AT&S World

Group Management Report 2010/11
110
mand in the financial year 2010/11 amounted to around 252 GWh
(2009/10: 203 GWh).
Regarding material events after the balance sheet date, reference
is made to the disclosures in the notes to the consolidated
financial statements, Note 26 “Material events after the balance
sheet date”.
3. Subsidiaries and representative offices
In order to meet the growing capacity demands and the shift
of mass production in the highest technology segment, capacities
were continuously created at the wholly owned subsidiary
AT&S (China) Company Limited already in the previous
financial years. Due to the increased demand, the expansion
activities were accelerated in the financial year 2010/11 and in
the third quarter the eleventh HDI production line was put into
operation. Furthermore, the complete expansion of this location
was started, which is scheduled to be concluded with the
construction of two additional production lines by the second
half of the following financial year 2011/12. As a result of the
availability of additional capacities already in the financial
year 2010/11, a significant increase in sales and profit was
generated.
At the AT&S Korea location, after a clear improvement in results
in the previous financial year, the performance situation could
be stabilized in the financial year 2010/11 despite declines in
sales from local customers. After the successful implementation
of comprehensive measures to improve the performance
and cost structure, the customer structure in particular is currently
being optimized. The increased focus of the plant on
projects with European customers is expected to subsequently
result in the desired sustainable income and an improvement
in results already in the following financial year 2011/12.
At AT&S India, the construction of the second plant was completed
in the financial year 2010/11 and the expanded production
was started. The capacity expansion, which was comprehensive
in relation to the existing plant size, and the related
production changes in addition to start-up losses also resulted
in a reduction of the current profit. The currency development,
which is unfavourable from a local perspective, also had a negative
impact. A clear improvement in performance and profit
is expected for the following financial year 2011/12.
Chongqing, western China, was selected as the new production
location towards the end of the financial year 2010/11.
For further details, reference is made to the disclosures in the
notes to the consolidated financial statements, Note 26 “Material
events after the balance sheet date”.
4. Capital share structure and disclosures on shareholder
rights
As of 31 March 2011, the registered capital of AT&S amounts to
EUR 28,490,000 and is made up of 25,900,000 no-par value shares
with a notional value of EUR 1.10 per share. The voting right
at the annual general meeting is exercised according to no-par
value shares, with one par-value share entitling to one vote. All
shares are bearer shares.
Significant shareholdings in the group parent AT&S AG are as
follows at the balance sheet date:
Dörflinger Privatstiftung:
Karl-Waldbrunner-Platz 1
A-1210 Vienna
Androsch Privatstiftung:
Franz-Josefs-Kai 5
A-1010 Vienna
Shares % Capital % Voting rights
4,574,688 17.66% 19.61%
5,570,666 21.51% 23.89%
At the balance sheet date, 2,577,412 treasury shares (9.95% of
the registered capital) are held. The authorization last granted
on 7 July 2010 to the Management Board to repurchase up to
10% of the registered capital of AT&S AG on the market within
30 months is thus valid until 6 January 2013. The treasury shares
may be used to service the stock option plan of the Company or
they may also be sold.
Until 6 July 2015, the Management Board is authorized, with
the approval of the Supervisory Board, to increase the registered
capital by up to EUR 14,245,000 through the issue of up
to 12,950,000 no-par value bearer shares, partially or entirely
excluding the subscription rights of existing shareholders.
Until 6 July 2015, the Management Board is authorized, with the
approval of the Supervisory Board, to issue convertible bonds
of up to EUR 100,000,000, excluding the subscription rights of
existing shareholders, if required. To grant subscription or exchange
rights to the creditors of the convertible bond, the Management
Board is authorized to increase the registered capital
by up to EUR 14,245,000 through the issue of up to 12,950,000
new bearer shares.
For further details, reference is made to the disclosures in the
notes to the consolidated financial statements, Note 22 “Share
capital”.