SEEC — Interim / Quarterly Report 2014

Sep 12, 2014

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1503TW
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⼠士林電機
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SHIHLIN ELECTRIC &
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ENGINEERING CORP.
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BUSINESS REVIEW

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• This Presentation contains certain forward-looking statements that are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

• Except as required by law, we undertake no obligation to update any forward –looking statements, whether as a result of new information, future events or otherwise.

• 本簡報財務數字係根據國際財務準則編製

• The financial numbers hereby are based on International Financial Reporting Standards (IFRSs)

• ● 合併數字係經由會計師核閱簽證

• Consolidated numbers were reviewed by CPA

• Established in 1955 by founder C.T. Hsu.

• Employee No. : 4,087 (Consolidated Financial

• Report 2013)

• Public Share Company.

• ( Mitsubishi Electric Japan as largest share

holder / investor within SE&E )

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• ●Main OEM/ODM partner of Mitsubishi Electric, GE, Eaton Electric

• Original Technology from Mitsubishi

• 2013 Consolidated Revenue:NT$19.6 Billion

• Capital Funds:NT$5.2 Billion

Global Mfg, R&D, Sales

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Factory Locations in CHINA

Chang Zhou Plant I & II: Auto. parts

Wuxi Plant :DC Motors

Wuhan Plant: Auto. Suzhou Plant I & II : parts Capacitor, Inverter, Sensors Suzhou Plant III : Switchgear Panel, CRTR.Assembly

Fuzhou Plant: Auto. parts Xiamen Plant I & II : ACB, MCCB, MCB, MS

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ISO9001 / ISO14001 / OHASA18001
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Heavy Electric System

Automobile Parts

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Digital Image

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Industry Equipment

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Business Units

Breaker & Switchgear System

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Factory Automation

Electrical Equipment Manufacturing

Major Customers

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Oil Immersed High Efficiency Distribution Transformer 油浸式省能源配電變壓器

Cast Resin High Efficiency Distribution Transformer 模鑄式⾼高效率配電變壓器

Power Transformer 電⼒力變壓器

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161kV SF6 Gas Insulated Switchgear (GIS) 161kV SF6氣體絕緣開關

Switchgear & Controlgear 配電盤

Electrical Equipment Manufacturing

Major Customers

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HV Inverter ⾼高壓變頻器

HV/LV Capacitor ⾼高低壓電容器/智慧型電容器

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HV/LV Bus Way
⾼高/低壓匯流排
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Current Transformer/
Potential Transformer
比流器/比壓器
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Solid Insulation System 隔相式匯流排

Electrical Equipment Manufacturing

Major Customers

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Power Cell Automatic Handling & Inspecting System 電池⾃自動搬送及檢查系統

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Lamination Machine for Touch Panel & LCD Module & 觸控⾯面板 液晶模組⽤用貼合機

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Hard Case Loader\Un-Loader Hard Case 上貨/卸貨⼯工作站

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Cassette Station 卡匣⼯工作站

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Factory Automatic System ⼯工廠⾃自動化系統

Machinery and Equipment Manufacturing

Major Customers

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Alternator (Automobile)
交流發電機(四輪⾞車)
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Wiper Motor
⾬雨刮⾺馬達
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Transaxle Motor
傳動軸⾺馬達
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Fan Motor
風扇⾺馬達
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Starting Motor (Automobile) 起動⾺馬達(四輪⾞車)

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High Intensity Discharge Ballast
⾼高強度放電頭燈安定器
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Fuel Pump Module 燃油泵

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Blind Spot
Auto Rain Sensor Warning System
⾬雨滴⾃自動感測器 盲點偵測系統
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DC Motor 直流⾺馬達

Machinery and Equipment Manufacturing

Major Customers

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AC Generator (Motorcycle) 磁⽯石發電機(⼆二輪⾞車)

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Regulator 穩壓整流器

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Ignition Coil 點⽕火線圈

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Starting Motor (Motorcycle) 起動⾺馬達(⼆二輪⾞車)

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Differential Motor 差速器⾺馬達 (⼆二輪⾞車)

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燃油泵
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Starting Motor (Skidoo) 起動⾺馬達(雪⾞車⽤用)

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DCU 差速⾺馬達控制器

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Brushless Motor Controller
無刷⾺馬達控制器
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Machinery and Equipment Manufacturing

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Air Circuit Breaker�
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Major Customers

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Air Circuit Breaker� 空氣斷路器 Vacuum Circuit Breaker� 真空斷路器

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Molded Case Circuit Breaker/ Earth Leakage Circuit Breaker� 無熔線斷路器/ 漏電斷路器

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Miniature Circuit Breaker � 無熔線斷路器/漏電斷路器

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Miniature Circuit Breaker � ⼩小型斷路器

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Surge Protective Device� 突波保護器

Machinery and Equipment Manufacturing

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Major Customers

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Leakage Protection Socket � 漏電保護插座(NV-CS)

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Magnetic Switch/ Contactor 電磁開關/接觸器

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Wall Switch & Socket� 壁上開關插座

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Automatic Transfer Switches� ⾃自動切換開關 (MS Type/ NFB Type)

Sleeve� ⾼高低壓匯流排熱收縮套管

Machinery and Equipment Manufacturing

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Major Customers

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Shihlin Servo (SDA) SDA ⼠士林伺服

Shihlin Micro Computer Temperature

Controller ⼠士林微電腦溫度控制器

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Shihlin Human Machine Interface ⼠士林⼈人機介⾯面

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Mitsubishi Servo Motor 三菱泛⽤用伺服⾺馬達

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Shihlin Micro Programmable Logic Controller ⼠士林⼩小型可程式控制器

Shihlin Inverter ⼠士林變頻器

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Mitsubishi Programmable Logic Controller 三菱中⼤大型可程式控制器

Mitsubishi Human Machine Interface 三菱⼈人機介⾯面

OTHERS

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數位影像對講機
Aiphone
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Revenues by

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business

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Description 2012 2013 2014/H1
Electrical Equipment
10,881 10,931 5,295
Manufacturing
Machinery and Equipment
7,441 7,598 3,826
Manufacturing
Others 1,529 1,113 545
Total 19,850 19,642 9,666
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Revenues by

business

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Description 2012 2013 2014/H1
Electrical Equipment
7,272 6,899 3,310
Manufacturing
Machinery and Equipment
6,385 6,438 3,444
Manufacturing
Others 1,458 1,101 538
Total 15,114 14,438 7,292
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Income statement

(In Thousands of New Taiwan Dollars, Except Earning Per Share)

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���� 2012 2013 2014/H1
������ % ������ % ���� [%] ������ % ���� [%]
����������������� 19,850 100.0 19,642 100.0 -1.0 9,666 100.0 9.3
O eratin Cost 16 171 81.5 16 086 81.9 -0.5 7 667 79.3 9.4
p g , , ,
������������ 3,679 18.5 3,555 18.1 -3.4 1,998 20.7 8.9
O eratin Ex enses 2 486 12.5 2 794 14.2 12.4 1 324 13.7 9.6
p g p , , ,
���������������������� 1,192 6.0 761 3.9 -36.2 674 7.0 7.6
Non-o eratin Income and Ex enses 155 0.8 783 4.0 406.2 163 1.7 109.4
p g p
1 347 6.8 1 544 7.9 14.6 837 8.7 18.9
������������������������ , ,
Income Tax Expense 299 1.5 319 1.6 6.7 181 1.9 -1.0
����������������������� 1,048 5.3 1,225 6.2 16.9 656 6.8 25.9
EPS 1.93 2.25 16.6 1.19 24.0
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Income statement

(In Thousands of New Taiwan Dollars, Except Earning Per Share)

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���� 2012 2013 2014/H1
������ % ������ % ���� [%] ������ % ���� [%]
����������������� 15,114 100.0 14,438 100.0 -4.5 7,292 100.0 11.3
O eratin Cost 12 553 83.1 12 156 84.2 -3.2 5 931 81.3 11.7
p g , , ,
������������ 2,561 16.9 2,282 15.8 -10.9 1,361 18.7 9.8
O eratin Ex enses 1 795 11.9 1 974 13.7 10.0 910 12.5 5.8
p g p , ,
���������������������� 766 5.1 308 2.1 -59.8 451 6.2 18.7
Non-o eratin Income and Ex enses 443 2.9 1 053 7.3 137.7 304 4.2 18.4
p g p ,
������������������������ 1,209 8.0 1,361 9.4 12.6 754 10.3 18.6
Income Tax Ex ense 201 1.3 189 1.3 -6.2 136 1.9 -0.5
p
����������������������� 1,008 6.7 1,173 8.1 16.3 618 8.5 23.8
EPS 1.93 2.25 16.6 1.19 24.0
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Financial Ratio Summary

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Year
���� ���� �������
� �� � �
Financial
Debt Ratio(�) 36.0 37.4 38.3
structure
Solvency Current Ratio(�) 150.0 143.7 139.4
Quick Ratio(�) 84.2 89.1 86.1
Accounts Receivable
4.4 3.8 3.4
Turnover Ratio
Operating
ability Inventory Turnover Ratio 3.2 3.5 3.4
Total Asset Turnover Ratio 0.7 0.6 0.6
Return on Assets(�) 3.5 3.9 4.0
Profitability
Return on Equity(�) 5.4 6.1 6.3
EPS(dollars) 1.93 2.25 1.19
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Financial Ratio Summary

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Year
���� ���� �������
� �� � �
Financial
Debt Ratio(�) 33.3 33.5 34.2
structure
Solvency Current Ratio(�) 124.1 122.2 116.8
Quick Ratio(�) 67.4 74.6 70.8
Accounts Receivable
4.2 3.6 3.5
Turnover Ratio
Operating
ability Inventory Turnover Ratio 3.6 3.9 4.0
Total Asset Turnover Ratio 0.5 0.5 0.5
Return on Assets(�) 3.6 4.0 4.1
Profitability
Return on Equity(�) 5.3 5.9 6.1
EPS(dollars) 1.93 2.25 1.19
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Balance sheet

(In millon of New Taiwan Dollars)

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Year 2012 2013 2014/H1
Amount % Amount % Amount %
Current Asset 10,609 34.6 11,959 36.0 12,097 36.2
Property,plant and
5,141 16.8 5,358 16.1 5,507 16.5
e ui ment
q p
Investment
8,532 27.8 8,348 25.1 8,260 24.7
ro erties
p p
Other 6,391 20.8 7,591 22.8 7,516 22.5
Total Asset 30,672 100.0 33,257 100.0 33,380 100.0
Current Liabilities 7,072 23.1 8,321 25.0 8,675 26.0
Noncurrent
3,961 12.9 4,110 12.4 4,110 12.3
Liabilities
Total Liabilities 11,033 36.0 12,431 37.4 12,785 38.3
Total Equity 19,640 64.0 20,825 62.6 20,595 61.7
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Balance sheet

(In millon of New Taiwan Dollars)

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Year 2012 2013 2014/H1
Amount % Amount % Amount %
Current Asset 7,104 24.4 7,570 24.7 7,449 24.3
Property,plant and
4,226 14.5 4,373 14.3 4,437 14.5
e ui ment
q p
Investment
8,532 29.3 8,348 27.2 8,260 27.0
ro erties
p p
Other 9,210 31.7 10,387 33.9 10,476 34.2
Total Asset 29,072 100.0 30,679 100.0 30,622 100.0
Current Liabilities 5,726 19.7 6,193 20.2 6,379 20.8
Noncurrent
3,960 13.6 4,074 13.3 4,079 13.3
Liabilities
Total Liabilities 9,686 33.3 10,268 33.5 10,458 34.2
Total Equity 19,386 66.7 20,411 66.5 20,164 65.8
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Q & A