Primax — Annual Report 2015

Mar 11, 2016

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2015 ���������

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2015 �����

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Amount � NTD M 2015 2014 YoY
Net Sales 65,589 52,240 25.6%
COGS 58,449 46,021
Gross Profit 7,140 6,219
Gross Margin 10.9% 11.9% -1.0%
Operating Expense 4,972 4,389
Operating Expense % 7.6% 8.4% -0.8%
Operating Income 2,168 1,830 18.5%
Operating Margin 3.3% 3.5% -0.2%
Non-operating Items 305 218
Income before Tax 2,473 2,048 20.8%
Income Tax 656 439
Net Income 1,817 1,609 12.9%
Net Margin 2.8% 3.1% -0.3%
Net income attributed to Primax 1,773 1,545
EPS (NT$) 4.06 3.57
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2015 ��������

Amount�NTD M Net Sales COGS Gross Profit Gross Margin Operating Expense Operating Expense % Operating Income Operating Margin Non-operating Items Income before Tax Income Tax Net Income Net Margin Net income attributed to Primax EPS (NT$)	Q4 15		Q3 15	Q4 14	QoQ	YoY 51.2% -1.1% -2.4% 135.5% 1.3% 72.9% 50.5% 0.0%
	20,309		17,783	13,435	14.2%
	18,131		15,799 1,984	11,849 1,586
	2,178
	10.7%		11.2%	11.8%	-0.4%
	1,417		1,342 7.5% 642 3.6% 119 761 224	1,263 9.4% 323 2.4% 102 425 85	-0.6% 18.5% 0.1% -3.4%
	7.0%
	761
	3.7%
	(25)
	735
	224
	512		537	340	-4.8%
	2.5%		3.0% 501 1.15	2.5% 332 0.76	-0.5%
	505
	1.15

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Amount � NTD M

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25,000
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20,309
17,783
20,000
14,539
13,580 13,622
13,435
15,000 12,948
11,603
11,064
10,000
5,000
0
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
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Amount � NTD M

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2,400
2,178
2,100
1,984
1,800 1,586
1,582 1,546
1,626
1,432
1,425
1,500
1,200
900 660
600
300
0
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
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14.0%
12.3%
11.8%
12.0% 11.1% 11.2%
10.6% 10.7%
11.6%
11.9%
10.0%
8.0%
6.0%
6.0%
4.0%
2.0%
0.0%
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
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Amount � NTD M

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900
761
800
700
642
600 488 522
497
500
392
323
373
400
300
200
100
0
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
-100
-49
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6.0%
5.0%
4.3%
3.6%
3.8%
3.7%
4.0% 3.6%
2.7%
2.9%
3.0%
2.0% 2.4%
1.0%
-0.4%
0.0%
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
-1.0%
-2.0%
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Amount � NTD

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1.30
1.15
1.15
1.10
1.10
0.95
0.91
0.76
0.90 0.75 0.85
0.70
0.50
0.30
0.10
-0.10 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
-0.04
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2015 ���������

	Selected items from Balance Sheet (Amount�NTD M) Cash Notes and Accounts receivable Inventory Total Current Assets Fixed Assets Total Assets Notes and Accounts Payable S-T Borrowings CPLTD Total Current Liabilities L-T Borrowings Total Liabilities Total Equity	2015/12/31	2015/12/31		Amt % 6,814 22% 10,453 34% 4,811 16% 23,078 74% 3,935 13% 31,024 100% 12,613 41% 2,149 7% 600 2% 19,255 62% 900 3% 20,715 67% 10,309 33% 64 91 36 8 119.9 66.8 2014/12/31
		Amt 7,623 14,425 7,351 30,413 6,284	%
			18% 35% 18% 73% 15%
		41,732	100%
		18,724 1,351 622 26,155 1,055	45% 3% 2% 63% 3%
		28,815 12,917	69% 31%
	Key Indices AR Turnover (days) AP Turnover (days) Inventory Turnover (days) Cash Conversion Cycle (days) Current Ratio (%) Total Liabilities-to-Assets Ratio (%)	69 98 38 9 116.3 69.0

2015 ���������

	Amount�NTD M	2015	2014 3,354 2,048 1,193 (1,401) 953 112 449 (3,757) (1,095) (2,330) (333) 2,280 1,084 1,420 (347) 49 74 1,877 150 4,787 6,814
	From Operation	5,022
	- Income before tax - Depreciation and amortization - Notes and Accounts receivable - Notes and Accounts payable - Inventory - Other Operating Sources / (Uses)	2,473 1,473 (3,356) 5,699 (2,536) 1,269
	From Investment	(1,975)
	- Fixed Assets - Acquisition of subsidiaries' shareholding - Other Investing Sources / (Uses)	(1,898) (39) (37)
	From Financing	(2,228)
	- S-T Borrowings - L-T Borrowings - Cash Dividend - Exercise of ESOP - Other Financing Sources / (Uses)	(1,101) (261) (791) 33 (107)
	Net Cash Position Change 820 Effect of foreign currency exchange translation (10) Cash at beginning of year 6,814
	Ending Cash Balance 7,623

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