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TPK Annual Report 2017

Mar 14, 2017

52363_rns_2017-03-14_1709c51f-b4e8-4c10-8ac1-42ea1c28137a.pdf

Annual Report

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TPK Proprietary & Copyright © All Rights Reserved

Disclaimer Statement

This presentation and release may contain ‘forward-looking statements’ which may include projections on future results of operations, financial condition and business prospects based on our own information and other sources.

The actual results of operations, financial condition and business prospects may differ from those explicitly or implicitly indicated in those forward-looking statements for a variety of reasons, including but not limited to market demand, price fluctuations, competition, supply chain issues, global economic conditions, exchange rate fluctuation and other risks and factors beyond TPK’s controls.

The forward-looking statements in this presentation, if any, only reflect the current view of TPK Holding Co., Ltd. as of the date of its release. TPK undertakes no obligation to update those forward-looking statements for events or circumstances that occur subsequently.

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TPK Proprietary & Copyright © All Rights Reserved

Disclosure Notice

公告原則

 All financial numbers are prepared in accordance with IFRS which is approved by regulators in Taiwan

  • All financial numbers are unaudited

  • 本公司財務報表係依照臺灣主管機關認可之國際財務報 導準則編製

  • 所有財務數字均為本公司自結數

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TPK Proprietary & Copyright © All Rights Reserved

4Q16 Result Summary

2016年第四季營運簡報

NT$ Revenues Net Profits EPS
4Q16 24.7 bn 296 mn 0.89

  • Seasonality and new product ramp-ups continued, with 4Q revenues remained intact.

  • Profitability was negatively impacted by unfavorable product mix, cost of terminating non-profitable business, price adjustment for end-of-life-cycle products, and special year-end bonus for direct labor

  • Divesting non-core investment (TES) and accruing bad debt on

  • loans to Hallys.

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TPK Proprietary & Copyright © All Rights Reserved

2016 Result Summary

2016年全年營運簡報

NT$ Revenues Net Profits EPS
2016 89.2 bn (1,467 mn) (4.27)

  • A year of transformation in which the company has gone through the process of re-engineering and reformed the organization to focus on key customers, scalable and profitable business.

  • Operating efficiency improved and operating expenses as a percentage of sales declined to 5.8%.

  • Lower-than-expected profitability was mostly driven by severe seasonal decline in 1H and challenging new product ramp up in Q2.

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TPK Proprietary & Copyright © All Rights Reserved

2017 Industry Outlook

2017年產業展望

End of tunnel !!!

  • 1Q17 end demand outlook remains positive.

  • Strong product pipeline for 2017.

  • Operating efficiency & cost control in place.

  • Divest non-core investment and under-utilized assets.

  • Continue investment for future technology.

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TPK Proprietary & Copyright © All Rights Reserved

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TPK Proprietary & Copyright © All Rights Reserved

4Q16 Profit & Loss

2016年第四季損益表

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季損益表
Profit & Loss QoQ
4Q15
YoY
4Q16
3Q16
(NT$ million)
Revenues
COGS
Gross Profits
Operating Expenses
SG&A
R&D
Operating Profits
Non-Op Inc/(Exp)
Int Inc/(Exp)
FX Gain/(Loss)
Invest Inc/(Loss)
Others
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS (Parent)
EBITDA		 (5.5%)
34,438
(28.2%)
(32,123)
2,314
(1,964)
(1,745)
(218)
350
(615)
(119)
(232)
67
(330)
(265)
1,268
1,016
2.12
2,172
(23,375)
(23,654)
24,724
26,168
1,349
2,514
(1,394)
(1,240)
(1,141)
(1,015)
(253)
(226)
(45)
1,274
564
(284)
(245)
(230)
232
(52)
49
56
528
(58)
519
990
(215)
(299)
296
684
0.89
1.97
3,035
3,444
Margin:
GM
OM
NM
OpExp		 6.7%
1.0%
2.9%
(5.7%)
5.5%
9.6%
(0.2%)
4.9%
1.2%
2.6%
(5.6%)
(4.7%)

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TPK Proprietary & Copyright © All Rights Reserved

2016 Profit & Loss

2016年損益表

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Profit & Loss 2016
2015
YoY
(NT$ million)
Revenues
COGS
Gross Profits
Operating Expenses
SG&A
R&D
Operating Profits
Non-Op Inc/(Exp)
Int Inc/(Exp)
FX Gain/(Loss)
Invest Inc/(Loss)
Impairment
Others
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS(Parent)		 89,216
121,364
(26.5%)
(85,950)
(127,925)
3,266
(6,561)
(5,138)
(11,793)
(4,229)
(10,467)
(909)
(1,326)
(1,872)
(18,354)
629
(2,665)
(849)
(358)
127
(322)
226
(89)
(171)
(2,170)
1,297
274
(1,243)
(21,019)
(261)
943
(1,467)
(20,007)
(4.27)
(57.86)
Margin:
GM
OM
NM
OpExp		 3.7%
(5.4%)
(2.1%)
(15.1%)
(1.6%)
(16.5%)
(5.8%)
(9.7%)

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TPK Proprietary & Copyright © All Rights Reserved

Quarterly Sales

季營收

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

NT$ mm
50,000
40,000
34,235 34,438
28,949
30,000
26,168
24,724
23,741
21,239
20,000
17,085
10,000
0
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
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TPK Proprietary & Copyright © All Rights Reserved

Quarterly Sales by Form Factors

季營收結構

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＜ 7" 7" ≦ X 11" 11" ≦ X 16" X ≧ 16" Others
100%
11%
17%
17%
80% 26% 25%
27%
30% 33%
21%
16%
24%
60%
18% 19%
21%
29% 24%
40%
61% 61%
51% 49% 50%
44%
20%
34%
30%
0%
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
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TPK Proprietary & Copyright © All Rights Reserved

Annual Sales by Form Factors

年營收結構

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8 TPK Proprietary & Copyright © All Rights Reserved

4Q16 Balance Sheet

2016年第四季資產負債表

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alance Sheet
資產負債表
Balance Sheet 2016/12/31
2015/12/31
(NT$ million)
Cash Equivalents
Debt Inv with no active market
Receivables
Inventories
Current Assets
Long-term Investments
Property, Plant and Equipment
Total Assets
ST Loans
Payables
Current Liabilities
Convertible Bonds
LT Loans
Total Liabilities
Common Shares
Non-Controlling Interest
Total Shareholder's Equities		 20,490
16,393
1,387
16,787
7,646
12,270
7,816
8,737
40,881
61,034
346
326
42,052
49,282
87,683
115,228
30,534
46,740
12,125
14,956
48,472
68,417
6,575
7,850
1,122
4,829
58,271
83,701
3,466
3,516
239
423
29,412
31,527
Ratio Analysis:
Quick Ratio
Current Ratio
ROE (YTD Annualized)
Net Debt to Equity		 0.68
0.76
0.84
0.89
(4.9%)
(52.3%)
0.60
1.36

9

Note: PP&E includes prepayments.

TPK Proprietary & Copyright © All Rights Reserved

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TPK Proprietary & Copyright © All Rights Reserved

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新聞稿

TPK 公告 2016 年第四季自結營運成果

中華民國，台灣，台北，2017 年 2 月 16 日 – TPK Holding Co., Ltd. 宸鴻科技（TWSE: 3673）（“宸鴻” 或 “本公司”）今日公告 2016 年第四季自結營運成果。本季自結稅後淨 利為新台幣 2 億 9 仟 6 佰萬元，稀釋後每股淨利為新台幣 0.89 元。2016 年全年營收達 新台幣 892.2 億元，稀釋後每股淨損為新台幣 4.27 元。

2016 年第四季營運成果分析

本公司第四季自結合併營收為新台幣 247.2 億元，較上季減少 5.5%，亦較去年同期減 少 28.2%。營收雖然受到季節效應而減少，但由於第三季客戶拉貨力道相對溫和，加上 終端市場需求持續旺盛，導致第四季營收季減幅度較往年縮小。第四季營業毛利為新台 幣 13.5 億元，營業毛利率為 5.5%，主要係受到產品組合變化、產品週期尾端價格調整 及處置不獲利產品衍生之費用及發放直接員工獎金等因素所影響。

在銷售成本結構方面，原料成本由第三季新台幣 187.1 億元，略降為新台幣 180.8 億元。 人工成本則因員工人數增加及執行員工留任計畫，由上季新台幣 19.7 億元，增加為新 台幣 20.9 億元。本季折舊攤提費用與前季相當，約為新台幣 20.5 億元。

第四季營業費用約新台幣 13.9 億元，較上季新台幣 12.4 億元增加，主要係年度獎金及 費用認列。本季淨利息費用約為新台幣 2.4 億元。本季認列外幣兌換利益約為新台幣 2.3 億元。本公司於第四季認列處分轉投資宸展光電股權之利益約新台幣 5.1 億元及 2016 年 9 月 15 日莫蘭蒂風災損失相關之保險理賠收入約新台幣 2.4 億元等；此外，公 司針對貸與 Hallys 之借款，提列壞帳損失約新台幣 2.9 億元。截至 2016 年 12 月 31 日，本公司員工總人數由前一季底 27,490 人增加為 28,158 人。

2016 年全年營運成果分析

2016 年全年自結合併營收為新台幣 892.2 億元，較前一年度減少 26.5%。其中，小尺 寸觸控模組佔 2016 年整體營收之 41%，較前一年度減少 47%。7~11 吋產品佔 23%， 較前一年度減少 16%。隨著大尺寸平板及 2-in-1 筆記型電腦需求持續成長，11~16 吋 產品營收較 2015 年度成長 15%，且佔整體營收比重亦由 2015 年之 18%增加為 2016 年的 28%；然而出貨量因受到傳統筆記型電腦出貨減少，僅與 2015 年出貨量約略相當。

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本公司於 2016 年歷經企業再造及組織優化，已達到聚焦於重點客戶群及專注於具經濟 規模與市場競爭性產品之目標，並充分發揮公司在觸控技術與生產的領先競爭優勢。透 過組織架構的精簡及扁平化，2016 年全年營業費用已縮減至 5.8%。

未來宸鴻仍將持續強化核心業務並積極處分非核心資產及投資。本公司於 2017 年 1 月 26 日公告出售非核心資產金順新開發（平潭）有限公司股權之計畫已於 1 月底與中國 開發商瑞新投資簽約完成；此外，本公司處分剩餘宸展光電股權之計畫也預計將於 2017 年第一季完成。

資本結構及資本支出

本季資本支出約為新台幣 4.8 億元，為 2016 年全年資本支出單季金額之最低。2016 年全年資本支出金額由 2015 年的新台幣 38.5 億元降為新台幣 27.7 億元。2016 年全年 EBITDA 為新台幣 86.6 億元。截至 2016 年 12 月 31 日，本公司帳上現金餘額為新台 幣 204.9 億元，較 2015 年底新台幣 163.9 億元增加。銀行借款餘額及人民幣債券餘額 合計約為新台幣 316.6 億元，較 2015 年底銀行借款餘額新台幣 515.7 億元顯著下降； 此外，本公司於 2016 年買回面額約美金 4,300 萬元之可轉換公司債，尚有約新台幣 66 億元將於 2020 年到期。2016 年底之淨負債權益比率（Net Debt to Equity）由 2015 年底之 1.36 顯著地降低至 0.60。

註：本公司之財務數字係依照臺灣主管機關認可之國際財務報導準則編製。

投資人關係聯絡人：

劉詩亮，財務長 王凱論，財務處長

Tel: +886.2.7727.1196

[email protected]

關於 TPK 宸鴻科技

TPK 為專業的觸控技術應用領導廠商，透過垂直整合的生產製程提供客戶全方位的觸控技術應 用解決方案，包括產品設計、研發到量產。公司持續專注於觸控技術的研發與創新，以維持技 術的領先地位，並透過新材質的開發、技術的提昇及製程的改善達到降低成本的效益，以期擴 大觸控技術在各種電子產品的應用並滿足客戶需求。本公司之主要生產基地位於中國廈門。

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4Q16 損益表

4Q16損益表
Profit & Loss QoQ
4Q15
YoY
4Q16
3Q16
(NT$ million)
Revenues
COGS
Gross Profits
Operating Expenses
SG&A
R&D
Operating Profits
Non-Op Inc/(Exp)
Int Inc/(Exp)
FX Gain/(Loss)
Invest Inc/(Loss)
Others
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS (Parent)
EBITDA		 (5.5%)
34,438
(28.2%)
(32,123)
2,314
(1,964)
(1,745)
(218)
350
(615)
(119)
(232)
67
(330)
(265)
1,268
1,016
2.12
2,172
(23,375)
(23,654)
24,724
26,168
1,349
2,514
(1,394)
(1,240)
(1,141)
(1,015)
(253)
(226)
(45)
1,274
564
(284)
(245)
(230)
232
(52)
49
56
528
(58)
519
990
(215)
(299)
296
684
0.89
1.97
3,035
3,444
Margin:
GM
OM
NM
OpExp		 6.7%
1.0%
2.9%
(5.7%)
5.5%
9.6%
(0.2%)
4.9%
1.2%
2.6%
(5.6%)
(4.7%)
2016 損益表
Profit & Loss
2016
2015
YoY
(NT$ million)
Revenues
89,216
121,364
(26.5%)
COGS
(85,950)
(127,925)
Gross Profits
3,266
(6,561)
Operating Expenses
(5,138)
(11,793)
SG&A
(4,229)
(10,467)
R&D
(909)
(1,326)
Operating Profits
(1,872)
(18,354)
Non-Op Inc/(Exp)
629
(2,665)
Int Inc/(Exp)
(849)
(358)
FX Gain/(Loss)
127
(322)
Invest Inc/(Loss)
226
(89)
Impairment
(171)
(2,170)
Others
1,297
274
Earnings Before Tax
(1,243)
(21,019)
Income Tax
(261)
943
Net Income (Parent)
(1,467)
(20,007)
EPS(Parent)
(4.27)
(57.86)
Margin:
GM
3.7%
(5.4%)
OM
(2.1%)
(15.1%)
NM
(1.6%)
(16.5%)
OpExp
(5.8%)
(9.7%)
Profit & Loss 2016
2015
YoY
(NT$ million)
Revenues
COGS
Gross Profits
Operating Expenses
SG&A
R&D
Operating Profits
Non-Op Inc/(Exp)
Int Inc/(Exp)
FX Gain/(Loss)
Invest Inc/(Loss)
Impairment
Others
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS(Parent)		 89,216
121,364
(26.5%)
(85,950)
(127,925)
3,266
(6,561)
(5,138)
(11,793)
(4,229)
(10,467)
(909)
(1,326)
(1,872)
(18,354)
629
(2,665)
(849)
(358)
127
(322)
226
(89)
(171)
(2,170)
1,297
274
(1,243)
(21,019)
(261)
943
(1,467)
(20,007)
(4.27)
(57.86)
Margin:
GM
OM
NM
OpExp		 3.7%
(5.4%)
(2.1%)
(15.1%)
(1.6%)
(16.5%)
(5.8%)
(9.7%)

3

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4Q16 資產負債表

4Q16資產負債表
Balance Sheet 2016/12/31
2015/12/31
(NT$ million)
Cash Equivalents
Debt Inv with no active market
Receivables
Inventories
Current Assets
Long-term Investments
Property, Plant and Equipment
Total Assets
ST Loans
Payables
Current Liabilities
Convertible Bonds
LT Loans
Total Liabilities
Common Shares
Non-Controlling Interest
Total Shareholder's Equities		 20,490
16,393
1,387
16,787
7,646
12,270
7,816
8,737
40,881
61,034
346
326
42,052
49,282
87,683
115,228
30,534
46,740
12,125
14,956
48,472
68,417
6,575
7,850
1,122
4,829
58,271
83,701
3,466
3,516
239
423
29,412
31,527
Ratio Analysis:
Quick Ratio
Current Ratio
ROE (YTD Annualized)
Net Debt to Equity		 0.68
0.76
0.84
0.89
(4.9%)
(52.3%)
0.60
1.36

Note: PP&E includes prepayments.

4

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