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FocalTech — Interim / Quarterly Report 2014
Nov 4, 2014
52342_rns_2014-11-04_519336a5-2de9-4ade-a8e4-e39e65ccfca0.pdf
Interim / Quarterly Report
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Inspire Your Vision
November, 2014
Company Profile
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Date of spin-off from SUNPLUS 31th March, 2006
TSE ticker
3545
Capital (as of 14’/10/31)
NT$ 1,400 million
Market Cap. (as of 14’/10/31)
NT$ 4,993 million
Location
Hsinchu Science Park, Taiwan
Major Shareholders (as of 14’/10/31)
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Sunplus
34%
Others
66%
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Master:68%
Total # 373
R&D: 74%
ISO-9001:2008 OHSAS-18001:2007
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Employee Status on 14’/10/31
Sony Green Partner
ISO-14001 Inspire Your Vision
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Company Profile
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Board members Director # 9 (incl. 3 independent directors)
| Dividend/ share | EPS Cash Stock Payout % |
| 2006 $2.37 $0.3 $0.6 38% |
|
| 2007 $2.74 $1.2 $0.5 62% |
|
| 2008 $2.03 $1.2 - 59% |
|
| 2009 $2.25 $1.9 - 84% |
|
| 2010 $3.57 $2.8 - 78% |
|
| 2011 $0.99 $0.8 - 81% |
|
| 2012 $0.89 $0.7 - 79% |
|
| 2013 $2.62 $2.0 - 76% |
|
| Sony Green Partner ISO-14001 |
ISO-9001:2008 OHSAS-18001:2007 |
| Inspire Your Vision |
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| Category | Product Application TCON (Timing Controller) NB/ Monitor Source Driver/ Gate Driver/ Feature Driver (SD+TCON) Portable DVD/ Digital photo frame/ Netbook/ Tablet PC/ E-book SoC AV (Wearable device/ DSC/ GPS/ MP3/ E-tag/ Multi-functional printer/ Automobile…) SoC Mobile phone Mono Calculator/ Watch/ Telephone… Product Category |
Product Application TCON (Timing Controller) NB/ Monitor Source Driver/ Gate Driver/ Feature Driver (SD+TCON) Portable DVD/ Digital photo frame/ Netbook/ Tablet PC/ E-book SoC AV (Wearable device/ DSC/ GPS/ MP3/ E-tag/ Multi-functional printer/ Automobile…) SoC Mobile phone Mono Calculator/ Watch/ Telephone… Product Category |
|---|---|---|
| Product | Application | |
| Large | TCON (Timing Controller) |
NB/ Monitor |
| Medium | Source Driver/ Gate Driver/ Feature Driver (SD+TCON) |
Portable DVD/ Digital photo frame/ Netbook/ Tablet PC/ E-book |
| Small | SoC | AV (Wearable device/ DSC/ GPS/ MP3/ E-tag/ Multi-functional printer/ Automobile…) |
| SoC | Mobile phone | |
| STN | Mono | Calculator/ Watch/ Telephone… |
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Product Application
Handset IT & Tablet
Consumer
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Revenue by Product Mix
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| 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% |
5 5 4 4 5 5 4 2 2 2 2 2 1 1 2 26 24 16 17 18 13 ~~11~~ ~~18~~ 13 8 10 9 6 6 7 14 16 16 13 ~~14~~ 12 7 4 4 3 4 5 ~~4~~ 3 ~~4~~ 7 ~~10~~ 5 3 ~~4~~ 3 2 3 ~~1~~ 1 1 1 1 ~~1~~ 2 47 44 ~~58~~ 62 ~~57~~ 66 75 72 ~~79~~ 86 83 83 88 89 85 ~~1~~ ~~1~~ ~~2~~ ~~1~~ ~~1~~ ~~1~~ ~~1~~ ~~1~~ 11'1Q 11'2Q 11'3Q 11'4Q 12'1Q 12'2Q 12'3Q 12'4Q 13'1Q 13'2Q 13'3Q 13'4Q 14'1Q 14'2Q 14'3Q Other Phone TCON AV Medium STN ~~1~~ |
|---|---|
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Revenue by Customer Mix
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14’ 3Q
14’ 2Q 13’ 3Q
Others Others
Others,
2% 3%
2%
TW LCM, TW LCM TW LCM
CN LCM
38% 36% CN LCM 36%
42%
CN LCM, 44%
48%
JP LCM JP LCM
JP LCM,
20% 17%
12%
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LCM: Liquid Crystal Module
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Shipments & Vendors
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Unit: 1,000 pcs
| Unit: 1,000pcs | ||||||
|---|---|---|---|---|---|---|
| 2010 | 2011 | 2012 | 2013 | 13'YoY | 14'3Q | |
| TFT Driver ICs | 309,757 | 264,914 | 202,753 | 356,971 | 76.06% | 94,959 |
| STN Driver ICs | 58,387 | 39,377 | 33,768 | 30,158 | -10.69% | 6,659 |
| Total | 368,144 | 304,291 | 236,521 | 387,129 | 63.68% | 101,618 |
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Vendors
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Foundry TSMC, UMC, Vanguard, etc. Gold bump Chipbond, ChipMOS Testing & packaging ASE, Chipbond, Greatek, SPIL, YTEC, etc.
Note: in alphabetic order
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Quarterly Income Statement
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Preliminary, Amt: in NT$ M
| 3 months ended on | 2014/9/30 | 2014/9/30 | 2014/6/30 | 2014/6/30 | 2013/9/30 | 2013/9/30 | QoQ | YoY |
|---|---|---|---|---|---|---|---|---|
| Net Revenue | 2,212.5 | 100.0% | 3,095.4 | 100.0% | 2,315.3 | 100.0% | -29% | -4% |
| Cost of Rev. | 1,930.0 | 87.2% | 2,671.9 | 86.3% | 1,909.4 | 82.5% | -28% | 1% |
| Gross Profit | 282.5 | 12.8% | 423.6 | 13.7% | 405.9 | 17.5% | -33% | -30% |
| Op. Exp. | 366.6 | 16.6% | 260.0 | 8.4% | 264.4 | 11.4% | 41% | 39% |
| Income from Op. | (84.1) | -3.8% | 163.6 | 5.3% | 141.5 | 6.1% | -151% | -159% |
| Non-Op. Income & Exp. | 5.5 | 0.2% |
(22.6) | -0.7% | (16.7) | -0.7% | -124% | -133% |
| IBIT | (78.7) | -3.6% | 141.0 | 4.6% | 124.8 | 5.4% | -156% | -163% |
| Income Tax | 7.3 | 0.3% |
(19.1) | -0.6% | (20.1) | -0.9% | -138% | -136% |
| Net Income | (71.4) | -3.2% | 121.9 | 3.9% | 104.6 | 4.5% | -159% | -168% |
| EPS | (0.51) | 0.87 | 0.75 | -159% | -168% | |||
| Profit Sharing | (14.5) | 26.2 | 22.4 | |||||
| Note: EPS- -based on weighted average outstanding common shares. |
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YTD Income Statement
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| YTD Income Statement | YTD Income Statement | YTD Income Statement | YTD Income Statement | YTD Income Statement | YTD Income Statement |
|---|---|---|---|---|---|
| Preliminary, Amt: in NT$ M | |||||
| 2014 1-3Qs | 2013 1-3Qs | YoY | |||
| Net Revenue | 7,919.5 | 100.0% | 7,205.7 | 100.0% | 10% |
| Cost of Rev. | 6,808.9 | 86.0% | 5,958.3 | 82.7% | 14% |
| Gross Profit | 1,110.6 | 14.0% | 1,247.4 | 17.3% | -11% |
| Op. Exp. | 880.9 | 11.1% | 766.4 | 10.6% | 15% |
| Income from Op. | 229.6 | 2.9% | 481.0 | 6.7% | -52% |
| Non-Op. Income & Exp. | 2.1 | 0.0% |
6.9 | 0.1% |
-69% |
| IBIT | 231.8 | 2.9% | 487.8 | 6.8% | -52% |
| Income Tax | (34.2) | -0.4% | (75.2) | -1.0% | -54% |
| Net Income | 197.6 | 2.5% | 412.7 | 5.7% | -52% |
| EPS | 1.42 | 2.97 | -52% | ||
| Profit Sharing 41.9 87.4 Note: EPS- -based on weighted average outstanding common shares. |
41.9 | 87.4 |
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Balance Sheets & Key Indices
Preliminary, Amt: in NT$ M
| As of | 2014/9/30 | 2014/6/30 | 2013/9/30 | QoQ | YoY | |
|---|---|---|---|---|---|---|
| Total Assets | 6,440 | 7,086 | 6,537 | 6,777 | 8% | |
| Cash Equivalent | 592 | 521 | 626 | 891 | -17% | |
| AR | 2,385 | 3,119 | 2,500 | 3,064 | 25% | |
| I | nv. | 2,685 | 2,567 | 2,490 | 1,697 | 3% |
| Total Lia. | 3,577 | 4,158 | 3,458 | 3,926 | 20% | |
| Short-term Loans | 943 | 747 | 625 | 690 | 20% | |
| AP | 1,398 | 1,781 | 1,474 | 1,857 | 21% | |
| Convertible Bonds | 934 | 930 | 926 | 917 | 0% | |
| Shareholder Eqt. | 2,864 | 2,929 | 3,079 | 2,850 | -5% | |
| Net CF In (Out) | 208 | 138 |
184 |
436 |
-25% |
|
| CF fm Operation | 361 | 185 |
398 |
(701) |
-54% | |
| ROE-annualized | 9.11% | 18.39% | 19.60% | 22.75% | ||
| AR Days | 80 | 86 |
83 |
94 |
||
| I | nv. Days | 110 | 100 |
109 |
69 |
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Quarterly Revenue & Exp.
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Quarterly Rev.
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NT$ M 2,925 3,095
3,000 2,612
2,3152,157 2,216
2,400 1,896 [1,965]
1,800 1,211 [1,4341,6081,320] 1,367
1,1681,0721,038 887 956
787
1,200
600
0
10'1Q 10'2Q 10'3Q 10'4Q 11'1Q 11'2Q 11'3Q 11'4Q 12'1Q 12'2Q 12'3Q 12'4Q 13'1Q 13'2Q 13'3Q 13'4Q 14'1Q 14'2Q 14'3Q
Quarterly Opex.
NT$ M 16.0
380 Opex Op.M 367 %
13.4
350 12.2 13.0
320
2998.7
10.0
290 8.3 280
9.5 264 260
260 6.0 6.1 254 5.3 7.0
231
230 4.3 4.0 203
2.1 5.8 4.0
200 1.7 187 3.9
177 1.3 4.3
3.1
170 156 1.0
140 133 141 141 141 142 156 132 150 (2.3)
-2.0
110 (3.8)
80 -5.0
10'1Q 10'2Q 10'3Q 10'4Q 11'1Q 11'2Q 11'3Q 11'4Q 12'1Q 12'2Q 12'3Q 12'4Q 13'1Q 13'2Q 13'3Q 13'4Q 14'1Q 14'2Q 14'3Q
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Quarterly EBT & EPS Quarterly IBIT
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NT$ M12.7 12.5 EBT EBTM %
290
265
12.0
250 9.2 9.0
210
6.5
170 6.8 8.0
5.4 4.6
130 182 201 3.8 5.0
3.2 3.9
90 111 2.7 2.7 2.2 99 125 169 4.0
50 51 79 1.0 9 1.7 74 (46) 141
10 29 33 14 26 31 (79)
0.0
-30 10'1Q 10'2Q 10'3Q 10'4Q 11'1Q 11'2Q 11'3Q 11'4Q 12'1Q 12'2Q 12'3Q 12'4Q 13'1Q 13'2Q 13'3Q 13'4Q 14'1Q 14'2Q 14'3Q
-70 (3.6)
(2.1)
-110 (4.0)
Quarterly EPS
2.0 NT$
1.63
1.5
1.15 [1.32 ]
1.06
0.88
1.0 0.74 0.75
0.56
0.45 [0.59 ]
0.36
0.5
0.14 [0.22 ]
0.07 0.08 [0.17 0.19 ]
0.0
10'1Q 10'2Q 10'3Q 10'4Q 11'1Q 11'2Q 11'3Q 11'4Q 12'1Q 12'2Q 12'3Q 12'4Q 13'1Q 13'2Q 13'3Q 13'4Q 14'1Q 14'2Q 14'3Q
(0.5)
(0.35)
(0.51)
(1.0)
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Future Outlook
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-
Focus on smartphone & tablet application
-
Build complete product portfolio
-
Continue investments in new technology
-
Collaborate with strategic partners for new application
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Inspire Your Vision
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