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Primax Annual Report 2015

Jun 28, 2016

52436_rns_2016-06-28_12c1a2de-f275-4480-8cb5-4c76b62a0647.pdf

Annual Report

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2016

1

  • We have made forward-looking statements in the presentation. Our forward-looking statements contain information regarding, among other things, our financial conditions, future expansion plans and business strategies. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties, and assumptions about us.

  • We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in the conference might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.

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  • �������� I/O ������������ �������

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  • 18% � 16%

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4

  • ������������� 15~20 �������

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Hon Hai Chicony Lite-on Tech 2010 Audio Market Eastern Tech 2007 Keyboard Lite-on Tech Inventec

Silitek (Chicony) 2006 Camera Module Mustek 2010 Audio Market Avision Eastern Tech UMAX 2007 Keyboard Lite-on Tech Microtek 2000 Mouse 2005 Printer Inventec Genius 1999 Scanner Genius Kinpo Darfon Darfon Hon Hai Chicony Chicony Lite-on Tech Kinpo Ichia Lite-on Tech Sunrex Ichia BTC Sunrex BTC Adj. ROE% 35% 35% 13% 21% 18% 5% 14% 3% 2% 8% 10% 13% 7% 12% 19% 16% 8% 16% 16% -4% -26% 65.6 41.1 47.3 43.1 42.3 52.2 28.8 4.4 5.9 7.5 11.2 12.6 11.4 11.2 11.6 17.3 16.0 18.4 13.7 18.7 21.6 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Revenue

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����� +17%
65,589
52,240
41,079 [47,343] [43,133] [42,320]
28,786
21,578
2008 2009 2010 2011 2012 2013 2014 2015
Revenue (NT$ mn)
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Audio, 15%
Business
Equipment
, 9% PC
Peripheral,
47%
Mobile
Device,
29%
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2015 ��������
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14.3%
13.7%
11.9%
11.1% 10.9%
10.4%
8.8% 8.9%
4.6%
4.0%
3.3% 3.3% 3.5% 3.3%
2.4%
1.6%
2008 2009 2010 2011 2012 2013 2014 2015
Gross margin Operating margin
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Sales and
Admin Staff,
1,027
Technical
Staff, 3,541
Direct
Labor,
12,749
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  • Keyboard local printing

  • Storage and distribution

  • Polaris Electronics Inc. (US sales office)

  • Tymphany USA

  • Audio Sales support

  • Local support

  • Storage and distribution

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  • Factories in Dongguan

  • Factory in Kunshan

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  • Primax headquarter

  • Taipei RD center

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  • Sales office

  • Factory in Chongqing

  • RD centers in GZ/BJ/DG

  • Hong Kong office

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  • (1) ������������������ 20% � 40% � 40%

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NT$ mn
PC Peripheral Mobile Device Gross margin% Operating margin%
70,000 Business Equipment Audio 14.0%
11.9%
15%
60,000 12.0%
10.9%
10.4%
9%
50,000 10.0%
16% 8.8% 8.9%
40,000 5% 12% 29% 8.0%
15%
30,000 26% 6.0%
29%
3.5%
20,000 4.0% 3.3% 3.3%
2.4%
47%
46% 1.6%
10,000 51% 2.0%
0 0.0%
2013 2014 2015 2011 2012 2013 2014 2015
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NT$ mn Net cash NT$ mn Operating cash flow
5,000 6,000
4,684
4,500
4,163 5,022
5,000
4,000
3,500 3,262
4,000
3,000 3,354
2,991
2,453
2,500 3,000
2,368
2,000
1,568
2,000
1,500
1,394
1,000
1,000
500
0 0
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Note: Net cash = Cash & equivalent + marketable security – total debt
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616
514
311
224
125
89 97 91
14 21 28 41 14 11 15
3 3 6 6 6 4 3 4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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of yearly automation projects # of automation patent applications

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1,542
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Granted
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816
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Pending
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Notes

1.Includes assigned patents

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��� %

����� %

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3.5%
3.3% 3.3%
11.9%
10.9%
10.4%
8.8% 8.9%
2.4%
1.6%
65,589
2,168
52,240
47,343 1,830
43,133 42,320
1,404
1,148
694
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
���� (NT$ �� ) ���� (NT$ �� )
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ROA%
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ROE%

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23.9%
19.5%
18.5%
18.1%
9.1%
6.1% 6.2% 5.9%
4.9%
3.2%
2011 2012 2013 2014 2015
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EPS (NT$) Net income (NT$ mn)
4.06
3.57
2.91
2.63
1.55 1,773
1,545
1,183
1,041
669
2011 2012 2013 2014 2015
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������������
NT$ ���
2011
2012
2013
2014
2015
����
47,343
43,133
42,320
52,240
65,589
����
4,190
4,497
3,753
6,219
7,140
����
3,042
3,093
3,058
4,389
4,972
����
1,148
1,404
694
1,830
2,168
��������
202
173
216
218
305
����
1,350
1,577
911
2,048
2,473
�����
310
393
242
439
656
���������
1,041
1,183
669
1,545
1,773
����(NT$)
2.63
2.91
1.55
3.57
4.06
������(%)
���
8.8
10.4
8.9
11.9
10.9
�����
6.4
7.2
7.2
8.4
7.6
�����
2.4
3.3
1.6
3.5
3.3
����
22.9
24.9
26.6
21.4
26.5
���
2.2
2.7
1.6
3.0
2.7
����YoY(%)
2011
2012
2013
2014
2015
15.2
-8.9
-1.9
23.4
25.6
-8.2
7.3
-16.6
65.7
14.8
4.7
1.7
-1.1
43.5
13.3
-30.8
22.3
-50.5 163.5
18.5
-23.3
16.8
-42.2
124.8
20.8
-30.6
13.7
-43.5 131.1
14.8
-32.9
10.6
-46.7 130.3
13.7

29

������������
NT$ ���
2011
2012
2013
2014
2015
����
18,346
20,019
21,591
31,024
41,732
�������
1,560
2,413
4,787
6,814
7,623
�������
4,868
7,151
7,825
10,514
14,480
��
5,801
5,035
4,161
4,811
7,351
���������
3,858
3,822
3,389
3,935
6,284
����
13,453
12,793
14,049
20,715
28,815
������
0
0
659
3,649
3,028
�������
9,979
9,542
10,447
12,613
18,724
������
4,893
7,226
7,542
10,309
12,917
�����
3,984
4,270
4,336
4,347
4,412
����
328
607
649
674
777
����
474
2,463
2,486
3,687
4,661
������
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38
51
65
64
70
������
43
51
44
36
38
��������
78
92
95
91
98
����YoY(%)
2011
2012
2013
2014
2015
16.4
9.1
7.9
43.7
34.5
32.9
54.7
98.3
42.3
11.9
-1.4
46.9
9.4
34.4
37.7
29.6
-13.2
-17.4
15.6
52.8
34.8
-0.9
-11.3
16.1
59.7
12.6
-4.9
9.8
47.4
39.1
-
-
-
453.8
-17.0
16.7
-4.4
9.5
20.7
48.4
28.3
47.7
4.4
36.7
25.3
3.1
7.2
1.5
0.3
1.5
13.4
85.1
6.8
3.8
15.4
380.8
419.2
0.9
48.3
26.4

30

2011 – 2015 ���� 2011 – 2015 ���� 2011 – 2015 ����
( NT$ million ) 2011 2012 2013 2014 2015
���� 1,041 1,183 669 1,545 1,773
���� 201 647 347 791 928
������(NT$) 0.5 1.5 0.8 1.8 2.1
�����(%) 2.0%*1 5.9%*2 1.7%*3 4.9%*4 5.5%*5
�����(%) 19% 55% 52% 51% 52%

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5. 2015 ��������������������� 2016 � 3 � 28 �������

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