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ACER — Interim / Quarterly Report 2013
Jun 27, 2013
10414_rns_2013-06-27_3361f797-edfc-4a58-aed2-ac4faf5348e6.pdf
Interim / Quarterly Report
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Acer 1Q13 Investor Conference May 8 2013
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ACER CONFIDENTIAL
Legal Disclaimer
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The information is provided for informational purposes only, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security issued by Acer or other parties.
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Acer’s statements that are not historical facts are forward-looking statements that indicate actions or results of actions that may occur in the future, based on current available information and underlying assumptions.
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Acer does not warranty their accuracy, reliability and completeness. There are a number of factors such as economic conditions, firms abilities, industry environment that could cause actual results and developments to differ materially from those expressed or implied by forward looking statements. Investors should not place undue reliance on them.
ACER CONFIDENTIAL
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(IFRS-comparison base)
| (NT$ mn) | 1Q13 | 4Q12 | QoQ Change |
||
|---|---|---|---|---|---|
| Revenue | 91,973 | **100.0% ** |
101,540 | 100.0% |
-9.4% |
| Gross Profit(IFRS) | 7,832 | **8.5% ** |
8,859 | 8.7% |
-11.6% |
| Gross Profit(ROC GAAP) | 9,581 | 10.4% |
10,609 | 10.4% |
-9.7% |
| OperatingExpenses* | 7,804 | 8.5% |
12,230 | 12.0% |
-36.2% |
| Operating Income | 29 | **0.0% ** |
(3,371) | -3.3% | N.A. |
| Non-OperatingIncome | 421 | 0.5% |
(624) | -0.6% | N.A. |
| PBT | 450 | **0.5% ** |
(3,994) | -3.9% | N.A. |
| PAT | 515 | **0.6% ** |
(3,359) | -3.3% | N.A. |
| EPS(after impairment) (NT$) | 0.19 | (1.25) |
- 4Q12 operating expenses includes one-time intangible impairment loss
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2 ACER CONFIDENTIAL
Unaudited Consolidated Income Statement (YoY Comparison) (IFRS-comparison base)
| (NT$ mn) | 1Q13 | 1Q12 | YoY Change |
||
|---|---|---|---|---|---|
| Revenue | 91,973 | **100.0% ** |
113,064 | 100.0% |
-18.7% |
| Gross Profit(IFRS) | 7,832 | **8.5% ** |
8,468 | 7.5% |
-7.5% |
| Gross Profit(ROC GAAP) | 9,581 | 10.4% |
10,607 | 9.4% |
-9.7% |
| OperatingExpenses | 7,804 | 8.5% |
8,186 | 7.2% |
-4.7% |
| Operating Income | 29 | **0.0% ** |
282 | 0.2% | -89.7% |
| Non-OperatingIncome | 421 | 0.5% |
284 | 0.3% | 48.2% |
| PBT | 450 | **0.5% ** |
566 | 0.5% | -20.5% |
| PAT | 515 | **0.6% ** |
285 | 3.4% | 80.7% |
| EPS(after impairment) (NT$) | 0.19 | 0.10 |
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3 ACER CONFIDENTIAL
Consolidated Revenue and GM Trend
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180,000 12.0%
(NT$ mn)
ROC GAAP
GM 10.4%
160,000
10.0%
140,000
120,000 8.0%
100,000
6.0%
80,000
60,000 4.0%
40,000
2.0%
20,000
0 0.0%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Revenue (LHS) 119,086 119,083 167,617 168,197 162,130 150,262 167,552 149,114 127,799 102,091 117,891 127,562 113,039 110,545 104,408 101,519 91,973
Revenue Growth YoY -7% -5% 5% 25% 36% 26% 0% -11% -21% -32% -30% -14% -12% 8% -11% -20% -19%
Gross Margin (RHS) 10.0% 10.6% 10.0% 10.2% 9.7% 10.0% 10.0% 11.4% 10.3% 3.1% 9.0% 9.1% 9.4% 10.2% 10.3% 10.5% 8.5%
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Note: 2009-2012 ROC GAAP; 2013 onward IFRS
4 ACER CONFIDENTIAL
Consolidated Operating Income
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6,000 6.0%
(NT$ mn)
4,000 4.0%
2,000 2.0%
ROC GAAP
OPM 0.1%
0 0.0%
-2,000 -2.0%
-4,000 -4.0%
-6,000 -6.0%
-8,000 -8.0%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Op. Income (LHS) 2,571 3,043 4,754 4,972 4,385 4,138 5,291 4,389 1,929 -7,087 -1,320 82 138 433 345 109 29
Op. Margin (RHS) 2.2% 2.6% 2.8% 3.0% 2.7% 2.8% 3.2% 2.9% 1.5% -6.9% -1.1% 0.1% 0.1% 0.4% 0.3% 0.1% 0.0%
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Note: 2009-2012 ROC GAAP; 2013 onward IFRS
5 ACER CONFIDENTIAL
Unaudited Consolidated Balance Sheet (QoQ Comparison) (IFRS-comparison base)
| (NT$ mn) | 1Q13 | 4Q12 | ||
|---|---|---|---|---|
| Current Assets | ||||
| Cash and cash equivalents | 47,374 | 21.6% | 50,613 | 22.4% |
| Notes & Accounts receivable | 66,983 | 30.5% | 68,474 | 30.3% |
| Financial Assets-Current | 692 | 0.3% | 387 | 0.2% |
| Inventories | 39,857 | 18.2% | 43,337 | 19.1% |
| Other current assets | 7,565 | 3.4% | 6,218 | 2.7% |
| Total Current Assets | 162,471 | 74.0% | 169,029 | 74.7% |
| Long-term Investment | 3,540 | 1.6% | 3,543 | 1.6% |
| Property, plant and equipment,net | 6,584 | 3.0% | 6,348 | 2.8% |
| Intangible asset | 39,535 | 18.0% | 39,135 | 17.3% |
| Others | 7,310 | 3.3% | 8,261 | 3.7% |
| Total Assets | 219,440 | 100.0% 226,316 100.0% |
||
| Short-term loan | 6,353 | 2.9% | 14,134 | 6.2% |
| Notes & Accountspayable | 62,869 | 28.6% | 71,639 | 31.7% |
| Other current liabilities | 54,921 | 25.0% | 56,986 | 25.2% |
| Total Current Liabilities | 124,143 | 56.6% | 142,759 | 63.1% |
| Total non-current liabilities | 18,602 | 8.5% | 9,353 | 4.1% |
| Total Liabilities | 142,745 | 65.0% 152,112 67.2% |
||
| Total Shareholders' Equity | 76,696 | 35.0% | 74,204 | 32.8% |
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6 ACER CONFIDENTIAL
Unaudited Consolidated Balance Sheet (YoY Comparison) (IFRS-comparison base)
| (NT$ mn) | 1Q13 | 1Q12 | ||
|---|---|---|---|---|
| Current Assets | ||||
| Cash and cash equivalents | 47,374 | 21.6% | 60,098 | 23.8% |
| Notes & Accounts receivable | 66,983 | 30.5% | 77,292 | 30.6% |
| Financial Assets-Current | 692 | 0.3% | 370 | 0.1% |
| Inventories | 39,857 | 18.2% | 43,404 | 17.2% |
| Other current assets | 7,565 | 3.4% | 7,937 | 3.1% |
| Total Current Assets | 162,471 | 74.0% | 189,101 | 74.8% |
| Long-term Investment | 3,540 | 1.6% | 3,902 | 1.5% |
| Property, plant and equipment,net | 6,584 | 3.0% | 6,780 | 2.7% |
| Intangible asset | 39,535 | 18.0% | 44,436 | 17.6% |
| Others | 7,310 | 3.3% | 8,635 | 3.4% |
| Total Assets | 219,440 | 100.0% 252,854 100.0% |
||
| Short-term loan | 6,353 | 2.9% | 109 | 0.0% |
| Notes & Accountspayable | 62,869 | 28.6% | 83,499 | 33.0% |
| Other current liabilities | 54,921 | 25.0% | 61,743 | 24.4% |
| Total Current Liabilities | 124,143 | 56.6% | 145,351 | 57.5% |
| Total non-current liabilities | 18,602 | 8.5% | 28,661 | 11.3% |
| Total Liabilities | 142,745 | 65.0% 174,013 68.8% |
||
| Total Shareholders' Equity | 76,696 | 35.0% | 78,841 | 31.2% |
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7 ACER CONFIDENTIAL
IT Product Revenue Breakdown by Geography
Q1, 2013 US$2,992M (NT$88,506M)
Q1, 2012 US$3,716M (NT$110,322M)
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16%
21%
25%
EMEA Pan America
Asia Pacific G. China
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17%
38%
20%
26%
EMEA Pan America
Asia Pacific G. China
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37%
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ACER CONFIDENTIAL
8
IT Product Revenue Breakdown
Q1, 2013 US$2,992M (NT$88,506M)
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Q1, 2012
US$3,716M
(NT$110,322M)
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6% 3% [4%]
8%
9%
9%
18%
15% 62%
66%
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Notebook Desktop Display Tablet Others
Notebook Desktop Display Tablet Others
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9 ACER CONFIDENTIAL
Marketing is about helping the company make products people want and helping people buy them easily.
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10
ACER CONFIDENTIAL
The two-year efforts of “Progressive Design” with strong customer insight focus has born the products consumers desire
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11
ACER CONFIDENTIAL
Acer Brand Positioning
We make tools for modern day explorers. We help our device users to explore beyond their limits.
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12 ACER CONFIDENTIAL
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Thank you
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