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TPK Interim / Quarterly Report 2015

Jun 17, 2015

52363_rns_2015-06-17_d646db7e-9f25-4599-ac92-d732d01146ea.pdf

Interim / Quarterly Report

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2015Q1 U d ate
p
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[th] 2015
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TPK Proprietary & Copyright © All Rights Reserved

Disclaimer Statement

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Thi s presen a t ti on an d re ease may con a n orwar l t i ‘f d - oo l ki ng s a emen s w t t t ’ hi c h 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 w hi c h i s approve d b y regu ators n a wan l i T i  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

1Q15 Result Summary 2015年第一季營運簡報

NT$ Revenues
Net Profits/Loss
EPS
1Q15
28.9 bn
-1.0 bn
-3.06		 NT$ Revenues
Net Profits/Loss
EPS
1Q15
28.9 bn
-1.0 bn
-3.06		 NT$ Revenues
Net Profits/Loss
EPS
1Q15
28.9 bn
-1.0 bn
-3.06		 NT$ Revenues
Net Profits/Loss
EPS
1Q15
28.9 bn
-1.0 bn
-3.06		 NT$ Revenues
Net Profits/Loss
EPS
1Q15
28.9 bn
-1.0 bn
-3.06
NT$ Revenues Net Profits/Loss EPS
1Q15 28.9 bn -1.0 bn -3.06

Note: net profits including recognition on fire loss of NT$1.2 billion.

  • 1Q Revenues in line with original guidance , QoQ declined due to seasonal factors, few working days & weak tablet demand

  • Margin erosion attributed to:

  • Lower utilization in the slow season, and

  • Unfavorable product mix

  • .

  • Operating expenses reduced to NT$1 8 billion given:

  • Improved efficiency

  • Reduced sampling activities in the slow season, and

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  • Headcount rationalization

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TPK Proprietary & Copyright © All Rights Reserved

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TPK Proprietary & Copyright © All Rights Reserved

1Q15 Profit & Loss

損益表

損益表
Profit & Loss QoQ
1Q14
YoY
1Q15
4Q14
(NT$
illi
)
m
on
Revenues
COGS
Gross Profits


 (26.9%)
26,618
8.8%
(23,950)
(34.8%)
2,669
(29.0%)

(27,054)
(36,674)
28,949
39,581
1,895
2,907
O
ti
E
pera ng xpenses
SG&A
R&D
Operating Profits
 (2 379)
(1 805)
(2 837)
,
(1,254)
(1,125)
28.8%
290
(68.9%)

,
,
(1,499)
(1,528)
(306)
(1,309)
90
70
Non Op Inc/(Exp)
‐
Int Inc/(Exp)
FX Gain/(Loss)
Invest Inc/(Loss)
Oth		 (191)
(1 192)
499
(30)
(122)
(178)
139
,
(28)
(45)
(6)
288
(53)
(27)
(1104)
284
ers
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS (Parent)

99
71
129
039
,
(1,102)
569
95
(387)
(1,014)
66
(306)
020

EBITDA		 .
.
.
2,360
1,633
3,207
Margin:
GM
OM		 10.0%
1.1%
6.5%
7.3%
0.3%
0.2%

NM
Op Exp		 0.5%
(8.9%)
(3.5%)
0.2%
(6.2%)
(7.2%)

TPK Proprietary & Copyright © All Rights Reserved

Quarterly Sales

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季營收
NT$ mm
50,000
39,581
40 , 000
32,613
30,704
30 , 000 26,618 28 , 949
20 , 000
10 , 000
0
1Q14 2Q14 3Q14 4Q14 1Q15
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TPK Proprietary & Copyright © All Rights Reserved

Gross Profits

營業毛利

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NT$ mm
3,500 20%
2,907
3,000
2,669 2 , 738
15%
2,500
2,168
2,000 10.0% 1,895
8.9% 10%
1,500 7.3%
6.6% 6.5%
1,000
5%
500
0 0%
1Q14 2Q14 3Q14 4Q14 1Q15
4
TPK Proprietary & Copyright © All Rights Reserved
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Operating Profits

營業利益

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NT$ mm
400 2%
290
300
200 1%
1.1%
98
90
100 70
0.3% 0.3%
0 0%
0.2%
(100)
(200) ‐1%
(1.0%)
(300)
(313)
‐
(400) 2%
1Q14 2Q14 3Q14 4Q14 1Q15
5
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TPK Proprietary & Copyright © All Rights Reserved

Sales by Form Factors

營收結構

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TPK Proprietary & Copyright © All Rights Reserved

1Q15 Balance Sheet

資產負債表

Balance Sheet 2015/3/31
2014/12/31
(NT$
illi
)
m
on
Cash Equivalents
Debt Inv with no active market
Receivables

 27,356
29,540
14,779
16,737
14,831
20,595
I
t i
nven or es
Current Assets
Long‐term Investments
Property, Plant and Equipment
 8 874
7 180
,
,
66,495
74,648
1,146
1,162
68,645
71,573
Total Assets
ST Loans
Payables
Current Liabilities
Ctibl Bd		 141 780
152 723
,
,
62,632
65,252
16,183
20,540
86,662
95,306
onvere ons
LT Loans
Total Liabilities
Common Shares
Non‐ControllingInterest		 ‐
‐
7,000
7,928
96,967
106,571
3,314
3,313
818
818

Total Shareholder's Equities		 44,813
46,151
Ratio Analysis:
Quick Ratio
CurrentRatio		 0.66
0.71
0.77
0.78

ROE (YTD Annualized)
Net Debt to Equity		 (9.1%)
0.6%
0.94
0.95

Note: PP&E includes prepayments.

TPK Proprietary & Copyright © All Rights Reserved

1Q15 Cash Flow

現金流量表

現金流量表
Cashflow Statement 1Q15
4Q14
$
(NT million)
Operating Cashflows:
Earning Before Tax
Depreciation & Amortization		 (1,102)
569
2,405
2,308
Net Inc/(Dec) Working Capital
Other Operating Cash Flow
Cash Flow from Operations
Investing Cashflows:		 (1,021)
2,589
1,401
812
1,683
6,279
Capital Expenditures
Acquisitions
Others
Cash Flow from Investments		 (2,226)
(1,728)
(35)
‐
1,956
(4,553)
(305)
(6,281)
Financing Cashflows:
Inc/(Dec) in Debts
Others
Cash Flow from Financing		 (2,796)
2,691
(318)
(245)
(3,114)
2,446

FX Adjustments
Total Cash Flow		 (448)
1,749
(2,184)
4,193

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8 TPK Proprietary & Copyright © All Rights Reserved

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TPK Proprietary & Copyright © All Rights Reserved

FOR IMMEDIATE RELEASE

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TPK REPORTS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2015

Taipei, Taiwan, ROC., April 30, 2015 – TPK Holding Co., Ltd. (TWSE: 3673) (“TPK” or “the Company”) today reported unaudited consolidated financial results for the first quarter of 2015. Net loss for the quarter totaled NT$1,014 million (including recognition on fire loss of approximately NT$1.2 billion). 1Q15 fully diluted loss per share were NT$3.06.

OPERATIONAL DETAILS

Revenues in 1Q15 totaled NT$28.9 billion, up 8.8% year-on-year and down 26.9% sequentially. The sequential decline was largely attributed to seasonal factors, fewer working days in the first quarter and weakness in the tablet products.

US$ mm 1Q15 4Q14 QoQ
X＜7" 555 585 (5%)
7"≦X＜11" 143 399 (64%)
11"≦X＜16" 161 189 (15%)
X≧16" 35 32 8%
Others 24 89 (73%)

In the first quarter, profitability from our core operation decreased on the backdrop of lower utilization in the slow season and unfavorable product mix. Gross margin declined from 7.3% in 4Q14 to 6.5% in 1Q15. Gross profit for the quarter were NT$1,895 million, down 34.8% sequentially from NT$2,907 million in 4Q14. Within cost-of-good-sold, lower production level reduced raw material cost to NT$21.6 billion, from NT$29.2 billion in the previous quarter. As a percentage of COGS, raw material cost was 79.7%, up from 79.5% in 4Q14. Labor cost totaled NT$2.3 billion, down from NT$2.7 billion in 4Q14, driven by lower over-time charge during holidays and improved productivity. Depreciation expenses amounted to NT$1.9 billion, up from NT$1.8 billion in 4Q14.

1Q15 operating expenses were NT$1,805 million, down significantly from NT$2,837 million in the quarter earlier due to improved efficiency as a result of organization restructuring, reduced sampling activities during slow season, as well as headcount rationalization. R&D expense were NT$306 million in Q1, down from NT$1,309 million in 4Q14. Excluding one-time charge in the previous quarter, R&D expenses were reduced by NT$899 million in the first quarter. SG&A expenses were

1

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flattish quarter-on-quarter from NT$1,528 million in Q4 to NT$1,499 million in 1Q15 (excluding one-time charge, SG&A expenses in 4Q14 were NT$1,430 million). Total headcount as of March 31 2015 was 35,373, down from 49,089 at the end of 2014, reflecting our effort in improving productivity and dynamically adjusting our workforce in accordance with production level.

Investment loss for the quarter expanded to NT$53 million, from NT$27 million in 4Q, reflecting seasonal weakness in Cando’s operational performance in 1Q15. Net interest expenses were NT$28 million for the quarter, down from net interest expenses of NT$45 million in 4Q14. TPK recorded foreign exchange loss of NT$6 million in the first quarter of 2015. We also accrued loss of approximately NT$1.2 billion related to the fire accident on January 3 2015 at TPK’s Xiang-An facility. Insurance claims for the fire accident are in progress.

CAPITAL RESOURCE AND LIQUIDITY

For the first quarter of 2015, the company spent NT$1.2 billion on capital expenditures. As of end of 1Q15, the Company had cash on hand of NT$27.4 billion. Total bank debt was NT$62.8 billion, of which NT$55.8 billion was short-term debt and NT$7.0 billion was long term debt. In addition, NT$6.8 billion of ECB remained outstanding. We had total banking facilities of NT$140.9 billion, of which NT$68.4 billion was available for use, as of March 31, 2015.

On April 8 2015, the Company has completed the issuance of US$134 million GDR and US$250 million ECB, which further strengthen TPK’s capital structure and enable new business opportunities.

Note: All financial numbers are prepared in accordance with IFRS which is approved by regulators in Taiwan.

IR Contact: Freddie Liu, Chief Financial Officer Kevin Wang, Director Tel: +886.2.7727.1196 [email protected]

ABOUT TPK

TPK was founded solely for touch solutions in 2003. We are the inventor of transparent glass-based projected capacitive (P-Cap) touch solutions and the first company for mass production. Since 2Q 2010, TPK has expanded its touch product offering into PET-film based solutions. Our production sites are located in Xiamen City of Fujian Province, China. TPK is completely and vertically integrated for one-stop shopping for touch solutions.

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1Q15 PROFIT & LOSS

1Q15 PROFIT & LOSS
Profit & Loss QoQ
1Q14
YoY
1Q15
4Q14
(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		 (26.9%)
26,618
8.8%
(23,950)
(34.8%)
2,669
(29.0%)
(2,379)
(1,254)
(1,125)
28.8%
290
(68.9%)
(191)
(30)
(122)
(178)
139
99
71
129
0.39
2,360
(27,054)
(36,674)
28,949
39,581
1,895
2,907
(1,805)
(2,837)
(1,499)
(1,528)
(306)
(1,309)
90
70
(1,192)
499
(28)
(45)
(6)
288
(53)
(27)
(1,104)
284
(1,102)
569
95
(387)
(1,014)
66
(3.06)
0.20
1,633
3,207
Margin:
GM
OM
NM
Op Exp		 10.0%
1.1%
0.5%
(8.9%)
6.5%
7.3%
0.3%
0.2%
(3.5%)
0.2%
(6.2%)
(7.2%)

1Q15 BALANCE SHEET

1Q15 BALANCE SHEET
Balance Sheet 2015/3/31
2014/12/31
(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		 27,356
29,540
14,779
16,737
14,831
20,595
8,874
7,180
66,495
74,648
1,146
1,162
68,645
71,573
141,780
152,723
62,632
65,252
16,183
20,540
86,662
95,306
-
-
7,000
7,928
96,967
106,571
3,314
3,313
818
818
44,813
46,151
Ratio Analysis:
Quick Ratio
Current Ratio
ROE (YTD Annualized)
Net Debt to Equity		 0.66
0.71
0.77
0.78
(9.1%)
0.6%
0.94
0.95

Note: PP&E includes prepayments.

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1Q15 CASH FLOW

1Q15 CASH FLOW
Cashflow Statement 1Q15
4Q14
(NT$ million)
Operating Cashflows:
Earning Before Tax
Depreciation & Amortization
Net Inc/(Dec) Working Capital
Other Operating Cash Flow
Cash Flow from Operations
Investing Cashflows:
Capital Expenditures
Acquisitions
Others
Cash Flow from Investments
Financing Cashflows:
Inc/(Dec) in Debts
Others
Cash Flow from Financing
FX Adjustments
Total Cash Flow		 (1,102)
569
2,405
2,308
(1,021)
2,589
1,401
812
1,683
6,279
(2,226)
(1,728)
(35)
-
1,956
(4,553)
(305)
(6,281)
(2,796)
2,691
(318)
(245)
(3,114)
2,446
(448)
1,749
(2,184)
4,193

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