Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

TECO Interim / Quarterly Report 2018

Nov 29, 2018

51836_rns_2018-11-29_300baaab-9ad1-4d1e-8bf0-a6c191239a15.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

TECO Electric & Machinery Co., Ltd.

==> picture [600 x 357] intentionally omitted <==

2018 3Q Business Review

==> picture [131 x 35] intentionally omitted <==

Driving and Connecti ~~ng Globally~~

Safe Harbor Statement

  • 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.

==> picture [131 x 35] intentionally omitted <==

2

Agenda

Operation Overview Appendix

==> picture [131 x 35] intentionally omitted <==

3

Revenue Breakdown 1/2

==> picture [602 x 342] intentionally omitted <==

----- Start of picture text -----

Others
17.0%
Motor In 9M 2018, total
Tecom
46.6% consolidated topline
4.7%
down 1.5% YoY.
Mechanical &
Electrical
9M 18
Construction
7.4% Others
15.3%
Home
Appliance Motor
Tecom
14.2% System 6.4% 44.2%
Automation
10.1% Mechanical &
Electrical
9M 17
Construction
7.7%
Home
System
Appliance
Automation
16.9%
9.5%
----- End of picture text -----

Note: Excluding Kueling from consolidated revenue since June 2018.

==> picture [131 x 35] intentionally omitted <==

4

Revenue Breakdown

==> picture [702 x 467] intentionally omitted <==

----- Start of picture text -----

Others
14.7%
Others
18.2% Tecom Motor
7.0% 46.5%
Motor
Tecom 47.7%
Mechanical &
5.2%
Electrical 3Q’17
Construction
Mechanical & 3Q’18 7.2%
Electrical
Construction In 3Q’18, total
Home
8.6% Home consolidated topline
Appliance
System
Appliance down by 4.8% YoY 15.6%
10.5% System and 6.4% QoQ. Automation
Automation 9.0%
9.8% Others
15.4%
Tecom
Motor
4.3%
46.9%
Mechanical &
Electrical
Construction
2Q’18
7.6%
Home
Appliance
15.4% System
Automation
Note: Excluding Kueling from consolidated revenue since June 2018. 10.4%
----- End of picture text -----

5

Sales Trend on Major Business lines

NT$ Billion

==> picture [637 x 269] intentionally omitted <==

----- Start of picture text -----

8
5.9 6.0 6.0 5.8
6 5.5
4
2.0 2.0 2.0 2.0
2 1.1 1.4 1.2 1.3 1.2 1.3 0.9 1.0 1.0 1.0
0.7
0
Motor System Automation Home Appliance Mechanical & Electrical Construction
3Q17 4Q17 1Q18 2Q18 3Q18
----- End of picture text -----

Note: Excluding Kueling from consolidated revenue since June 2018.

==> picture [131 x 35] intentionally omitted <==

6

9M 2018 Income Statement - consolidated

==> picture [582 x 393] intentionally omitted <==

----- Start of picture text -----

(In NT Millions) 9M 18 9M 17 YoY
Net Sales - recurring * 31,085 37,497 -17.1%
Gross Margin - recurring * 24.1% 24.1% 0bps
Operating Margin - recurring * 7.1% 6.6% 50bps
EPS (NT$) 1.24 1.25 -0.8%
ROE (%) ** 6.3% 6.5% -20bps
ROA (%) ** 3.5% 3.6% -10bps
----- End of picture text -----

  • Excluding financial assets at fair value through profit or loss

  • ** Annualized number and excluding minority interest

==> picture [131 x 35] intentionally omitted <==

7

9M 2018 Income Statement - consolidated

(In NT Millions) 9M 18 9M 17 YoY
Operating Revenue 37,110 37,667 -1.5%
Recurring Operating Revenue 37,085 37,497 -1.1%
Gain on Sales of Financial Assets
Gross Profit, net *
Operating Profit
Non-operating Income (Expense)
Income before Tax
Income Tax Expense
Net Income **		 25
8,946
2,669
655
3,325
(621)
2,461		 170
9,192
2,659
770
3,430
(633)
2,476		 -85.3%
-2.7%
0.4%
-14.9%
-3.1%
-1.9%
-0.6%
EPS (NT$) 1.24 1.25 -0.8%

  • Unrealized / realized gain on inter-affiliate accounts included

  • ** Excluding non-controlling interest

==> picture [131 x 35] intentionally omitted <==

8

3Q 18 Financial Highlights - consolidated

(In NT Millions) 3Q 18
2Q 18
QoQ		 3Q 18
2Q 18
QoQ		 3Q 17 YoY
Net Sales - recurring * 12,061 12,969
-7.0%		 12,707 -5.1%
Gross Margin - recurring * 23.4%
24.6%
-120bps		 23.2%
20bps
Operating Margin - recurring * 7.3%
7.4%
-10bps		 6.1% 120bps
EPS (NT$) 0.41 0.56
-26.8%		 0.43
-4.7%
ROE (%) ** 6.3% 8.4%
-210bps		 6.7%
-40bps
ROA (%) ** 3.5% 4.7%
-120bps		 3.7%
-20bps

  • Excluding financial assets at fair value through profit or loss

  • ** Annualized number and excluding non-controlling interests

==> picture [131 x 35] intentionally omitted <==

9

3Q 18 Income Statement - consolidated

(In NT Millions) 3Q 18 2Q 18 QoQ
3Q 17		 YoY
Operating Revenue 12,064 12,890 -6.4%
12,678		 -4.8%
Recurring Operating Revenue 12,061 12,969 -7.0%
12,707		 -5.1%
Gain on Sales of Financial Assets
Gross Profit, net *
Operating Profit
Non-operating Income (Expense)
Income before Tax
Income Tax Expense
Net Income **		 3
2,824
884
188
1,073
(168)
821		 (79)
3,112
878
522
1,399
(192)
1,103		 -
(29)
-9.3%
2,914
0.7%
751
-64.0%
444
-23.3%
1,196
-12.5%
(248)
-25.6%
850		 -
-3.1%
17.7%
-57.7%
-10.3%
-32.3%
-3.4%
EPS (NT$) 0.41 0.56 -26.8%
0.43		 -4.7%

  • Unrealized / realized gain on inter-affiliate accounts included

  • ** Excluding non-controlling interest

==> picture [131 x 35] intentionally omitted <==

10

Recurring Operating Revenue vs. Gross Margin

NT$ Billion

==> picture [570 x 245] intentionally omitted <==

----- Start of picture text -----

15 30%
24.1% 24.6%
22.9% 23.4%
23.2%
10 20%
12.7 13.3 13.0
12.1 12.0
5 10%
0 0%
3Q17 4Q17 1Q18 2Q18 3Q18
----- End of picture text -----

_ _ Recurring Operating Revenue Gross Margin*

  • Recurring Operating Revenue = Operating Revenue – financial assets at fair value through profit or loss

  • ** Gross Margin = Recurring Gross Profit / Recurring Operating Revenue

  • *** Recurring Gross profit excludes financial assets at fair value through profit or loss

==> picture [131 x 35] intentionally omitted <==

11

Recurring Operating Profit vs. Operating Margin

NT$ Million

==> picture [545 x 201] intentionally omitted <==

----- Start of picture text -----

1,500 10.0%
7.4%
6.7%
7.3%
6.1% 6.6% 7.5%
1,000
5.0%
500
957
880 881
780 806 2.5%
0 0.0%
3Q17 4Q17 1Q18 2Q18 3Q18
----- End of picture text -----

Recurring Operting Profit

==> picture [37 x 26] intentionally omitted <==

_*_ Operating Margin**

  • Recurring Operating Profit / Recurring Operating Revenue

  • ** Recurring Operating Profit excludes financial assets at fair value through profit or loss

==> picture [131 x 35] intentionally omitted <==

12

- 2018 Balance Sheet consolidated

(In NT 1,000) Amount
%
Sep 18		 Amount
%
Sep 18		 Amount
%
Jun 18		 Amount
%
Jun 18		 Sep 17 Sep 17
Amount
%
Cash & Cash Equivalent 17,764,515 19% 18,159,135 20% 13,412,258 15%
Receivable 12,326,673
13%
11,890,120
13%
92,854,488
100%
2,267,047
3%
12,245,689
13%
8,097,628
9%
4,000,000
4%
35,132,405
38%		 12,716,832
13%
11,806,046
13%
92,848,190
100%
1,980,960
2%
14,487,056
15%
7,404,243
8%
4,000,000
4%
36,030,022
39%		 12,625,975
13%
Inventories 11,890,120 11,578,226
13%
Total Assets 92,620,331
100%
Short-term Borrowings 2,267,047 2,318,683
3%
Accounts Payable 12,921,323
13%
Long-term Borrowings 8,097,628 7,022,460
8%
Corporate Bond Payable 4,000,000
4%
Total Liabilities 35,132,405 36,030,022 35,224,778
38%
Equities 57,722,083
62%		 56,818,168
61%		 57,395,553
62%
Key Indices
Quarterly AR Turnover (times)
Quarterly Inventory Turnover (times)
Current Ratio
Quick Ratio
Net Debt to Equity
4.52
3.02
2.45
1.78
-5.9%		 -8.4%
4.50
3.05
2.28
1.68		 4.61
3.14
2.33
1.65
-0.1%

==> picture [131 x 35] intentionally omitted <==

13

Agenda

Operation Overview

Appendix

==> picture [131 x 35] intentionally omitted <==

14

Income Statements

(In NT Millions, unless otherwise noted) 3Q17 4Q17 1Q18 2Q18 3Q18
Operating Revenue 12,678 13,276 12,156 12,890 12,064
Recurring Operating Revenue 12,707 13,319 12,055 12,969 12,061
Gain on Sales of Financial Assets (29) (43) 101 (79) 3
Operating Costs (9,762) (10,271) (9,146) (9,777) (9,240)
Gross Profit, net * 2,914 3,004 3,010 3,112 2,824
Operating Expense (2,162) (2,168) (2,103) (2,234) (1,939)
Operating Profit 751 837 907 878 884
Non-operating Income (Expense) 444 88 (55) 522 188
Income before Tax 1,196 924 853 1,399 1,073
Income Tax Expense (248) (177) (261) (192) (168)
Net Income ** 850 616 537 1,103 821
Net Margin 6.7% 4.6% 4.4% 8.6% 6.8%
EPS (NT$) 0.43 0.31 0.27 0.56 0.41

  • Unrealized / realized gain on inter-affiliate accounts included

  • ** Excluding non-controlling interest

==> picture [131 x 35] intentionally omitted <==

15

Income Statements

(In NT Millions, unless otherwise noted) 2013 2014 2015 2016 2017
Net Sales 56,619 53,748 48,599 49,923 50,943
Recurring Net Sales 56,566 53,622 48,505 49,752 50,816
Securities Sales Revenue 53 126 94 171 127
COGS (43,138) (40,357) (36,203) (36,788) (38,744)
Gross Profit * 13,485 13,392 12,400 13,134 12,196
Operating Expense (8,859) (8,969) (8,613) (8,944) (8,700)
Operating Income 4,626 4,423 3,788 4,189 3,496
Non-operating Income 778 1,277 776 744 858
Income before tax 5,404 5,700 4,563 4,933 4,354
Income Tax Benefit / (Expense) (1,226) (1,298) (1,049) (896) (810)
Net Income** 3,760 4,063 3,177 3,481 3,092
Net Margin 6.6% 7.6% 6.5% 7.0% 6.1%
Basic EPS (NT$) 2.01 2.05 1.60 1.76 1.56
  • Gross profit includes unrealized / realized inter-company profit

** Excluding minority interest

==> picture [131 x 35] intentionally omitted <==

16

Balance Sheets

alance Sheets
Sep 17
Dec 17
Mar 18
Jun 18
Sep 18
(In NT Millions)
Amount
Amount
Amount
Amount
Amount
Cash & Cash Equivalens
Receivables
Inventories
Other Current Assets
Total Current Assets
Financial Assets
Available for Sale - Non Current
Long-Term Investments Under Equity Method
Other Non-Current Assets
Total Non-Current Assets**		 13,412
14,129
18,167
18,159
17,765
12,626
12,479
12,152
12,717
12,327
11,578
11,336
11,814
11,806
11,890
7,322
6,319
3,287
3,346
3,371
44,938
44,263
45,420
46,028
45,353
12,952
12,925
13,190
12,602
13,076
3,947
4,022
4,052
4,386
4,105
30,784
30,807
30,715
29,832
30,320
47,683
47,754
47,957
46,820
47,501
Total Assets 92,620
92,017
93,377
92,848
92,854
Current Liabilities
Bonds Payable
Long-Term Borrow ing
Other Non-Current Liabilities
Total Non-Current Liabilities		 19,281
18,742
18,927
20,150
18,519
4,000
4,000
4,000
4,000
4,000
7,022
6,466
6,511
7,404
8,098
4,922
4,934
4,849
4,476
4,515
15,944
15,400
15,360
15,880
16,613
Total Liabilities
**Total Shareholders' Equity ***		 35,225
34,143
34,287
36,030
35,132
57,396
57,874
59,090
56,818
57,722
  • Non-controlling interest included ** Including Net gain on financial assets at fair value through profit or loss -Non Current & Net gain on financial assets at fair value through other comprehensive income -Non Current

==> picture [131 x 35] intentionally omitted <==

17

Balance Sheets

alance Sheets
(In NT Millions) 2013
2014
2015
2016
2017
Amount
Amount
Amount
Amount
Amount
Cash & Cash Equivalents
Receivables
Inventories
Other Current Assets
Total Current Assets
Funds and Investments
Fixed & Other Assets		 14,909
17,202
14,919
13,990
14,129
11,914
11,817
12,367
13,859
12,479
11,193
11,539
11,755
11,177
11,336
2,827
2,717
3,251
6,270
6,319
40,843
43,275
42,292
45,296
44,263
15,799
19,508
16,371
15,615
16,948
20,248
19,930
25,771
31,463
30,806
Total Assets 76,890
82,713
84,434
92,374
92,017
Current Liabilities
Short-term Loans
Long-Term Interest-bearing debt
Long-term Loans
Corporate Bonds Payable
Other Liabilities		 19,984
18,076
22,715
18,959
18,742
2,917
2,473
6,619
3,078
2,188
6,140
7,229
5,531
12,679
10,645
4,498
5,475
2,300
9,429
6,466
1,476
1,528
3,000
3,000
4,000
4,042
4,119
4,756
5,011
4,756
Total Liabilities
Total Shareholders' Equity		 30,166
29,424
33,002
36,649
34,143
46,724
53,289
51,433
55,725
57,874
  • Non-controlling interest included

==> picture [131 x 35] intentionally omitted <==

18

Cash Flows

sh Flows
(In NT Millions) 3Q17 4Q17 1Q18 2Q18 3Q18
Pretax Income* 1,196 924 853 1,399 1,073
Depreciation & Amortization 385 336 391 384 381
Other Op Sources/(Use) 151 (311) (1,032) (686) 86
From Operation 1,732 949 212 1,097 1,540
Capital Expenditures (294) (161) (191) (317) (442)
Marketable Financial Instruments 129 (53) 219 (369) (125)
Other Investing Sources/(Uses) 169 1,008 3,698 (982) (618)
From Investment 4 794 3,726 (1,668) (1,185)
Cash Dividends (1,762) 0 0 (12) (1,710)
Other Financing Sources/(Uses) (130) (802) 357 223 1,081
From Financing (1,892) (802) 357 211 (629)
Net Cash Position Change* 14 718 4,038 (8) (395)
Ending Cash Blance 13,412 14,129 18,167 18,159 17,765
  • Including exchange rate

==> picture [131 x 35] intentionally omitted <==

19

Cash Flows

ash Flows
(In NT Millions) 2013 2014 2015 2016 2017
Net Income/ Pretax Income 5,403 5,700 4,563 4,933 4,354
Depreciation & Amortization 1,442 1,326 1,308 1,550 1,484
Other Op Sources/(Use) (860) (1,859) (330) (2,036) 54
From Operation 5,985 5,167 5,541 4,447 5,892
Capital Expenditures (962) (2,032) (2,067) (1,557) (1,060)
Marketable Financial Instruments 379 579 476 786 974
Other Investing Sources/(Uses) 438 672 (4,277) (2,605) 70
From Investment (145) (781) (5,868) (3,376) (16)
Cash Dividends (1,922) (2,203) (2,203) (1,602) (1,762)
Employee & BOD Profit Sharing 0 0 0 0 0
Other Financing Sources/(Uses) (2,034) 5 934 547 (3,084)
From Financing (3,956) (2,198) (1,269) (1,055) (4,846)
Net Cash Position Change* 1,730 2,301 (2,283) (929) 140
Ending Cash Blance 14,909 17,202 14,919 13,990 14,129
  • Net income before complying with IFRS

** Including exchange rate effect

==> picture [131 x 35] intentionally omitted <==

20

Http//www.teco.com.tw [email protected]

==> picture [131 x 35] intentionally omitted <==

More from TECO

Declaration of Voting Results & Voting Rights Announcements 2026
May 28
Investor Presentation 2026
May 25
Regulatory Filings 2026
May 25
Investor Presentation 2026
May 25
Investor Presentation 2026
May 25
Investor Presentation 2026
May 25
Investor Presentation 2026
May 25
Investor Presentation 2026
May 25
Investor Presentation 2026
May 25
Investor Presentation 2026
May 25
View all filings →