The information contained in this presentation, including all forward-looking statements, is subject to change without notice, whether as a result of new information, future events or otherwise, and Test-Rite Int’l Ltd. (the “Company”) undertakes no obligation to update or revise the information contained in this presentation.
Actual results may differ materially from those expressed or implied in these forwardlooking statements and no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is the information intended to be a complete statement of the Company, markets or developments referred to in this presentation.

• Beginning on January 1, 2013, the Company has adopted International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board and endorsed by ROC Financial Supervisory Commission (FSC). Reporting for our annual and interim consolidated financial statements follow Taiwan IFRS requirements, however, given that there exist material differences between Taiwan IFRS and generally accepted accounting principle in the Republic of China (ROC GAAP), selected comparison of financial results in 2013 may have material differences versus previously released financial information under ROC GAAP.

• Financial Highlights 1Q15…….……….………3 • Group Introduction………………………...….9 • Retail Sector…………………………….…….....15

Trading Sector……………………...………….…24
• Appendix………………………….…...…………..30

FINANCIAL HIGHLIGHT IN 1Q15

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Consolidated P&L for 1Q15 & FY2014 (IFRS Based)

(NT$ mn)	1Q14	1Q15	YoY%	FY2013	FY2014	YoY%
Turnover	9,052.5	9,655.8	6.7%	35,203.9	35,946.2	2.1%
Gross profit	2,683.4	3,029.9	12.9%	10,610.3	10,832.0	2.1%
Gross margin %	29.6%	31.4%		30.1%	30.1%
EBITDA	542.9	579.9	6.8%	1,588.3	1,792.1	12.8%
EBITDA margin %	6.0%	6.0%		4.5%	5.0%
Operating profit	335.3	378.5	12.9%	776.7	981.9	26.4%
Operating margin %	3.7%	3.9%		2.2%	2.7%
Non-operating income/loss	-11.9	10.8	NA	-44.0	-98.8	124.4%
Pre-tax profit	323.4	389.3	20.4%	732.7	883.1	20.5%
Net profit	277.4	309.8	11.7%	640.6	715.2	11.6%
Other comprehensive income	8.4	-62.2	NA	29.7	37.3	25.5%
Total net profit	285.8	247.6	-13.4%	670.3	752.5	12.3%
Net profit attribute to TRIC	271.4	309.8	14.2%	635.1	705.7	11.1%
Recurring Net profit attribute to TRIC *	264.9	283.6	7.1%	524.4	676.0	28.9%

Basic EPS(attributed to TRIC)(NT$)	0.56	0.62	10.7%	1.30	1.42	8.6%
Recurring Fully-diluted EPS (Aft-tax)*	0.51	0.55	8.7%	1.00	1.32	30.9%

1Q15 sales increased
- 6.7%YoY, mainly driven by Taiwan retail business and principle trading
1Q15 gross profit increased 12.9%YoY, and gross margin improved 1.8ppt to 31.4%
1Q15 EBITDA increased 6.8%YoY, and EBITDA margin was flat
Operating profit increased 12.9%YoY, and operating margin improved 0.2ppt to 3.9%
Recurring profit was NT$ 283.6 mn in 1Q15, an increase of 7.1%
Recurring net profit exclude FOREX and one-time expense. FOREX contribution for 1Q15 and 1Q14 was NT$ 29.2 mn and NT$ 6.5 mn; M&A and store closing related one-time expense for 1Q15 was NT$ 3mn

FY2014 basic EPS was NT$ 1.42, +8.6% YoY
1Q15 basic EPS increased 10.7% to NT$ 0.62; 1Q15 recurring fully-diluted EPS was NT$ 0.55, + 8.7% YoY
th
• 19 consecutive YoY increase of quarterly net income and EPS on the same accounting basis

TR Basic EPS

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NT$
1Q 2Q 3Q 4Q
1.50 1.42
1.40
1.30
1.27
1.30
0.30 0.36
1.10 1.01 0.26 1.03 0.36
0.90 0.25 0.33 0.23 0.30
0.31
0.27
0.70 0.24 0.22 0.23 0.21 0.62
0.19 0.17
0.50 0.31 0.02 0.14
0.07
0.51
0.30 0.62
0.13 0.50 0.55 0.50 0.56
0.43
0.10 0.20
(0.09)
(0.10)
2009A 2010A 2011A 2012A 2012 IFRS 2013 IFRS 2014 IFRS 2015 IFRS
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Test Rite International Co., Ltd. (2908) – Consolidated (IFRS Based)	Test Rite International Co., Ltd. (2908) – Consolidated (IFRS Based)	Test Rite International Co., Ltd. (2908) – Consolidated (IFRS Based)
Consolidated sales and net profit by BU for 1Q15 & FY2014 (IFRS Based)

Consolidated sales (NT$ mn) 1Q14 1Q15 YoY% FY2013 FY2014 YoY%
Taiwan Retail▲ 4,383.5 4,700.9	7.2%	16,667.9 17,211.9 3.3%
HOLA China ^ 1,052.9 1,080.1	2.6%	3,896.0 4,096.8 5.2%
Trading`◎` 3,254.4 3,439.5	5.7%	12,631.1 12,990.5 2.8%
Others # 361.7 435.2 20.3% 2,008.9 1,647.1 -18.0%
Consolidated Sales 9,052.5 9,655.8 6.7% 35,203.9 35,946.2 2.1%

Consolidated net profit (NT$ mn) 1Q14 1Q15 YoY% FY2013 FY2014 YoY%	Consolidated net profit (NT$ mn) 1Q14 1Q15 YoY% FY2013 FY2014 YoY%	Consolidated net profit (NT$ mn) 1Q14 1Q15 YoY% FY2013 FY2014 YoY%
Taiwan Retail▲ 227.9 280.3	23.0%	645.4 645.7 0.0%
HOLA China ^ 0.7 -30.2	NA	-45.4 -65.6 44.6%
Trading`◎` 126.1 131.6	4.4%	424.9 537.6 26.5%
Others # -83.3 -71.9 -13.7% -389.8 -411.9 5.7%
Consolidated Net Profit 271.4 309.8 14.2% 635.1 705.7 11.1%
Consolidated Recurring Net Profit 263.8 285.7 8.3% 524.4 676.0 28.9%

▲ Taiwan Retail included TLW (DIY), DÉCOR House, Hola Taiwan, and TTS.

^ HOLA China only included HOLA China.

◎ Trading included Great China, TRPC, SO/RO, and related party transactions write-off.

# Others included Life 1 Plaza, TRR others, Chung Cin, group office expense, and gain on sale and leaseback.

ROE continues to improve since 2009, driven by higher margin despite falling net debt to equity ratio
ROE back to double digit in FY2014, and 1Q15 reported ROE of 9.9%
July 19[th] is ex dividend date; cash dividend payout of NT$ 1.132 per share, additional 4.068 mn shares will be cancelled on 7/30

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Consolidated Revenue(NT$ ‘000)	2014	2015	YoY % chg
Accumulated total retail sales	8,698,997	9,132,807	5.0%
- Accumulated Taiwan retail sales	7,041,588	7,422,684	5.4%
- Accumulated HOLA China retail sales	1,657,409	1,710,123	3.2%
Accumulated trading sales	5,607,216	5,791,136	3.3%
Accumulated other sales	485,077	590,405	21.7%
Accumulated consolidated Sales	14,791,289	15,514,348	4.9%

Revenue(NT$ '000)	2014	2015	YoY % chg
Accumulated shipments- Principal trading	5,508,364	5,701,602	3.5%
Accumulated shipments- Agency	2,154,081	2,097,098	-2.6%
Accumulated shipments	7,662,445	7,798,700	1.8%
Accumulated commission revenue	98,852	89,534	-9.4%

The 5.0% YoY growth for retail business can be attributed to higher customer count and average sales per ticket of Taiwan retail business
Accumulated sales for trading business increased 3.3% YoY, and accumulated shipments increased 1.8%YoY. The growth was driven by acquisitions of German trading subsidiaries and recovery of housing and automotive markets in U.S.

GROUP INTRODUCTION

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Tony Ho, Group Chairman; Co Founder of Test-Rite Group. Tony played a critical role in Test-Rite’s expansion into retail business and was instrumental in leading the company’s IPO efforts. Tony recently completed the two-year Joint Executive MBA Program between Taiwan University and Fudan University and completed his graduation thesis: “How to pursue further growth by organization transformationtake large retail group for example.”

Judy Lee, Chairwoman, Test-Rite Int’l (2908 TT/2908 TW); Co Founder of Test-Rite Group. Best know as the “Queen of Hardline”, Judy is a seasoned veteran of the import/export trading business. With Judy at the helm, Test-Rite Trading consistently provides outstanding services to retail customers globally and has received multiple recognitions as “Best Partner/Supplier”.

Sophia Tong, Group CEO. Sophia joined Test-Rite in March 2009 to lead both Trading and Retail businesses. Prior to Test-Rite Sophia was the General Manager of IBM Taiwan from 2006 to 2009 and the Director of China Banking Cluster for IBM Greater China Group. Sophia was previously with IBM for over 25 years.

2014 Establish a Distribution Center in Shanghai Free Trade Zone; Acquired German operations

2013 Acquired 100% shares of International Art

2012 Sold 67% stake in Tong Lung Metal; Acquired 49% TRPC’s shares

2011 Décor House grand opening

2010 TLW HOLA, HOLA CASA and FREER successfully completed retail channel integration

2008 Acquired 50% of B&Q TW’s shares from Kingfisher plc

2004 Established HOLA China

2001 Nominated “The Best 200 Small Companies” by Forbes

1998 Established HOLA Taiwan – Home Decoration

1995 Established B&Q Taiwan – Home Improvement

1993 Listed on TWSE (2908TT), became a listed company.

1978 Test Rite Group established as a trading company that specialized in hand tool exports

Home HOLA Taiwan (24) HOLA特力和樂 decoration HOLA China (38) Home TLW 特力屋 (26)、 Improvement 特力屋PLUS宅修便利購 (1) 、HISU Mattresses HOLA CASA 和樂名品傢俱 (21)、HOLA & Bedding Petite(12) WEDGWOOD(12)、FRETTE(6)

Hardline & Auto Hand tools, Hardware, Auto accessories, Auto parts, New business development

Home Furnishing Consumer electronics, Lighting, Kitchenware, Decoration, Christmas decoration, Sport equipments

Bath & Storage Storage, Bathroom products, Suitcase, Traveling utilities Stationery Indoor furniture, Office supplies , Stationery, PC peripherals

Seasonal Outdoor furniture, BBQ rack/hearth, Gardening, North-East Asia projects

Comprehensive home DÉCOR House integration services

Agency

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Brand
Crate & Barrel Stationery, PC peripherals
licensing
Market deployment Market deployment
New
The Pan
Taiwan China Zealand
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New
The Pan Southeast
Zealand India
America s Europe & Australia Asia
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Creative Design/ Product
Chung Cin Corp. Logistics/ warehousing
Development service s
Theme Trend & Product Concept;
Shopping mall construction; Office China Taiwan
Product Design; VI & Graphic Design;
building construction; Booth
Packaging& Purchasing recruitment USA Europe
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Note: store numbers updated on May 31[st] , 2015

Both sales and profit continue to grow since 2009
Excluding the impact from TLM and the NT$ 100mn one-time impact from the cash bonus rewards program, 2013 sales increased 5.5%YoY, and 2014 sales increased 2.4%YoY

Both sales and profit continue to grow since 2009
Excluding the impact from TLM and the NT$ 100mn one-time impact from the cash bonus rewards program, 2013 net profit increased 27.8%YoY, and 2014 net profit increased 31.9%YoY

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RETAIL SECTOR 零售事業

Retail TW Business Strategy

TLW （股）

 Private label

Increased HOLA TW private label sales mix to 50% and TLW private label sales mix to 30% within 3 years

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1Q15	$ amount	Sales mix%	% change
TLW	NT$ 260.3 mn	8.6%	↑1.8ppt
HOLA TW	NT$ 266.9 mn	16.0%	↑4.8ppt

Store Locations

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TLW
HOLA
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Dual sourcing of HOLA Taiwan and HOLA China to reduced cost

 Reposition TLW channel; HOLA become trend leader

 Omni-channel

Taiwan Retail $ amount 1Q15 NT$ 156.0 mn Jan.~ May, 2015 NT$ 228.1 mn FY2014 NT$ 541.1 mn

1~3 new stores in 2015 (HOLA + Crate & Barrel)
Redesign our own EC platform/ Mobile App
Double EC/MC volume in 2015

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Omni
Channel
Physical
EC Mobile
store
Website Develop
revision
APP
圖資文優化
及時存貨
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補貨與退貨優化

Retail CN Business Strategy

HOLA CHINA

 Increase Private label sales mix

Dual sourcing of HOLA Taiwan and HOLA China to reduced cost
Omni-channel
Launched our E-commerce platform on T-Mall in June, 2014 and on Yi-hao-dian in 4Q14
Will launch another platform on JD.com in 2015
New concept stores
Dual sourcing of HOLA Taiwan and HOLA China to reduced cost
Improve operating efficiency

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1Q15 Revenue totaled RMB$ 213.1 mn, +0.7%

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1Q15 net loss was NT$ 30.2 mn; impacted by higher operating expenses and stores opening expense
18 out of 38 stores were at breakeven for 1Q15, versus 19 out of 33 stores in 1Q14
Same-store-sales, calculated for stores opened for more than one year, was -2.2% for 1Q15
1Q15 HOLA CN EC sales totaled RMB $ 408.7K, accounted for 0.19% of HOLA CN sales

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Product Brand

Channel Brand (Franchising) Channel Brand (Licensing)

Kitchenware Appliance Storage

Décor/Textile

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Product differentiation 特力：從傳統產業邁向品牌&通路

Seasonal products for spring and autumn

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Nee HOLA Petite store opened in Zhonghe in April, 2015

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Integrate supply chain for TLW private label kitchen cabinet products
Private label kitchen cabinet sales mix was 39%

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極簡定規
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醉戀亞維儂
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華貴摩納哥

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普羅結烤、普羅水晶

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左岸巴黎
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TRADING SECTOR

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 Continue focus on key customers in principle trading

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Continue agency business’ growth momentum

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NEW

Become a Product Company
Provide component based service through establishment in FTZ
Global integration

Received Red Dot Awards for packaging in FY2014
Motion censer light and Trash bin for Costco
Kitchen and furniture for our own retail channel

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Germany
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MOMO
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Urban
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with local service 16 offices in 12 countries, 4 warehouses in China, Taiwan, Germany, and U.S.
US warehouse provides logistics/ warehousing service to customers of principal trading.

Greater China Retail Service

Worldwide Trading Service

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●
●
●
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●
●
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● TESTRITE’s Warehouse

謝謝各位 Q & A

APPENDIX:

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Store #	2006A	2007A	2008A	2009A	2010A	2011A	2012A	2013A	2014A	1Q14	1Q15
TLW	21	22	22	22	23	23	24	26	26	26	26
HOLA TW	11	12	13	13	18	20	21	22	23	22	23
Total	32	34	35	35	41	43	45	48	49	48	49
HOLA CN	7	9	14	18	27	28	31	33	35	33	38

Selling space(㎡)	2006A	2007A	2008A	2009A	2010A	2011A	2012A	2013A	2014A	1Q14	1Q15
TLW	91,756	93,938	93,938	93,938	89,727	87,966	88,711	92,060	92,071	92,072	92,071
HOLA TW	36,919	40,073	43,541	43,541	50,349	53,995	51,780	53,117	53,162	52,621	52,994
Total	128,675	134,011	137,479	137,479	140,076	141,961	140,491	145,177	145,233	144,692	145,066
HOLA CN	25,593	32,595	46,442	51,506	59,481	60,116	63,686	62,848	64,860	63,018	71,629

Avg. selling space(㎡)	2006A	2007A	2008A	2009A	2010A	2011A	2012A	2013A	2013A	1Q14	1Q15
TLW	4,369	4,270	4,270	4,269.9	3,901	3,824	3,696	3,541	3,541	3,541	3,541
HOLA TW	3,356	3,339	3,349	3,349	2,797	2,700	2,466	2,414	2,311	2,392	2,304
Total	4,021	3,942	3,928	3,928	3,417	3,301	3,122	3,025	2,964	3,014	2,961
HOLA CN	3,656	3,622	3,317	2,861	2,203	2,147	2,054	1,904	1,853	1,910	1,885

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特力 (TR)
2908 TT / 2908 TW
100%
100%
Test Rite Retailing
(Cayman)
力秋
100% 100%
立駿 Perfect Group 特力有限公司
(HK) Test-Rite Retailing Ltd.
75%
100% 100% 25%
立威 Energy 特力屋(上海)商貿 TLW / 特力屋 ( 股 )
(Shanghai) HOLA (Shanghai) 100%
TR Home
Service Co.
Life One Plaza HOLA CN TLW Plus TLW HOLA TW HOLA Petite HOLA CASA Décor House
(五角場) (38 stores) (1 stores) (26 stores) (24 stores) (12 stores) (21 Stores) (1 Store)
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Store # are as of May31[ st] , 2015 Designate Retail Sales Channels TLW (Formerly B&Q TW) made a tender offer of HOLA TW common shares in June 2009. TLW merged HOLA TW, Freer, and HOMY in Oct 2009. And the scheduled date of 4 in 1 merger is Dec. 31, 2009.

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Sales totaled NT$ 104.9 mn in 1Q15, -1.5%YoY
Have ~15,000 SKUs online
TLW store have 30,000~40,000 SKUs in average
1Q15 Sales per ticket: NT$ 2,631
1Q15 Transaction: 41,402
TLW physical store 1Q15 CC: 2,039,223 1Q15 AVT: NT$ 1,424
Sales totaled NT$ 51.1 mn in 1Q15, +14.4%YoY
Have ~10,000 SKUs online now
HOLA store have 30,000~40,000 SKUs in average
1Q15 Sales per ticket: NT$ 2,262
• 1Q15 Transaction: 22,573
HOLA TW physical store 1Q15 CC: 1,021,729 1Q15 AVT: NT$ 1,724

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Communicate promotional events with customers by WeChat every week
1Q15 revenues totaled RMB $539.7K
Have ~350 SKUs online
1Q15 Sales per ticket: RMB $ 124
1Q15 Transaction: 3,296
HOLA CN physical store 1Q15 CC: 635,314 1Q15 AVT: RMB$ 340

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Trading Overview – 1Q15

Principle trading shipments totaled NT$ 3.39 bn, +6.1% YoY for 1Q15, accounted for 75.9% of total shipments
Agency business shipments totaled NT$ 1.08 bn, -11.3% YoY for 1Q15, accounted for 24.1% of total shipments
Commission revenue total NT$ 47.07 mn, -15.6% YoY for 1Q15, accounted for 1.4% of total trading sales

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Trading Overview – 1Q15

• Trading consolidated shipments breakdown by region

Europe shipment increased 34.8% YoY, accounted for 28.7% of total shipment, +7.1ppt in 1Q15
Shipment for North America increased 0.5% YoY, accounted for 61.8% of total shipment, -0.5ppt in 1Q15

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Trading Overview – 1Q15

Principle trading shipments breakdown by products
Hard lines, house ware and seasonal are main product categories at 15-20% of total shipments each
Agency business accounted for 24.1% of total shipments for 1Q15, and 31.0% for FY2014

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Test Rite International Co., Ltd. (2908) – Consolidated (IFRS Based) Consolidated Balance Sheet for 1Q15 (IFRS Based)

(NT$ mn)	1Q14	1Q15		1Q14	1Q15
Total cash and cash equivalents	2,594.3	2,382.3	Short-term borrowings	1,840.8	3,211.2
Total current financial assets at fair value through profit or loss	359.3	1,170.4	Short-term notes and bills payable	70.0	80.0
Current bond investment without active market, net	195.6	134.2	Accounts and Notes Payable	5,452.3	5,918.9
Accounts & Notes Receivable	2,953.9	2,934.4	Other Payable	1,432.3	1,235.3
Other Receivable	709.2	246.3	Current tax liabilities	159.7	151.8
Total inventories	4,653.8	5,941.0	Total advance receipts	604.1	444.8
Total prepayments	562.3	416.1	Total long-term liabilities, current portion	300.0	400.0
Other current financial assets	0.4	1.7	Other Current Liability	241.1	332.5
Other Current Assets	43.9	33.3
Total current assets	12,072.7	13,259.5	Total Current Liabilities	10,100.1	11,774.4

Test Rite International Co., Ltd. (2908) – Consolidated (IFRS Based) Consolidated Balance Sheet for 1Q15 (IFRS Based)

(NT$ mn)	1Q14	1Q15		1Q14	1Q15
Non-current financial assets at cost, net	72.2	70.6	Long-term bank loans	5,401.1	5,341.8
Non-current bond investment without active market, net	50.0	50.0	Accrued pension liabilities	119.0	125.1
Total property, plant and equipment	5,901.5	6,116.2	Other Non-Current Liability	404.3	394.7
Goodwill and Intangible Assets	2,431.8	2,667.7	Total non-current liabilities	5,924.4	5,849.3
Deferred tax assets	1,099.3	1,179.4	Total liabilities	16,024.5	17,623.7
Total other non-current assets	1,807.0	1,832.9
Total Non-Current Assets	11,361.8	11,916.8	Capital	5,219.6	5,139.6
			Total capital surplus	711.8	678.8
			Total retained earnings	1,851.6	2,009.6
			Total other equity interest	5.4	-32.4
			Treasury shares	-415.5	-248.2
			Total equity attributable to owners of parent	7,372.8	7,547.5
			Non-controlling interests	37.1	5.2
			Total equity	7,410.0	7,552.6
Total assets	23,434.5	25,176.3	Total Liabilities & Equity	23,434.5	25,176.3

AI assistant

Test Rite Interim / Quarterly Report 2015

52229_rns_2015-06-30_bfbe60d5-04e8-4def-ad77-2831e5d9b83f.pdf

• Financial Highlights 1Q15…….……….………3 • Group Introduction………………………...….9 • Retail Sector…………………………….…….....15

FINANCIAL HIGHLIGHT IN 1Q15

Consolidated P&L for 1Q15 & FY2014 (IFRS Based)

TR Basic EPS

GROUP INTRODUCTION

RETAIL SECTOR 零售事業

Retail TW Business Strategy

TLW （股）

 Private label

Store Locations

 Omni-channel

Retail CN Business Strategy

HOLA CHINA

 Increase Private label sales mix

Product differentiation 特力：從傳統產業邁向品牌&通路

Seasonal products for spring and autumn

Nee HOLA Petite store opened in Zhonghe in April, 2015

TRADING SECTOR

 Continue focus on key customers in principle trading

Greater China Retail Service

Worldwide Trading Service

● TESTRITE’s Warehouse

APPENDIX:

Trading Overview – 1Q15

Trading Overview – 1Q15

• Trading consolidated shipments breakdown by region

Trading Overview – 1Q15

Test Rite International Co., Ltd. (2908) – Consolidated (IFRS Based) Consolidated Balance Sheet for 1Q15 (IFRS Based)

Thank you!

AI assistant

Test Rite — Interim / Quarterly Report 2015

52229_rns_2015-06-30_bfbe60d5-04e8-4def-ad77-2831e5d9b83f.pdf

• Financial Highlights 1Q15…….……….………3 • Group Introduction………………………...….9 • Retail Sector…………………………….…….....15

FINANCIAL HIGHLIGHT IN 1Q15

Consolidated P&L for 1Q15 & FY2014 (IFRS Based)

TR Basic EPS

GROUP INTRODUCTION

RETAIL SECTOR 零售事業

Retail TW Business Strategy

TLW （股）

 Private label

Store Locations

 Omni-channel

Retail CN Business Strategy

HOLA CHINA

 Increase Private label sales mix

Product differentiation 特力：從傳統產業邁向品牌&通路

Seasonal products for spring and autumn

Nee HOLA Petite store opened in Zhonghe in April, 2015

TRADING SECTOR

 Continue focus on key customers in principle trading

Greater China Retail Service

Worldwide Trading Service

● TESTRITE’s Warehouse

APPENDIX:

Trading Overview – 1Q15

Trading Overview – 1Q15

• Trading consolidated shipments breakdown by region

Trading Overview – 1Q15

Test Rite International Co., Ltd. (2908) – Consolidated (IFRS Based) Consolidated Balance Sheet for 1Q15 (IFRS Based)

Thank you!

More from Test Rite

Test Rite Interim / Quarterly Report 2015