Primax — Interim / Quarterly Report 2016

Nov 10, 2016

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Primax Electronics (4915 TT)
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3Q16 Earnings Conference

10 Nov 2016

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2016 年第三季營運成果
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、 、 Record Q3 Topline Record GP OI

Amount：NTD M	Q3 16		Q2 16		Q3 15	QoQ YoY 24.1% 7.4% 1.4% 1.1% -0.3% 0.1%
Net Sales	18,488		14,900		17,221
COGS Gross Profit	16,295		13,340		15,375 1,845
	2,193		1,561
Gross Margin	11.9%		10.5%		10.7%
Operating Expense Operating Expense % Operating Income Operating Margin Non-operating Items Income before Tax Income Tax	1,351		1,138		1,249 7.3% 597 3.5% 109 705 217
	7.3%		7.6% 423
	842					99.1% 41.2%
	4.6%		2.8% 176			1.7% 1.1% 32.9% 12.9% 34.8% 19.4% 31.2% 17.8% 0.2% 0.3%
	(46)
	797		599 167
	214
Net Income (Loss) from Continuing Operations	583		432		488
Income (Loss) from Discontinued Operations	50		50		49
Net Income	633		483		537
Net Margin Net income attributed to Primax EPS (NT$)	3.4%		3.2% 447 1.02		3.1% 501 1.15
	562
	1.28

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季營收
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Amount ： NTD M

0 5,000 10,000 15,000 20,000 25,000
	屢創新高 邁向千億 1 2 3 13,622 13,435 12,588 13,996 17,221 19,734 13,405 14,900 18,488	屢創新高 邁向千億 17,221 19,734
	3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

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營業毛利、營業毛利率
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Gross Profit

Gross Margin

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Amount ： NTD M
2,400
14.5%
2,193
2,085
2,100
13.5%
1,845
1,800
1,626 1,586 1,561 12.5%
1,447 11.9% 11.8% 11.9%
1,500
1,367 1,408
11.5%
10.9%
10.5%
1,200 10.7%
10.6% 10.5%
10.3%
10.5%
900
9.5%
600
8.5%
300
0 7.5%
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
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營業淨利、營業淨利率
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Operating Profit

Operating Margin

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Amount ： NTD M
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6.0%
900
842
800 759
5.0%
4.6%
700
597 3.9%
600 4.0% 3.8%
3.5%
522
383 3.0% 2.8%
500
2.9% 2.7%
368 398 423 3.0% 2.4%
400 323
300 2.0%
200
1.0%
100
0 0.0%
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
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每股盈餘
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Amount ： NTD

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1.28
1.30
1.15 1.15
1.10
1.10
1.02
0.91 0.91
0.90 0.85
0.76
0.70
0.50
0.30
0.10
-0.10 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
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2016 年第三季資產負債表
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2016年第三季資產負債表
Selected items from Balance Sheet (Amount：NTD M) Cash Notes and Accounts receivable Inventory Non-Current Assets Held for Sale Total Current Assets Fixed Assets Total Assets Notes and Accounts Payable S-T Borrowings CPLTD Liabilities included in disposal groups classified as held for sale Total Current Liabilities L-T Borrowings Total Liabilities Total Equity	2016/9/30	Amt % 7,949 19% 13,682 33% 7,294 18% 0 0% 30,120 74% 6,129 15% 2015/9/30
	Amt % 6,701 16% 14,593 35% 6,449 16% 3,660 9% 32,093 78% 4,760 12%
	41,241 100%	40,960 100%
	16,158 39% 2,892 7% 716 2% 1,711 4% 25,991 63% 219 1%	16,453 40% 4,087 10% 680 2% 0 0% 26,055 64% 1,057 3%
	28,055 68% 13,185 32%	28,668 70% 12,292 30%
Key Indices AR Turnover (days) AP Turnover (days) Inventory Turnover (days) Cash Conversion Cycle (days) Current Ratio (%) Total Liabilities-to-Assets Ratio (%)	83 107 45 21 123.5 68.0	75 98 42 19 115.6 70.0

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2016 年第三季現金流量表
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Amount：NTD M	Q3 16 YTD	Q3 15 YTD
From Operation	(333)	1,840
- Income before tax - Depreciation and amortization - Notes and Accounts receivable - Notes and Accounts payable - Inventory - Other Operating Sources / (Uses)	2,194 1,231 (959) (2,009) (275) (515)	1,738 1,069 (2,611) 3,427 (2,289) 505
From Investment	(863)	(1,347)
- Fixed Assets - Cash from Non-Current Assets Held for Sale - Proceeds from disposal of available-for-sale financial assets - Acquisition of subsidiaries' shareholding - Other Investing Sources / (Uses)	(634) (440) 220 0 (9)	(1,282) 0 0 (39) (26)
From Financing	510	584
- S-T Borrowings - L-T Borrowings - Cash Dividend - Exercise of ESOP - Other Financing Sources / (Uses)	1,909 (418) (928) 16 (70)	1,636 (203) (791) 17 (76)
Net Cash Position Change Effect of foreign currency exchange translation Cash at beginning of year	(686) (237) 7,623	1,077 58 6,814
Ending Cash Balance	6,701	7,949

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2016 第四季、 2017 營運展望
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• 頭戴式耳機量產

• Audio 營收持續增長趨勢

• 優化獲利結構

• 2017 營收持續增長、獲利結構優化

• 雙鏡頭產品比重大幅提升

• 持續增加耳機產品新客戶

• 電競產品持續成長

• Audio 大幅成長、行動裝置次之

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Thank you!
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Note

 All number has reflected Global Tek restatement

 Record Quarter  Historical Record High

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Safe Harbor Notice
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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.

• 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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