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FocalTech — Interim / Quarterly Report 2014
Apr 29, 2014
52342_rns_2014-04-29_b0b0a853-1200-426e-a02a-76c5fdd28602.pdf
Interim / Quarterly Report
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Inspire Your Vision
April, 2014
Company Profile
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Date of spin-off from SUNPLUS 31th March, 2006
TSE ticker
3545
Capital (as of 14’/3/31)
NT$ 1,402 million
Market Cap. (as of 14’/ 3/31)
NT$ 7,641 million
Location
Hsinchu Science Park, Taiwan
Major Shareholders (as of 14’/3/31)
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Sunplus
34%
Others
66%
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Master:68%
Total # 366
R&D: 74%
ISO-9001:2008 OHSAS-18001:2007
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Employee Status on 14’/ 3/31
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 |
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Product Category
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| Category | Product | Application |
|---|---|---|
| Large | TCON (Timing Controller) |
NB/ Monitor |
| Mid. | Source/ Gate Driver/ Feature Driver |
Portable DVD/ Digital photo frame/ Netbook/ Tablet PC/ E-book |
| Small | SoC | AV (DSC/ GPS/ MP3/ E-tag/ Multi-functional printer…) |
| 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% |
1 1 |
1 1 |
|---|---|---|
| 1 1 1 2 1 1 1 1 1 |
||
| 47 47 54 54 47 44 58 |
||
| 62 57 66 75 72 |
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Revenue by Customer Mix
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14’ 1Q
13’ 4Q 13’ 1Q
Others
Others,
2%
2%
TW LCM,
32%
TW LCM
CN LCM
CN LCM, 45% 45%
45%
JP LCM
JP LCM,
8%
21%
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Shipments & Vendors
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Unit: 1,000 pcs
| Unit: 1,000pcs | ||||||
|---|---|---|---|---|---|---|
| 2010 | 2011 | 2012 | 2013 | 13'YoY | 14'1Q | |
| TFT Driver ICs | 309,757 | 264,914 | 202,753 | 356,971 | 76.06% | 97,739 |
| STN Driver ICs | 58,387 | 39,377 | 33,768 | 30,158 | -10.69% | 6,558 |
| Total | 368,144 | 304,291 | 236,521 | 387,129 | 63.68% | 104,297 |
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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 |
|---|---|---|---|---|---|---|---|---|
| Preliminary: in NT$ M | ||||||||
| 3 months ended on | 2014/3/31 | 2013/12/31 | 2013/3/31 | QoQ | YoY | |||
| Net Revenue | 2,611.6 | 100.0% | 2,156.8 | 100.0% | 1,965.5 | 100.0% | 21% | 33% |
| Cost of Rev. | 2,207.0 | 84.5% | 1,925.9 | 89.3% | 1,679.0 | 85.4% | 15% | 31% |
| Gross Profit | 404.5 | 15.5% | 230.8 | 10.7% | 286.5 | 14.6% | 75% | 41% |
| Op. Exp. | 254.4 | 9.7% | 280.1 | 13.0% | 202.5 | 10.3% | -9% | 26% |
| Income from Op. | 150.2 | 5.8% | -49.3 | -2.3% | 84.0 | 4.3% | -405% | 79% |
| Non-Op. Income & Exp. | 19.2 | 0.7% | 3.3 | 0.2% | 14.5 | 0.7% | 483% | 32% |
| IBIT | 169.4 | 6.5% | -46.0 | -2.1% | 98.5 | 5.0% | -468% | 72% |
| Income Tax | -22.4 | -0.9% | -2.9 | -0.1% | -17.1 | -0.9% | 664% | 31% |
| Net Income | 147.0 | 5.6% | -48.9 | -2.3% | 81.4 | 4.1% | -401% | 81% |
| EPS | 1.06 | (0.35) | 0.59 | -403% | 80% | |||
| Profit Sharing | 26.0 | -10.1 | - | |||||
| Note: EPS- -based on weighted average outstanding common shares. |
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Balance Sheets & Key Indices
Preliminary, Amt: in NT$ M
| As of | 2014/3/31 | 2013/12/31 | 2013/3/31 | QoQ | YoY | |
|---|---|---|---|---|---|---|
| Total Assets | 6,537 | 6,314 | 5,096 | 4% | 28% | |
| Cash Equivalent | 626 | 383 | 353 | 63% | 77% | |
| AR | 2,500 | 2,261 | 2,254 | 11% | 11% | |
| I | nv. | 2,490 | 2,772 | 1,823 | -10% | 37% |
| Total Lia. | 3,458 | 3,392 | 2,445 | 2% | 41% | |
| Short-term Loans | 625 | 760 | 626 | -18% | 0% | |
| AP | 1,474 | 1,263 | 1,577 | 17% | -7% | |
| Convertible Bonds | 926 | 922 | 0 | 0% | ||
| Shareholder Eqt. | 3,079 | 2,922 | 2,651 | 5% | 16% | |
| Net CF In (Out) | 184 | 151 |
120 |
22% |
53% | |
| CF fm Operation | 398 | (1,187) |
(196) | 134% | 303% | |
| ROE-annualized | 19.60% | 13.26% | 12.48% | |||
| AR Days | 83 | 82 |
98 |
|||
| I | nv. Days | 109 | 95 |
86 |
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Quarterly Revenue & Exp.
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Quarterly Rev.
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NT$ M
2,925
3,000 2,612
2,315
2,157
2,400 1,896 [1,965]
1,800 1,211 [1,434] [1,608] 1,320 1,168 1,367
1,072 1,038 887 956
1,200 787
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
Quarterly Opex.
NT$ M % 16.0
Opex Op.M
320 13.4
12.2 299
13.0
290 280
264
8.7
260 8.3 254 10.0
9.5 231
230 6.0 203 6.1 5.8 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
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Quarterly EBT & EPS
Quarterly IBIT
NT$ M 12.7 12.5 EBT EBTM %
280 265
12.0
240 9.2 9.0
200 6.5
6.8 8.0
160 5.4
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
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
-40
-80 (2.1) (4.0)
Quarterly EPS
2.0 NT$
1.63
1.5 1.32
1.15
1.06
1.0 0.74 0.75
0.56 0.59
0.45
0.36
0.5
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
(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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