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FocalTech — Interim / Quarterly Report 2014
Aug 15, 2014
52342_rns_2014-08-15_f4f069cc-8a3d-45a0-9bba-00e43f396ca5.pdf
Interim / Quarterly Report
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Inspire Your Vision
August, 2014
Company Profile
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Date of spin-off from SUNPLUS 31th March, 2006
TSE ticker
3545
Capital (as of 14’/7/31)
NT$ 1,401 million
Market Cap. (as of 14’/7/31)
NT$ 6,909 million
Location
Hsinchu Science Park, Taiwan
Major Shareholders (as of 14’/7/31)
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Sunplus
34%
Others
66%
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Master:68%
Total # 361
R&D: 73%
ISO-9001:2008 OHSAS-18001:2007
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Employee Status on 14’/7/31
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 26 24 16 17 18 13 ~~11~~ ~~18~~ 13 8 10 9 6 6 14 16 16 13 ~~14~~ 12 7 4 4 3 4 5 ~~4~~ 3 7 ~~10~~ 5 3 ~~4~~ 3 2 3 ~~1~~ 1 1 1 1 ~~1~~ 47 44 ~~58~~ 62 ~~57~~ 66 75 72 ~~79~~ 86 83 83 88 89 ~~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 Other Phone TCON AV Medium STN ~~1~~ |
|---|---|
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Revenue by Customer Mix
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14’ 2Q
14’ 1Q 13’ 2Q
Others Others
Others,
2% 2%
2%
TW LCM
TW LCM,
32% TW LCM
36% CN LCM CN LCM
CN LCM, 44%
45% 44%
42%
JP LCM
JP LCM
JP LCM, 21%
10%
21%
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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 | 14'2Q | |
| TFT Driver ICs | 309,757 | 264,914 | 202,753 | 356,971 | 76.06% | 117,455 |
| STN Driver ICs | 58,387 | 39,377 | 33,768 | 30,158 | -10.69% | 8,366 |
| Total | 368,144 | 304,291 | 236,521 | 387,129 | 63.68% | 125,821 |
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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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| Quarterly Income Statement | Quarterly Income Statement | Quarterly Income Statement | Quarterly Income Statement | Quarterly Income Statement | Quarterly Income Statement | Quarterly Income Statement | Quarterly Income Statement | Quarterly Income Statement |
|---|---|---|---|---|---|---|---|---|
| Audited, Amt: in NT$ M | ||||||||
| 3 months ended on | 2014/6/30 | 2014/3/31 | 2013/6/30 | QoQ | YoY | |||
| Net Revenue | 3,095.4 | 100.0% | 2,611.6 | 100.0% | 2,924.9 | 100.0% | 19% | 6% |
| Cost of Rev. | 2,671.9 | 86.3% | 2,207.0 | 84.5% | 2,370.0 | 81.0% | 21% | 13% |
| Gross Profit | 423.6 | 13.7% | 404.5 | 15.5% | 555.0 | 19.0% | 5% | -24% |
| Op. Exp. | 260.0 | 8.4% | 254.4 | 9.7% | 299.4 | 10.2% | 2% | -13% |
| Income from Op. | 163.6 | 5.3% | 150.2 | 5.8% | 255.5 | 8.7% | 9% | -36% |
| Non-Op. Income & Exp. | (22.6) | -0.7% | 19.2 | 0.7% | 9.0 | 0.3% | -217% | -350% |
| IBIT | 141.0 | 4.6% | 169.4 | 6.5% | 264.6 | 9.0% | -17% | -47% |
| Income Tax | (19.1) | -0.6% | (22.4) | -0.9% | (37.9) | -1.3% | -15% | -50% |
| Net Income | 121.9 | 3.9% | 147.0 | 5.6% | 226.7 | 7.7% | -17% | -46% |
| EPS | 0.87 | 1.06 | 1.63 | -18% | -47% | |||
| Profit Sharing | 26.2 | 30.2 | 64.9 | |||||
| Note: EPS- -based on weighted average outstanding common shares. |
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YTD Income Statement
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Audited, Amt: in NT$ M
| 2014 1H | 2014 1H | 2013 1H | 2013 1H | YoY | |
|---|---|---|---|---|---|
| Net Revenue | 5,707.0 | 100.0% | 4,890.4 | 100.0% | 17% |
| Cost of Rev. | 4,878.9 | 85.5% | 4,048.9 | 82.8% | 20% |
| Gross Profit | 828.1 | 14.5% | 841.5 | 17.2% | -2% |
| Op. Exp. | 514.3 | 9.0% | 502.0 | 10.3% | 2% |
| Income from Op. | 313.8 | 5.5% | 339.5 | 6.9% | -8% |
| Non-Op. Income & Exp. | (3.4) | -0.1% | 23.6 | 0.5% | -114% |
| IBIT | 310.4 | 5.4% | 363.1 | 7.4% | -15% |
| Income Tax | (41.5) | -0.7% | (55.0) | -1.1% | -25% |
| Net Income | 268.9 | 4.7% | 308.0 | 6.3% | -13% |
| EPS | 1.93 | 2.22 | -13% | ||
| Profit Sharing 56.4 64.9 Note: EPS- -based on weighted average outstanding common shares. |
56.4 | 64.9 |
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Balance Sheets & Key Indices
Audited, Amt: in NT$ M
| As of | 2014/6/30 | 2014/3/31 | 2013/6/30 | QoQ | YoY | |
|---|---|---|---|---|---|---|
| Total Assets | 7,086 | 6,537 | 6,777 | 8% | 5% | |
| Cash Equivalent | 521 | 626 | 891 | -17% | -42% | |
| AR | 3,119 | 2,500 | 3,064 | 25% | 2% | |
| I | nv. | 2,567 | 2,490 | 1,697 | 3% | 51% |
| Total Lia. | 4,158 | 3,458 | 3,926 | 20% | 6% | |
| Short-term Loans | 747 | 625 | 690 | 20% | 8% | |
| AP | 1,781 | 1,474 | 1,857 | 21% | -4% | |
| Convertible Bonds | 930 | 926 | 917 | 0% | 1% | |
| Shareholder Eqt. | 2,929 | 3,079 | 2,850 | -5% | 3% | |
| Net CF In (Out) | 138 | 184 |
436 |
-25% |
-68% | |
| CF fm Operation | 185 | 398 |
(701) |
-54% | -126% | |
| ROE-annualized | 18.39% | 19.60% | 22.75% | |||
| AR Days | 86 | 83 |
94 |
|||
| I | nv. Days | 100 | 109 |
69 |
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Quarterly Revenue & Exp.
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Quarterly Rev.
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NT$ M 3,095
2,925
3,000 2,612
2,3152,157
2,400 1,896 [1,965]
1,800 1,367
1,211 [1,4341,608]
1,200 1,3201,1681,0721,038 887 787 956 834
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 14'07
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Quarterly Opex.
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NT$ M % 16.0
Opex Op.M
320 13.4
12.2 299
13.0
290 280
8.7 264 260
260 8.3 254 10.0
9.5 231
230 6.0 203 6.1 5.8 5.3 7.0
4.3 4.0
200 187
177 2.1 4.0
1.7 3.9
170 156 1.3 3.1 4.3
140 133 141 141 141 142 156 132 150 (2.3) 1.0
-2.0
110
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
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Quarterly EBT & EPS Quarterly IBIT
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NT$ M12.7 12.5 EBT EBTM %
280 265
12.0
240 9.2 9.0
200 6.5
6.8 8.0
160 5.4 4.6
3.8 5.0
120 182 201 3.2 2.2 3.9
80 111 2.7 1.0 1.7 2.7 99 125 169 4.0
141
40 51 79 9 74
29 33 14 26 31 (46)
0 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
-40
-80 (2.1) (4.0)
Quarterly EPS
2.0 NT$
1.63
1.5 1.32
1.15
1.06
0.88
1.0
0.74 0.75
0.56 0.59
0.45
0.5 0.36
0.14 0.22 0.17 0.19
0.07 0.08
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
(0.5) (0.35)
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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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