AI assistant
FocalTech — Interim / Quarterly Report 2014
Jan 14, 2015
52342_rns_2015-01-14_581988a5-d7ad-487b-ab58-469313bc0ae4.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Inspire Your Vision
November, 2014
Company Profile
==> picture [118 x 37] intentionally omitted <==
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)
==> picture [134 x 85] intentionally omitted <==
----- Start of picture text -----
Sunplus
34%
Others
66%
----- End of picture text -----
==> picture [13 x 39] intentionally omitted <==
==> picture [325 x 139] intentionally omitted <==
----- Start of picture text -----
Master:68%
Total # 373
R&D: 74%
ISO-9001:2008 OHSAS-18001:2007
----- End of picture text -----
Employee Status on 14’/10/31
Sony Green Partner
ISO-14001 Inspire Your Vision
2
Company Profile
==> picture [118 x 37] intentionally omitted <==
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 |
3
| 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… |
Inspire Your Vision
4
==> picture [721 x 541] intentionally omitted <==
----- Start of picture text -----
Product Application
Handset IT & Tablet
Consumer
Inspire Your Vision 5
----- End of picture text -----
Revenue by Product Mix
==> picture [118 x 37] intentionally omitted <==
| 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~~ |
|---|---|
Inspire Your Vision
6
Revenue by Customer Mix
==> picture [118 x 37] intentionally omitted <==
==> picture [667 x 259] intentionally omitted <==
----- Start of picture text -----
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%
----- End of picture text -----
LCM: Liquid Crystal Module
Inspire Your Vision
7
Shipments & Vendors
==> picture [118 x 37] intentionally omitted <==
==> picture [714 x 105] intentionally omitted <==
==> picture [714 x 106] intentionally omitted <==
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 |
==> picture [103 x 29] intentionally omitted <==
----- Start of picture text -----
Vendors
----- End of picture text -----
Foundry TSMC, UMC, Vanguard, etc. Gold bump Chipbond, ChipMOS Testing & packaging ASE, Chipbond, Greatek, SPIL, YTEC, etc.
Note: in alphabetic order
Inspire Your Vision
8
Quarterly Income Statement
==> picture [118 x 37] intentionally omitted <==
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. |
Inspire Your Vision
9
YTD Income Statement
==> picture [118 x 37] intentionally omitted <==
| 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 |
Inspire Your Vision
10
==> picture [118 x 37] intentionally omitted <==
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 |
Inspire Your Vision
11
Quarterly Revenue & Exp.
==> picture [118 x 37] intentionally omitted <==
Quarterly Rev.
==> picture [711 x 417] intentionally omitted <==
----- Start of picture text -----
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
Inspire Your Vision 12
----- End of picture text -----
12
Quarterly EBT & EPS Quarterly IBIT
==> picture [118 x 37] intentionally omitted <==
==> picture [701 x 400] intentionally omitted <==
----- Start of picture text -----
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)
----- End of picture text -----
Inspire Your Vision
13
Future Outlook
==> picture [118 x 37] intentionally omitted <==
-
Focus on smartphone & tablet application
-
Build complete product portfolio
-
Continue investments in new technology
-
Collaborate with strategic partners for new application
==> picture [98 x 93] intentionally omitted <==
Inspire Your Vision
14