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TPK Interim / Quarterly Report 2017

Nov 2, 2017

52363_rns_2017-11-02_3b549542-6627-4fc2-b00a-93b895de83e5.pdf

Interim / Quarterly 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

3Q17 Result Summary

2017年第三季營運簡報

3Q17 Revenues Net Profits EPS
NT$ 30.5 bn 870 mn 2.37

  • Seasonality and ramp-ups in new smartphone and tablet products elevated the revenues in third quarter.

  • Profitability improved on the backdrop of favorable product mix & efficiency improvement.

  • Operating cost remained at healthy level, given increased R&D expenses and higher production volume.

  • Net-debt-to-equity at 0.05 and current ratio at 1.24.

  • For first 9 months in 2017, EBITDA has amounted to NT$9.7 billion.

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TPK Proprietary & Copyright © All Rights Reserved

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TPK Proprietary & Copyright © All Rights Reserved

3Q17 Profit & Loss

2017年第三季損益表

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季損益表
Profit & Loss QoQ
3Q16
YoY
3Q17
2Q17
(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		 36.2%
26,168
16.6%
(23,654)
73.2%
2,514
4.0%
(1,240)
(1,015)
(226)
211.8%
1,274
5.4%
(284)
(230)
(52)
56
(58)
125.7%
990
17.6%
(299)
684
149.5%
1.97
20.3%
3,444
(27,898)
(20,897)
30,513
22,407
2,615
1,510
(1,273)
(1,080)
(992)
(874)
(281)
(205)
1,342
430
(178)
85
(210)
(203)
(132)
(124)
-
-
164
412
1,164
516
(351)
(176)
870
327
2.37
0.95
3,571
2,835
Margin:
GM
OM
NM
OpExp		 9.6%
4.9%
2.6%
(4.7%)
8.6%
6.7%
4.4%
1.9%
2.9%
1.5%
(4.2%)
(4.8%)

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TPK Proprietary & Copyright © All Rights Reserved

Quarterly Sales

季營收

0
10,000
20,000
30,000
40,000
50,000
NT$ mm
21,239
17,085
26,168
24,724
21,415
22,407
30,513
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17

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TPK Proprietary & Copyright © All Rights Reserved

Quarterly Sales by Form Factors

季營收結構

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

＜ 7" 7" ≦ X 11" 11" ≦ X 16" X ≧ 16" Others
100%
19%
24%
80% 25%
27% 29%
30% 33%
25%
60%
19%
26%
21%
28%
29% 24%
40%
51%
50%
44% 44%
20%
36%
34%
30%
0%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
----- End of picture text -----

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TPK Proprietary & Copyright © All Rights Reserved

3Q17 Balance Sheet

2017年第三季資產負債表

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alance Sheet
季資產負債表
Balance Sheet 2017/9/30
2017/6/30
(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		 22,865
19,344
2,433
1,526
7,032
7,346
7,453
5,604
47,361
35,628
257
258
36,133
38,320
87,692
78,030
14,449
20,104
17,268
10,344
38,225
36,328
6,299
6,289
3,991
4,173
50,913
48,917
4,066
3,466
200
253
36,778
29,112
Ratio Analysis:
Quick Ratio
Current Ratio
ROE (YTD Annualized)
Net Debt to Equity		 1.04
0.83
1.24
0.98
7.4%
6.5%
0.05
0.39

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Note: PP&E includes prepayments.

TPK Proprietary & Copyright © All Rights Reserved

Oct 2017 Monthly Sales

2017年10月營收報告

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6 TPK Proprietary & Copyright © All Rights Reserved

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TPK Proprietary & Copyright © All Rights Reserved

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FOR IMMEDIATE RELEASE

TPK REPORTS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2017

Taipei, Taiwan, November 2[nd] , 2017 – TPK Holding Co., Ltd (TWSE: 3673) (“TPK” or the “Company”) today announced 2017 third quarter operating results. Company reported net profit of NT$870 million, or earnings per share of NT$2.37. For the first nine months of 2017, earnings per share were NT$5.18.

Operating Results

Given the strong seasonality and ramp-up in new smartphone and tablet products, the Company’s third quarter revenues were elevated to NT$30,513 million, up 36.2% quarter-on-quarter and up 16.6% year-on-year. Gross profits amounted to NT$2,615 million, up 73.2% sequentially. On the backdrop of favorable product mix and improvement in operation efficiency, gross margin increased to 8.6% from 6.7% in 2Q17.

With a greater operating scale in 3Q17, raw material and labor cost of COGS also increased to NT$23.0 billion and NT$2.0 billion, up from NT$16.6 billion and NT$1.7 billion in 2Q17, respectively. As a result of our continuous effort in automating the production process, labor cost of NT$2.0 billion was the same as 4Q16, despite 23.4% revenue increase over that period. Deprecation cost remained relatively flat quarter-on-quarter at NT$2.0 billion.

3Q17 operating expenses increased to NT$1.3 billion, coupled with the rise in business scale. Net interest expenses for the quarter totaled NT$210 million. We recorded foreign exchange loss of NT$132 million in the third quarter due to stronger RMB against USD. As of September 30 2017, total number of employees was 28,399, down by over 1,000 people compared with previous quarter, despite significant volume increase in 3Q.

Balance Sheet & Cash Flow

On September 8[th] , the Company successfully raised USD237 million through issuance of Global Depository Receipts (GDRs). As of September 30, 2017, Company had cash and cash equivalent of NT$22.9 billion, up from NT$19.3 billion at the end of second quarter. Total bank borrowings totaled

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NT$18.4 billion, down from NT$24.3 billion in the previous quarter, demonstrating TPK’s efforts on continuous deleveraging. Net-debt-to-equity ratio was 0.05 on September 30, 2017, the lowest since Company’s IPO in 2010. Current ratio also improved to 1.24 at the end of the 3Q17. Quarterly EBITDA enhanced to NT$3.6 billion, the highest since 2Q13. Capital expenditures during the third quarter were NT$692 million on an accrual basis.

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

IR Contact: Freddie Liu, Chief Strategy Officer Kevin Wang, Senior 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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3Q17 PROFIT & LOSS

3Q17 PROFIT & LOSS
Profit & Loss QoQ
3Q16
YoY
3Q17
2Q17
(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		 36.2%
26,168
16.6%
(23,654)
73.2%
2,514
4.0%
(1,240)
(1,015)
(226)
211.8%
1,274
5.4%
(284)
(230)
(52)
56
(58)
125.7%
990
17.6%
(299)
684
149.5%
1.97
20.3%
3,444
870
327
2.37
0.95
3,571
2,835
164
412
1,164
516
(351)
(176)
(210)
(203)
(132)
(124)
-
-
(281)
(205)
1,342
430
(178)
85
2,615
1,510
(1,273)
(1,080)
(992)
(874)
(27,898)
(20,897)
30,513
22,407
Margin:
GM
OM
NM
OpExp		 9.6%
4.9%
2.6%
(4.7%)
(4.2%)
(4.8%)
8.6%
6.7%
4.4%
1.9%
2.9%
1.5%

3Q17 BALANCE SHEET

3Q17 BALANCE SHEET
Balance Sheet 2017/9/30
2017/6/30
(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		 22,865
19,344
2,433
1,526
7,032
7,346
7,453
5,604
47,361
35,628
257
258
36,133
38,320
87,692
78,030
14,449
20,104
17,268
10,344
38,225
36,328
6,299
6,289
3,991
4,173
50,913
48,917
4,066
3,466
200
253
36,778
29,112
Ratio Analysis:
Quick Ratio
Current Ratio
ROE (YTD Annualized)
Net Debt to Equity		 1.04
0.83
1.24
0.98
7.4%
6.5%
0.05
0.39

Note: PP&E includes prepayments.

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3Q17 CASH FLOW

3Q17 CASH FLOW
Cashflow Statement 3Q17
2Q17
(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
Capital Injection
Others
Cash Flow from Financing
FX Adjustments
Total Cash Flow		 1,164
516
2,129
2,062
(147)
1,352
562
(7)
3,708
3,923
(65)
(1,443)
-
373
(916)
(978)
(981)
(2,048)
(3,964)
(2,097)
7,023
-
(314)
(30)
2,745
(2,127)
(1,951)
98
3,521
(154)

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