AT&S World

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Auditor’s Report 116 Auditor’s Report Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, Leoben-Hinterberg, for the financial year from 1 April 2010 to 31 March 2011. These consolidated financial statements comprise the consolidated balance sheet as at 31 March 2011, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash flow statement and the consolidated statement of changes in equity for the financial year ending 31 March 2011, and the notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements and for the Accounting System The Company’s management is responsible for the group accounting and for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility and Description of Type and Scope of the Statutory Audit Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing, as well as in accordance with International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion. Opinion Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of 31 March 2011 and of its financial performance and its cash flows for the financial year from 1 April 2010 to 31 March 2011 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. Comments on the Management Report for the Group Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and whether the other disclosures in the management report for the Group do not give rise to a misstatement of the Group’s financial position. The auditor’s report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to Section 243a UGB are appropriate. In our opinion, the management report for the Group is consistent with the consolidated financial statements. The disclosures pursuant to Section 243a UGB are appropriate. Vienna, 9 May 2011 PwC Wirtschaftsprüfung GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft signed: Mag. Dr. Aslan Milla Austrian Certified Public Accountant We draw attention to the fact that the English translation of this auditor’s report is presented for the convenience of the reader only and that the German wording is the only legally binding version.
Glossary 2.5DTM technology New technology developed by AT&S that incorporates structural cavities into and onto printed circuit boards. It can also be used to produce rigid-flex printed circuit boards for flex-to-install applications ALIVH ® AT&S and Panasonic Electronic Devices Co., Ltd., have concluded an agreement under which AT&S is licenced to use Any Layer Interstitial Via Hole (ALIVH ® ), Panasonic’s unique technology for multilayer printed circuit boards ® ALIVH registered brand AT 173113 et al. ATX Prime A Vienna Stock Exchange capital-weighted index comprising all securities traded in the Prime Market segment. It is a broadly-based index for all stocks that meet the minimum capitalisation requirements and satisfy the stricter disclosure and reporting obligations CAPEX Capital expenditure Cash earnings Shareholders’ interest in net income, plus depreciation, amortisation and impairment, less reversal of impairment of non-current assets and assets held for sale Corporate Governance Code A set of rules for the responsible management and control of business enterprises. Companies voluntarily undertake to comply with the principles of the Code. Corporate social responsibility (CSR) The contribution of a business enterprise to sustainable development, over and above the statutory requirements. CSR should promote responsible corporate behaviour in business activities – with respect to the environment, relationships with staff (the workplace), and with other stakeholders and interest groups. Customer service rate Number of deliveries shipped on time and meeting customer quantity requirements, as a percentage of total deliveries EBIT Earnings before interest and tax, operating profit EBIT margin EBIT as a percentage of total revenues EBITDA Earnings before interest, tax, depreciation and amortisation EBITDA margin EBITDA as a percentage of total revenues ECP ® technology Embedded component packaging technology developed by AT&S in order to embed active and/or passive components inside PCBs ® registered trade mark AT 255868 Embedding Integrating active and passive electronic components inside printed circuit boards EPS Earnings per share EVA Economic value added Financial covenants With financing (loans and advances), the undertaking not to exceed certain financial ratios Flex-to-install Printed circuit boards that can be bent for the purposes of installation (e.g. in a housing) Foundry Services Trading in the printed circuit boards of partner companies. These activities were discontinued at the end of the 2008/09 financial year due to the inadequate earnings potential relative to the risks involved. Global player Globally active business enterprise GPS Global positioning system (global navigation satellite system) HDI printed circuit boards Printed circuit boards with structures smaller than 100 micrometers (0.1 mm) – high density interconnection Hedging Financial transactions providing protection against risks such as exchange rate fluctuations High-end segment Technologically demanding market segment: attractive to AT&S, as a technology leader IFRS International Financial Reporting Standards ISIN Alpha-numerical securities identification number (international securities identification number) ISO International Organization for Standardization ISO 14001 Environmental management standard ISO 9001 Quality management standard ISO/TS 16949 Technical interpretation of ISO 2000 reflecting the requirements of international automotive manufacturers Just-in-time production Production synchronised with demand Glossary 117
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Lighting Solutions Smartphones Medi
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Highlights 2010/11 AT&S relocates h
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Table of Contents Table of Contents
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AT&S’s positioning AT&S has three
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Competent Partner for Navigation Sy
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Letter to our Shareholders Innovati
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Competent Partner for Medical Devic
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Our Mission and Strategy for Contin
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AT&S - a Global Player Austrian pro
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* The RIM and BlackBerry families o
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Industrial Services The Industrial
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The enormous simplification of proc
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Competent Partner for Tablets 25
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Supporting the Next Generation AT&S
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13 participants completed the AT&S
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is complete, the array will have a
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Industrial Services Order intake an
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120% 100% 80% 60% 40% 20% 0% 01/04/
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Financing maturities Maturities in
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Our Asian facilities produced 69% o
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Outlook and Guidance The wider appl
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Table of Contents Corporate Governa
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Corporate Governance Report Princip
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AT&S AG Supervisory Board Corporate
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Independence of Supervisory Board M
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Remuneration Report Corporate Gover
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Directors’ Holdings & Dealings (i
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Table of Contents Consolidated Fina
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Consolidated Balance Sheet Consolid
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Consolidated Statement of Changes i
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The acquisition method of accountin
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From the time of their availability
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