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104 — Interim / Quarterly Report 2018
Nov 5, 2018
52296_rns_2018-11-05_dc0a0f2c-b11a-4cae-881b-9985291f4c20.pdf
Interim / Quarterly Report
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104 Corporation (TSE:3130)
A Total Solution Provider in the Chinese HR Services Market
November 2018
Safe Harbor Statement
This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate," “believe,” “could,” “estimate,” “expect,” “intend,” “plan,” ‘’forecast,” “project,” “predict,” “potential,” “continue,” “may,” “should,” “will” and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events; and actual results may differ materially from those expressed or implied by such statements.
You should be cautioned that the forward-looking statements are not the guarantees of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.
This presentation and the information contained herein is the property of 104 Corporation.
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Agenda
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Company Profile
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Services and Products
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Financial Review and Dividend Policy
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104 Value Map
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In 1996, 104 was established
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“For jobseekers, we don’t just help find jobs—we forge careers; and for employers, we don’t just help find workers—we manage talent.”
by Rocky Yang, founder and chairman of 104
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Company Profile
Market Position Core Competence Financial Strengths
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104 Job Bank was Strong database: Zero debt. established: 1996. 7. 82 million resumes, 75% college Solid NT$ 2.2 billion graduated/ above, cash position.
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First job bank to IPO in 343K corp. customers. (Jun. 2018)
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Taiwan: 2006. (Sep. 2018) Proven capability to
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First job bank in Taiwan Comprehensive range of generate cash even in
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to get ISO 27001 and HR related services. difficult economic
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BS 10012 + ISO 29100 periods.
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accreditation. Competitive candidate matching and job High satisfaction &
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recommendation recognition of 104
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ISO/IEC 27001 system. brand & services.
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(Information Security Management System) BS 10012 (Personal Information Management System) ISO/IEC 29100 (Privacy Framework)
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Source: Company data
Services and Products
Business Segments
Mobile Apps
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Online For Job Seekers
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Vast, easy, & accessible platform
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Services Career map & value added services
104 Learn
Training Program
Posting Services
Job-Search App
104 Case 104 Tutor
Case Outsourcing Tuition Posting
Posting Services Services
104 Job Bank
Job Posting HR Academy
Services
HR Solutions
& Consultancy
104 Ads
HR Advertisement 104 Hunter
Services
Executive Search Platform &
Talent-Search App
Services Consultation
Services
For Corporate Users
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Large and diversified resume pool
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Variety of integrated HR services
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Source: Company data
Revenue Performance
Consolidated Revenue
| Consoate | evenue | evenue | evenue | evenue | (Unit: NT$’000) | (Unit: NT$’000) | (Unit: NT$’000) | (Unit: NT$’000) |
|---|---|---|---|---|---|---|---|---|
| Time Amount |
Quarterly Revenue | YoY | Accumulated Revenue | YoY | ||||
| Q3 2018 | Q3 2017 | 2018 | 2017 | |||||
| Total | 414,280 | 400,865 | 3.35% | 1,196,343 | 1,156,455 | 3.45% |
Quarterly Revenue
(Unit: NT$/M)
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460
415 414
420
401
395
383 384
376
380 367
361
351
344
340
300
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
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Source: Company data
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Unaudited Operating Performance – Q3 2018
Q3 2018 Unaudited Performance
(Unit: NT$’000)
| Q3 2018 (unaudited) |
Q3 2017 (reviewed) |
YoY | YTD 2018 (unaudited) |
YTD 2017 (reviewed) |
YoY | |
|---|---|---|---|---|---|---|
| Operating Revenue | 414,280 | 400,865 | 3.35% | 1,196,343 | 1,156,455 | 3.45% |
| Operating Income | 95,963 | 107,018 | (10.33%) | 262,316 | 282,393 | (7.11%) |
| Pre-tax Income | 103,269 | 112,575 | (8.27%) | 282,799 | 300,094 | (5.76%) |
| OPM 23.2% 26.7% 21.9% 24.4% |
||||||
| 23.2% | 26.7% | 21.9% | 24.4% |
The decreases of operating income above were mainly affected by the increase in related spending for optimizing existing services and accelerating new product development.
Source: Company data
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Q2 2018 Income Statements
| Q2 2018 Income Statements | Q2 2018 Income Statements | Q2 2018 Income Statements | Q2 2018 Income Statements | Q2 2018 Income Statements | Q2 2018 Income Statements |
|---|---|---|---|---|---|
| (Unit: NT$’000, except for EPS) | |||||
| Q2 2018 | % | Q2 2017 | % | YoY | |
| Operating Revenue | 414,945 | 100% | 394,909 | 100% | 5.07% |
| OperatingCosts | 41,256 | 9.9% | 36,439 | 9.2% | 13.22% |
| Gross Profit | 373,689 | 90.1% | 358,470 | 90.8% | 4.25% |
| OperatingExpenses | 279,474 | 67.4% | 259,016 | 65.6% | 7.90% |
| SellingExpenses | 156,466 | 37.7% | 136,035 | 34.4% | 15.02% |
| Administrative Expenses | 44,073 | 10.6% | 45,246 | 12.0% | (2.59%) |
| Research & Development Expenses | 78,935 | 19.0% | 77,735 | 19.7% | 1.54% |
| Operating Income | 94,215 | 22.7% | 99,454 | 25.2% | (5.27%) |
| Non-OperatingIncome and Expenses | 8,023 | 1.9% | 4,976 | 1.3% | 61.23% |
| Income Before Income Tax | 102,238 | 24.6% | 104,430 | 26.4% | (2.10%) |
| Income Tax Expenses | 20,229 | 4.9% | 17,869 | 4.5% | 13.21% |
| Net Income | 82,009 | 19.8% | 86,561 | 21.9% | (5.26%) |
| Basic EPS | 2.47 | 2.61 |
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Source: Company data
H1 2018 Income Statements
| H1 2018 Income Statements | H1 2018 Income Statements | H1 2018 Income Statements | H1 2018 Income Statements | H1 2018 Income Statements | H1 2018 Income Statements |
|---|---|---|---|---|---|
| (Unit: NT$’000, except for EPS) | |||||
| H1 2018 | % | H1 2017 | % | YoY | |
| Operating Revenue | 782,063 | 100% | 755,590 | 100% | 3.50% |
| OperatingCosts | 79,056 | 10.1% | 69,419 | 9.2% | 13.88% |
| Gross Profit | 703,007 | 89.9% | 686,171 | 90.8% | 2.45% |
| OperatingExpenses | 536,654 | 68.6% | 510,796 | 67.6% | 5.06% |
| SellingExpenses | 298,136 | 38.1% | 289,573 | 38.3% | 2.96% |
| Administrative Expenses | 83,234 | 12.0% | 86,526 | 12.0% | (3.80%) |
| Research & Development Expenses | 155,284 | 19.9% | 134,697 | 17.8% | 15.28% |
| Operating Income | 166,353 | 21.3% | 175,375 | 23.2% | (5.14%) |
| Non-OperatingIncome and Expenses | 13,177 | 1.7% | 12,144 | 1.6% | 8.51% |
| Income Before Income Tax | 179,530 | 23.0% | 187,519 | 24.8% | (4.26%) |
| Income Tax Expenses | 34,454 | 4.4% | 29,824 | 3.9% | 15.52% |
| Net Income | 145,076 | 18.6% | 157,695 | 20.9% | (8.00%) |
| Basic EPS | 4.37 | 4.77 |
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Source: Company data
H1 2018 Balance Sheets
| (Unit: NT$’000) | (Unit: NT$’000) | (Unit: NT$’000) | (Unit: NT$’000) | (Unit: NT$’000) |
|---|---|---|---|---|
| 2018.6.30 | % | 2017.6.30 | % | |
| Cash & Cash Equivalents | 2,206,523 | 87% | 2,192,124 | 87% |
| NR & AR,Net | 57,807 | 2% | 43,652 | 2% |
| Other Receivables | 11,427 | - | 10,246 | - |
| Total Current Assets | 2,290,125 | 90% | 2,258,996 | 90% |
| Property,Plant and Equipment | 212,767 | 9% | 217,026 | 9% |
| Intangible Assets | 4,037 | - | 6,993 | - |
| Total Assets | 2,531,956 | 100% | 2,506,164 | 100% |
| NP,AP and Other Payables | 605,351 | 23% | 612,334 | 24% |
| Contract Liability- Current | 446,339 | 18% | - | - |
| Deferred Revenue | - | - | 423,832 | 17% |
| Total Current Liabilities | 1,161,026 | 46% | 1,129,201 | 45% |
| Total Liabilities | 1,167,578 | 46% | 1,132,994 | 45% |
| Total Equity | 1,364,378 | 54% | 1,373,170 | 55% |
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Source: Company data
H1 2018 Cash Flow Statements
| H1 2018 H1 2017 Net Cash Flows from Operating Activities 179,203 222,676 Income Before Tax 179,530 187,519 Depreciation and Amortization Expenses 23,019 29,015 Other Account Payable (39,200) (16,681) Other OperatingSources(Uses) 15,854 22,823 Net Cash Flows from(Used in) Investing Activities (16,483) (17,715) Acquisition/Disposal of Property, Plant and Equipment (13,196) (17,122) Acquisition of Intangible Assets (2,796) (1,026) Other InvestingSources (491) 433 Net Cash Flows Used in Financing Activities - - Effect of Exchange Rate Changes 333 (1,667) Net Increase in Cash and Cash Equivalents 163,053 203,294 (Unit: NT$’000) |
H1 2018 H1 2017 Net Cash Flows from Operating Activities 179,203 222,676 Income Before Tax 179,530 187,519 Depreciation and Amortization Expenses 23,019 29,015 Other Account Payable (39,200) (16,681) Other OperatingSources(Uses) 15,854 22,823 Net Cash Flows from(Used in) Investing Activities (16,483) (17,715) Acquisition/Disposal of Property, Plant and Equipment (13,196) (17,122) Acquisition of Intangible Assets (2,796) (1,026) Other InvestingSources (491) 433 Net Cash Flows Used in Financing Activities - - Effect of Exchange Rate Changes 333 (1,667) Net Increase in Cash and Cash Equivalents 163,053 203,294 (Unit: NT$’000) |
H1 2018 H1 2017 Net Cash Flows from Operating Activities 179,203 222,676 Income Before Tax 179,530 187,519 Depreciation and Amortization Expenses 23,019 29,015 Other Account Payable (39,200) (16,681) Other OperatingSources(Uses) 15,854 22,823 Net Cash Flows from(Used in) Investing Activities (16,483) (17,715) Acquisition/Disposal of Property, Plant and Equipment (13,196) (17,122) Acquisition of Intangible Assets (2,796) (1,026) Other InvestingSources (491) 433 Net Cash Flows Used in Financing Activities - - Effect of Exchange Rate Changes 333 (1,667) Net Increase in Cash and Cash Equivalents 163,053 203,294 (Unit: NT$’000) |
|---|---|---|
| H1 2018 | H1 2017 | |
| Net Cash Flows from Operating Activities | 179,203 | 222,676 |
| Income Before Tax | 179,530 | 187,519 |
| Depreciation and Amortization Expenses | 23,019 | 29,015 |
| Other Account Payable | (39,200) | (16,681) |
| Other OperatingSources(Uses) | 15,854 | 22,823 |
| Net Cash Flows from(Used in) Investing Activities | (16,483) | (17,715) |
| Acquisition/Disposal of Property, Plant and Equipment | (13,196) | (17,122) |
| Acquisition of Intangible Assets | (2,796) | (1,026) |
| Other InvestingSources | (491) | 433 |
| Net Cash Flows Used in Financing Activities | - | - |
| Effect of Exchange Rate Changes | 333 | (1,667) |
| Net Increase in Cash and Cash Equivalents | 163,053 | 203,294 |
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Source: Company data
Dividend Policy
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(Unit: NT$)
14 120%
EPS (LHS) DPS (LHS) Payout Ratio (RHS)
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100%
10
8
80%
6
4
60%
2
0 40%
2010 2011 2012 2013 2014 2015 2016 2017
2010 2011 2012 2013 2014 2015 2016 2017
EPS 7.72 6.71 5.67 7.46 9.41 9.99 12.04 9.60
DPS 6.0 6.0 4.55 6.0 7.0 8.0 10.8 9.60
Payout Ratio (%) 78% 89% 87% 82% 75% 80% 90% 100%
Avg. Stock Price 112.6 99.23 76.06 90.06 122.24 151.94 139.15 151.47
Yield Rate (%) 5.33% 6.05% 5.98% 6.66% 5.73% 5.27% 7.76% 6.34%
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Cash dividends distribute date:2018/08/08
Source: TWSE & Company data
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104’s Mission
50% profit margin Higher ageing rate Elderly care platform to support current workers and families
65 yrs old
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Job & resume material value Career, talent, & knowledge management Lowest birth rate Enable children to find their gifts and compete
15 yrs old
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C M Cloud Mobile
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O S
Open Social
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104 Career Platform Management
Professional Development Through Adoption of Open APIs to Enrich Services Social Networking and Achieve a Triple-Win
https://clazzrooms.com/
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https://plus.104.com.tw/
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Third Party Service Providers
https://beagiver.com/
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https://senior.104.com.tw/
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https://www.104.com.tw/
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In House Application Development
https://case.104.com.tw/ https://learn.104.com.tw/
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https://hunter.104.com.tw/
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https://tutor.104.com.tw/
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HR Capital Management Solutions
On-Premise & Customized for Large Companies
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eHRMS
人力資源管理系統
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Third Party Deploy Define Service Talent Talent Providers http://ehr.104.com.tw/ Develop Discover In House Talent Talent Application Development
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HR Portal
Cloud-Based & Standardized for SME
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For K-12
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World of Work
https://wow.104.com.tw/
Our Q&A Platform : Children can explore the world of work based on 104’s job data and ask career-related questions to volunteer workers.
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https://kids.104.com.tw/
Our Kid Talent Platform : enables children, parents, teachers and experts to explore, analyze, record and demonstrate children’s gifts.
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Our Web Gallery of Arts : A virtual art gallery for children’s creative arts exhibition and talent showcase.
https://star.104.com.tw/
Resources to Explore Talent Activities, contests and learning programs
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For Seniors
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Senior Care Bank
https://104careu.104.com.tw/
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Our in-home care professionals offer
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Health care and coaching services for seniors/patients
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Coaching and consulting services for family members/caregivers
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Tailor-Made Solutions
Care Plan Execution
Integrated-Care Team
Monitoring & Evaluation
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Medical professionals
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Health assessment
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Caring & assistance
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Therapists
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Care plan development
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Coaching & consulting
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Thank you For more information, please contact:
Brenda Shih, VP, Chairman’s Office 886-2-2912-6104 ext. 9688 / [email protected]
Kendrah Chen, IR
886-2-2912-6104 ext. 9692 / [email protected]
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