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TPK — Interim / Quarterly Report 2017
Aug 3, 2017
52363_rns_2017-08-03_3e45eda8-73a6-4680-9272-89fe10e8e077.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
2Q17 Result Summary
2017年第二季營運簡報
| 2Q17 | Revenues | Net Profits | EPS |
|---|---|---|---|
| NT$ | 22.4 bn | 327 mn | 0.95 |
-
Healthy demand for smartphone, ramp-ups in new tablet products and increasing popularity of 2-in-1 laptops prevailed over conventional weaker seasonality in 2Q
-
Targeted profitability achieved via efficiency enhancement and lower depreciation cost.
-
Operating expenses remained at the lowest level in the past 7 years
-
2H outlook remains intact with new product ramp-ups and seasonality
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TPK Proprietary & Copyright © All Rights Reserved
==> picture [98 x 56] intentionally omitted <==
TPK Proprietary & Copyright © All Rights Reserved
2Q17 Profit & Loss
2017年第二季損益表
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| 季損益表 | |
|---|---|
| Profit & Loss | QoQ 2Q16 YoY 2Q17 1Q17 |
| (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 |
4.6% 17,085 31.2% (18,673) 26% (1,588) n.m. (1,155) (944) (211) 258% (2,743) n.m. 68 (192) 60 69 131 (2,675) 161 (2,499) (7.28) (259) 327 616 0.95 1.78 2,835 3,290 412 955 516 741 (176) (122) (203) (235) (124) (100) - - (205) (203) 430 120 85 621 1,510 1,200 (1,080) (1,080) (874) (877) (20,897) (20,215) 22,407 21,415 |
| Margin: GM OM NM OpExp |
(9.3%) (16.1%) (14.6%) (6.8%) (4.8%) (5.0%) 6.7% 5.6% 1.9% 0.6% 1.5% 2.9% |
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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 |
28,949 23,741 34,235 34,438 21,239 17,085 26,16824,724 21,41522,407 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 |
|---|---|
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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%
24%
80% 25%
27% 29%
30% 33%
60%
19%
26%
21%
28%
29% 24%
40%
50%
44% 44%
20%
36%
34%
30%
0%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
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TPK Proprietary & Copyright © All Rights Reserved
2Q17 Balance Sheet
2017年第二季資產負債表
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| alance Sheet 季資產負債表 |
|
|---|---|
| Balance Sheet | 2017/6/30 2017/3/31 |
| (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 |
19,344 19,498 1,526 619 7,346 5,255 5,604 6,583 35,628 37,491 258 258 38,320 39,249 78,030 80,668 20,104 25,003 10,344 10,396 36,328 42,579 6,289 6,227 4,173 1,237 48,917 52,031 3,466 3,466 253 235 29,112 28,637 |
| Ratio Analysis: Quick Ratio Current Ratio ROE (YTD Annualized) Net Debt to Equity |
0.83 0.73 0.98 0.88 6.5% 8.6% 0.39 0.45 |
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Note: PP&E includes prepayments.
TPK Proprietary & Copyright © All Rights Reserved
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TPK Proprietary & Copyright © All Rights Reserved
==> picture [98 x 56] intentionally omitted <==
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.
==> picture [98 x 56] intentionally omitted <==
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
2Q17 Result Summary
2017年第二季營運簡報
| 2Q17 | Revenues | Net Profits | EPS |
|---|---|---|---|
| NT$ | 22.4 bn | 327 mn | 0.95 |
-
Healthy demand for smartphone, ramp-ups in new tablet products and increasing popularity of 2-in-1 laptops prevailed over conventional weaker seasonality in 2Q
-
Targeted profitability achieved via efficiency enhancement and lower depreciation cost.
-
Operating expenses remained at the lowest level in the past 7 years
-
2H outlook remains intact with new product ramp-ups and seasonality
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1
TPK Proprietary & Copyright © All Rights Reserved
==> picture [98 x 56] intentionally omitted <==
TPK Proprietary & Copyright © All Rights Reserved
2Q17 Profit & Loss
2017年第二季損益表
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| 季損益表 | |
|---|---|
| Profit & Loss | QoQ 2Q16 YoY 2Q17 1Q17 |
| (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 |
4.6% 17,085 31.2% (18,673) 26% (1,588) n.m. (1,155) (944) (211) 258% (2,743) n.m. 68 (192) 60 69 131 (2,675) 161 (2,499) (7.28) (259) 327 616 0.95 1.78 2,835 3,290 412 955 516 741 (176) (122) (203) (235) (124) (100) - - (205) (203) 430 120 85 621 1,510 1,200 (1,080) (1,080) (874) (877) (20,897) (20,215) 22,407 21,415 |
| Margin: GM OM NM OpExp |
(9.3%) (16.1%) (14.6%) (6.8%) (4.8%) (5.0%) 6.7% 5.6% 1.9% 0.6% 1.5% 2.9% |
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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 |
28,949 23,741 34,235 34,438 21,239 17,085 26,16824,724 21,41522,407 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 |
|---|---|
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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%
24%
80% 25%
27% 29%
30% 33%
60%
19%
26%
21%
28%
29% 24%
40%
50%
44% 44%
20%
36%
34%
30%
0%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
----- End of picture text -----
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TPK Proprietary & Copyright © All Rights Reserved
2Q17 Balance Sheet
2017年第二季資產負債表
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| alance Sheet 季資產負債表 |
|
|---|---|
| Balance Sheet | 2017/6/30 2017/3/31 |
| (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 |
19,344 19,498 1,526 619 7,346 5,255 5,604 6,583 35,628 37,491 258 258 38,320 39,249 78,030 80,668 20,104 25,003 10,344 10,396 36,328 42,579 6,289 6,227 4,173 1,237 48,917 52,031 3,466 3,466 253 235 29,112 28,637 |
| Ratio Analysis: Quick Ratio Current Ratio ROE (YTD Annualized) Net Debt to Equity |
0.83 0.73 0.98 0.88 6.5% 8.6% 0.39 0.45 |
5
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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FOR IMMEDIATE RELEASE
TPK REPORTS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2017
Taipei, Taiwan, August 3[rd] , 2017 – TPK Holding Co., Ltd (TWSE: 3673) (“TPK” or the “Company”) today announced 2017 second quarter operating results. Company reported net profit of NT$327 million, or earnings per share of NT$0.95. For the first six months of 2017, earnings per share were NT$2.75.
Operating Results
Despite historically weaker seasonality in second quarter, TPK recorded unaudited consolidated revenues of NT$22,407 million, up 31.2% year-on-year and up 4.6% quarter-on-quarter. The sequential growth in revenues was primarily attributable to healthy demand for smartphone, ramp-ups in new tablet products and increasing popularity of 2-in-1 laptops. Gross profit amounted to NT$1,510 million and gross margin increased to 6.7% from 5.6% in 1Q17 due to production efficiency enhancement and lower depreciation cost.
Within the cost-of-goods-sold items, raw material cost was NT$16.6 billion, up from NT$15.8 billion in 1Q17. Labor cost was NT$1.7 billion, down from NT$1.8 billion in the previous quarter. Depreciation expenses was NT$1.9 billion for the quarter, marked the lowest quarterly depreciation cost since 4Q15.
2Q17 operating expenses remained flat quarter-on-quarter at NT$1.1 billion, which continued to mark the lowest quarterly operating expense level in the past 7 years. Net interest expenses for the quarter totaled NT$203 million. We recorded foreign exchange loss of NT$124 million in the second quarter due to stronger RMB against US dollar. As of June 30 2017, total number of employees was 29,429, similar to 28,489 in the first quarter of 2017.
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Balance Sheet & Cash Flow
As of June 30, 2017, Company had cash and cash equivalent of NT$19.3 billion, flat to NT$19.5 billion at the end of first quarter. Total bank borrowings, including RMB bonds, totaled NT$24.3 billion, down from NT$26.2 billion in the previous quarter, reflecting continued reduction on financial leverage. Net-debt-to-equity ratio further enhanced to 0.39 from 0.45 on March 31, 2017. Quarterly EBITDA remained healthy at NT$2.8 billion. Capital expenditures during the second quarter were NT$1.0 billion on accrual basis. Operating cash-flows remained sufficient to cover the capital expenditure, and further reduced bank debts in the second quarter.
Note: All financial numbers are prepared in accordance with IFRS which is approved by regulators in Taiwan.
IR Contact: Freddie Liu, Chief Financial Officer Kevin Wang, Senior Director Tel: +886.2.7727.1196
ABOUT TPK
TPK was founded solely for touch solutions in 2003. We are the inventor of transparent glass-based projected capacitive (P-Cap) touch solutions and the first company for mass production. Since 2Q 2010, TPK has expanded its touch product offering into PET-film based solutions. Our production sites are located in Xiamen City of Fujian Province, China. TPK is completely and vertically integrated for one-stop shopping for touch solutions.
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2Q17 PROFIT & LOSS
| Profit & Loss | QoQ 2Q16 YoY 2Q17 1Q17 |
|---|---|
| (NT$ 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 |
4.6% 17,085 31.2% (18,673) 26% (1,588) n.m. (1,155) (944) (211) 258% (2,743) n.m. 68 (192) 60 69 131 (2,675) 161 (2,499) (7.28) (259) (20,897) (20,215) 22,407 21,415 1,510 1,200 (1,080) (1,080) (874) (877) (205) (203) 430 120 85 621 (203) (235) (124) (100) - - 412 955 516 741 (176) (122) 327 616 0.95 1.78 2,835 3,290 |
| Margin: GM OM NM OpExp |
(9.3%) (16.1%) (14.6%) (6.8%) 6.7% 5.6% 1.9% 0.6% 1.5% 2.9% (4.8%) (5.0%) |
2Q17 BALANCE SHEET
| 2Q17 BALANCE SHEET | |
|---|---|
| Balance Sheet | 2017/6/30 2017/3/31 |
| (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 |
19,344 19,498 1,526 619 7,346 5,255 5,604 6,583 35,628 37,491 258 258 38,320 39,249 78,030 80,668 20,104 25,003 10,344 10,396 36,328 42,579 6,289 6,227 4,173 1,237 48,917 52,031 3,466 3,466 253 235 29,112 28,637 |
| Ratio Analysis: Quick Ratio Current Ratio ROE (YTD Annualized) Net Debt to Equity |
0.83 0.73 0.98 0.88 6.5% 8.6% 0.39 0.45 |
Note: PP&E includes prepayments.
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