AT&S Company Presentation December 2014

1. AT&S
first choice for advanced applications
Company Presentation
December 2014
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben
Tel +43 (0) 3842 200-0 | E-Mail info@ats.net
www.ats.net

2. 1
Table of Contents
Company Overview
Strategy & Market
Financials
Annex

3. 2
AT&S – a world leading high-tech PCB company
 Megatrend-driven
markets with attractive
growth potential
 Entering a new high-end
business segment by
2016
 Pure high-end segment play
 Technology & quality leader
 Largest European PCB
producer
 Partner of choice for blue
chip customer base
 Balanced industry portfolio
 Strong Asian production
footprint with focus on
high volume/low mix
 European footprint: high
mix/low volume
 Operational excellence:
Outstanding process
know-how, productivity
and efficiency
 One of the most profitable
players in the industry:
above industry EBITDA
margins
 Strong cash flow generation
 Proven long term successful
financial track record

4. AT&S – Key Facts
3
1 Strong track record 2 Balanced portfolio/Global customer base
Distribution Revenue: Business Unit
Distribution Revenue: Customer Region
488
514
542
590
+5%
+5%
+9%
96 103 102
127
47 42 31
54
2010/11 2011/12 2012/13 2013/14
Revenue EBITDA EBIT
Revenue growth 7%
In EUR m
27%
7%
19%
47%
Germany/Austria
Other European countries
Asia
Americas
48% 52%
Mobile Devices &
Substrates
Industrial & Automotive
(inkl. Medical)

5. 4
Global footprint ensures cost efficiency
 European production facilities: high mix/low volume
 Asian production facilities: high volume/low mix
 Sales network spanning three continents
 About ~7,400 employees
Plant Shanghai, China
Staff: ~4.250
Plant Ansan, Korea
Staff: ~250
Plant Nanjangud, India
Staff: ~1.100
Plant Chongqing, China
under construction
Staff: ~400
AT&S Plants AT&S Sales Offices
Plant Leoben, Austria
Headquarters
Staff: ~ 800
Plant Fehring, Austria
Staff: ~350

6. ► volatility due to seasonal effects
Continental
5
Balanced high-end product portfolio
to level seasonality
Characteristic Segment Selected Applications
Mobile Devices &
Substrates
Advanced
Packaging
1) Based on external revenue EUR m in H1 2014/15
Selected
Market Leaders
GoPro
Sony
LG
Canon
Qualcomm
Blackberry
Lenovo
Huawei
Samsung
Xiaumi
ZTE
Intel
Apple
► stable business due to longer product life
time
 Includes the segment Advanced Packaging (still in the
process of being established) as well as group
management and financial activities
Others
(Revenue in EUR m)
(Revenue in EUR m)
52%
48%
74.5
90.1 87.7
69.0 68.0
88.7
Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15
66.4 66.3 62.9 69.7 72.6 71.7
Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15
Industrial & Auto-motive
& Medical
Revenue
Share1)
Communication
Computing
Consumer
Electronics
Automotive:
Lighting, thermal, sensors,
safety, infotainment,
powertrain
Industrial:
Instrumentation &
Control, power
solutions, lighting
Medical:
Patient monitoring,
Therapy, diagnostic
Osram
Hella
Siemens
General Electric
Harmann
EADS
Texas Instr.
TDK-EPKOS
ST Micro
Prescale
RFMD
Qualcomm

7. 6
Table of Contents
Company Overview
Strategy & Market
Financials
Annex

8. 7
Convincing Business Model
Level of complexity
Strategic focus on high-end segments
 „Market intelligence“ – anticipate and industrialise future leading-edge trends
and technologies by defining high-end applications and technology niches
 Focus on profitable segments with sustainable growth perspectives
 Continuous technological process development
 Successfully leveraging technology between business segments
Sustainable profitability with strong cash flow out of core business
 Continously improve product mix and capacity utilisation for on-going above
industry margins
 Strict working capital management / Operational Cash Flow driven decision
making
 EBITDA margin target corridor of 18-20%
Accelerate growth by entering a new high-end business segment
 IC-substrates with start of production in 2016
 Joint-development with leading semiconductor company
 Cost advantage: one of the first companies operating a high-end IC Substrate
manufacturing facility in China
1
2
3

9. 8
PCB Market Growth outperforms E-Systems Market
Business Unit Industry/E-Systems Market Selected Applications E-Systems Market 1)
CAGR 2013-2018
PCB Market Size 2)
CAGR 2013-2018
Mobile Devices
& Substrates
Computing Notebooks, PCs, Server 490 bn 2.7% 17.0 bn 3.1%
Communications Smartphones, Tablets 482 bn 3.1% 15.3 bn 3.7%
Consumer Electronics Cameras 147 bn 3.5% 6.4bn 3%
Substrates
Microprocessors, Graphic
Processors
7.6 bn 4.9%
Industrial &
Automotive &
Medical
Industrial & Medical
Instrumentation & Control,
Therapy, Diagnostic
253 bn 5.8%
3.2 bn 12.9%
Medical 1.3 bn 6.8%
Automotive
Lighting, sensors, safety,
infotainment, powertrain
178 bn 6.5% 4.3 bn 7.1%
Total Market Size3)
CAGR 2013-2018
1,678 bn 3.8% 47.5 bn 4.4%
1) Market Size 2013 , in USD bn / Source: Prismark, April 2014 2) AT&S addressableMarket Size 2013, in USD bn / Source: BPA, Prismark, AT&S, 2013-2014 3)excl. IC Substrates

10. 9
Market Player/Position HDI Technology
Source: Prismark, August 2014
Market position HDI Technology
Rank Supplier
Revenue
(in USD m)
1 Unimicron 682
2 Compeq 538
3 AT&S 530
4 SEMCO 480
5 Ibiden 426
6 TTM 406
7 Zhen Ding 343
8 Tripold 305
9 DAP 279
10 Unitech 236

11. Project Status IC Substrate plant Chongqing
(as of 30/09/2014)
Start Equipment Installation
FY 2013/14
Completion of
Infrastructure
FY 2014/15
Start Equipment
Characterisation
Certification
Start
Training
FY 2012/13
Plant Lay-out
Product-
Specification
Start Equipment
Ordering
Start of Production

10




Q4 Q1 Q2 Q3
Q4 Q1 Q2 Q3
Q3
FY 2015/16
Q4 Q1 Q2 Q3
FY 2016/17
Q4 Q1 Q2 Q3
Q4
 Focus on high-end segment of IC Substrates
 Development in close cooperation with a world leading semiconductor company
 Investment as at 30/09/2014: EUR 163.1 m1)
 Equipment for first line installed and internal qualification process finished
 Characterisations and certification has started, production of samples started
 Start of production is scheduled for 2016
1)Additions to tangible fixed assets as of 30/09/2014

12. 11
Driving Future Trends: Internet of Things (IoT) and
Application Structures
 Healthcare
 Glasses
Wearable Electronics
Smart Mobility  Autonomous Driving
 Car2Car Communication
Smart City  Smart Lighting
Smart Buildings  Home/Building Automatisation
 Energy Management
Smart Production/Industry 4.0  Automatisation/Robotics
 Production Control Systems
Smart Healthcare  Connectivity (e.g. online patient
monitoring)
Smart Energy  Smart Metering
 30-50 Billion of „Things“ will be connected in 2020
 Wearables market forecast: USD 10 – 60 bn by 2018
Source: IHS, 2013

13. 12
Table of Contents
Company Overview
Strategy & Market
Financials
Annex

14. 13
Sound top-line growth, above industry margins
and increasing cash conversion
2010/11 2011/12 2012/13 2013/14  Continuous growth path up to full capacity
utilisation
 Revenue with products out of Asian production
increased from 69% in 2010/11 to 76% in 2013/14
 Next significant step-up in growth: start of
production of IC-substrate in Chongqing in 2016
EBITDA
AND
EBITDA-MARGIN
OPERATING CASH
FLOW / Y-O-Y
DEVELOPMENT
 EBITDA increase due to high capacity utilisation
 Continuous conversion to more high-end product
mix
 EBITDA margin guidance: 18-20%
 Operating cash flow generation driven by strong
EBITDA performance
488 514
542 590
71
87
72
105
Selected Key Financials (EUR m)
REVENUE /
Y-O-Y GROWTH
96 103 102
127
19.7% 20.0% 18.8%
21.5%

15. 14
Efficient operational cost base
Working Capital Development in EUR m
106
75
82
96
106
114
23.6%
20.1%
16.8%
18.6%
19.5% 19.3%
2008/09 2009/10 2010/11 2011/12 2012/13 2013/14
Working Capital Working Capital % of Sales

16. 15
Staff and Capex
STAFF1)
Decreased number of staff in core business
reflects improved productivity.
CAPEX (in EUR m)
CAPEX increase includes technology process
developments in existing locations and
investments in Chongqing project.
6,987
7,417 7,321
54
123 115 113
Regular Business Employees Project Chongqing
1) incl. leased personel, average for the period
7,027
2010/11 2011/12 2012/13 2013/14
40
90
2010/11 2011/12 2012/13 2013/14

17. Financials H1 2014/15
16
EUR thousands (unless otherwise
indicated)
01.04.2014- 30.09.2014 01.04.2013 – 30.09.2013
STATEMENT OF PROFIT OR LOSS
Revenue 302,077 299,933
produced in Asia 76% 75%
produced in Europe 24% 25%
EBITDA 72,297 65,412
EBITDA margin 23.9% 21.8%
EBIT 39,928 30,567
EBIT margin 13.2% 10.2%
Profit for the period 28,445 21,957
Cash Earnings 60,785 56,785
EPS (average number of shares
outstanding)1)
0.73 0.94
1) 2014/15: Lower result substantially due to issue of new shares and sale of own shares in Sept. and Oct. 2013
Same basis of number of shares than in comparison period would reflect EPS of EUR 1.21

18. Financials H1 2014/15
17
EUR thousands (unless otherwise
indicated) 30.09.2014 31.03.2014
STATEMENT OF FINANCIAL POSITION
Non-current assets 603,549 483,858
Currents assets 453,641 432,201
Equity 465,141 390,680
Non-current liabilities 398,701 370,336
Current liabilites 193,348 155,043
Total assets 1,057,190 916,059
Net debt 179,989 110,874
Net gearing 38.7% 28.4%
Net working capital 126,226 91,722
Net working capital per revenues 20.9% 15.6%
Equity ratio 44.0% 42.7%

19. Financials H1 2014/15
18
EUR thousands 01.04.2014 – 30.09.2014 01.04.2013 – 30.09.20131)
STATEMENT OF CASH FLOWS
Profit for the period 28,445 21,957
Non cash bearing of profit or loss 40,312 34,337
Changes in Working Capital (35,107) (15,967)
Net cash generated from operating
activities 33,650 40,327
Net cash used in investing activities (88,699) (40,079)
Net cash generated from financing
activities 12,618 24,246
Net increase/decrease in cash and cash
equivalents (42,431) 24,494

20. 19
Overview Debt Portfolio Duration
Maturity
EUR m < 1 Year 1-5 Years > 5 Years Total
Corporate Bond 4.3 99.6 - 103.9
Export Loans 32.0 - - 32.0
Public funds and other - 2.4 1.1 3.5
Bank Borrowings 13.2 200.4 49.1 262.7
Total 30/09/2014 49.5 302.4 50.2 402.1
Total 31/03/2014 46.0 282.9 43.0 371.9

21. AT&S - Stock Profile
Listing Vienna Stock Exchange, Prime Standard
Indices ATX Prime, WBI
ThomsonReuters (A) ATSV.VI
Bloomberg (A) ATS AV
# of shares outstanding 38.85m
Avg. daily volume 69,000
YTD abs performance 25.38%
Dividend 2013/14: EUR 0.20
Dividend yield: 2.3%
Calendar
3rd Quarter Results 2014/15 27 January 2015
Annual Results 2014/15 7 May 2015
21st Annual General Meeting 9 July 2015
20
YTD price development/liquidity & Shareholder structure
*including direct and indirect holdings
*
*
AT&S
ATX Prime

22. 21
Outlook FY 2014/15
Based on the strong demand in the industry in the second half of the
calendar year 2014 – particularly in the mobile devices segment – and the
low visibility in respect to the first quarter of the calendar year 2015 we are
assuming that, provided the macro-economic environment remains stable
and considering todays foreign exchange rates, business development will
continue to be on a satisfactory level. For the full year 2014/15 we expect
revenues in line with prior year and an EBITDA margin on the upper level
of our target corridor of 18-20%.

23. 22
Table of Contents
Company Overview
Strategy & Market
Financials
Annex

24. 23
HDI microvia printed
circuit boards
HDI any-layer printed
circuit boards
IMS printed
circuit boards
AT&S Product Portfolio
Multilayer
printed circuit boards
Double-sided printed
circuit boards
Flexible printed circuit
boards
Semiflexible printed
circuit boards
Rigid-flexible printed
circuit boards
Flexible printed circuit
boards on aluminium
HDI rigid-flex
printed circuit boards

25. Management
24
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 and other positions:
 Member of the Research Council of Styria
 Degree in Production Engineering from Rosenheim University of Applied Sciences
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
 Studied electrical installation with Stadtwerke Judenburg (Judenburg municipal utility company)
Karl M. Asamer, CFO
 Joined AT&S as CFO in 2014
 Previous positions include:
 Managing Director of GEKA Group in Germany
 Managing Director of Sell GmbH in Germany
 Education:
 Degree: doctorate in business administration in Linz, Austria
1)He was already with the founding company of AT&S

26. 1) High Density Interconnect (laser-drilled printed circuit boards)
25
History
2013  Collaboration agreement with leading semiconductor
manufacturer to enter IC substrate market
2011  Acquisition of land and start of construction of a high-end
plant in Chongqing, China
2010  Relocation of Group Headquarters from Vienna to Leoben
 Ramp-Up plant II in Nanjangud
2009  Restructuring and reorientation of Leoben plant towards high-value
industrial business
 Focusing Shanghai on high-end mobile devices segment
2008  Relisting on the Vienna Stock Exchange (Prime Market)
2006  AT&S buys flexible plant in Korea
2002  Start of production in new AT&S plant in Shanghai – one of the
world’s leading HDI1) facilities
1999  AT&S listed on the Neuer Markt at the Frankfurt Stock
Exchange
 AT&S buys PCB plant in India
1994  Privatisation and acquisition by Hannes Androsch, Willibald
Dörflinger and Helmut Zoidl
1987  Foundation of AT&S

27. CSR as a key to sustainable business success
Five core dimensions of sustainability within AT&S
Energy and
carbon footprint
Water
AT&S – a learning
Resources organisation
Thinking ahead –
shaping the future
CSR gains importance in long term success
 Improving efficiency
 Motivated and qualified staff
26
The importance of sustainability is rising within:
 Authorities
(basis for securing operation licences)
 Customers
(relevant for placing orders)

28. AT&S saves CO2 and Water…
27
Sustainability – Figures and Fields of Action
AT&S aims to minimise its
environmental footprint by
reducing the CO2 emissions
per m2 PCB attributable to
production processes by 5%
a year.
AT&S aims to reduce
the Group‘s annual
fresh water
consumption per m2
PCB by 3%.

29. Visit: www.ats.net; Twitter @AT&S IR_PR; YouTube AtundS
28
AT&S – first choice for advanced applications
IR Contact:
Elke Koch
Fabriksgasse 13,
8700 Leoben/Austria
Tel: +43 3842 200 5925
Mobile: +43 676 8955 5925
Fax: +43 3842 200 15909
e.koch@ats.net
www.ats.net

30. Disclaimer
This presentation is provided by AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, having its headquarter at Fabriksgasse 13, 8700 Leoben, Austria
(“AT&S”), and the contents are proprietary to AT&S and for information only.
AT&S does not provide any representations or warranties with regard to this presentation or for the correctness and completeness of the statements contained therein,
and no reliance may be placed for any purpose whatsoever on the information contained in this presentation, which has not been independently verified. You are
expressly cautioned not to place undue reliance on this information.
This presentation may contain forward-looking statements which were made on the basis of the information available at the time of preparation and on management‘s
expectations and assumptions. However, such statements are by their very nature subject to known and unknown risks and uncertainties. As a result, actual
developments, results, performance or events may vary significantly from the statements contained explicitly or implicitly herein.
Neither AT&S, nor any affiliated company, or any of their directors, officers, employees, advisors or agents accept any responsibility or liability (for negligence or
otherwise) for any loss whatsoever out of the use of or otherwise in connection with this presentation. AT&S undertakes no obligation to update or revise any forward-looking
29
statements, whether as a result of changed assumptions or expectations, new information or future events.
This presentation does not constitute a recommendation, an offer or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither this
presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute any financial analysis
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