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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
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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.
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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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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
1984 Telephone Jack
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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
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Storage and distribution
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Polaris Electronics Inc. (US sales office)
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Tymphany USA
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Audio Sales support
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Local support
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Storage and distribution
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Factories in Dongguan
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Factory in Kunshan
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Primax headquarter
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Taipei RD center
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Sales office
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Factory in Chongqing
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RD centers in GZ/BJ/DG
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Hong Kong office
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(1) ������������������ 20% � 40% � 40%
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(2) ������������� 80%
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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
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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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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
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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$) 2.63 2.91 1.55 3.57 4.06 ������(%) ��� 8.8 10.4 8.9 11.9 10.9 ����� 6.4 7.2 7.2 8.4 7.6 ����� 2.4 3.3 1.6 3.5 3.3 ���� 22.9 24.9 26.6 21.4 26.5 ��� 2.2 2.7 1.6 3.0 2.7 |
����YoY(%) 2011 2012 2013 2014 2015 15.2 -8.9 -1.9 23.4 25.6 -8.2 7.3 -16.6 65.7 14.8 4.7 1.7 -1.1 43.5 13.3 -30.8 22.3 -50.5 163.5 18.5 -23.3 16.8 -42.2 124.8 20.8 -30.6 13.7 -43.5 131.1 14.8 -32.9 10.6 -46.7 130.3 13.7 |
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| ������������ NT$ ��� 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 ������ �������� 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 |
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| 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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