108) 365
Cash and cash equivalents at the end of the year 4.227 13.3 54
© all figures based on internal Managment Information and might change
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Source: AT&S
AT&S - Well Positioned for the Future
Many thanks for your attention!