Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

TPK Interim / Quarterly Report 2020

Feb 25, 2021

52363_rns_2021-02-25_6db38a61-ead1-460f-8689-49c565c08c41.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

==> 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

==> picture [98 x 56] intentionally omitted <==

TPK Proprietary & Copyright © All Rights Reserved

4Q20 Result Summary 2020年第四季營運簡報

NT$ Revenues Net Profits EPS
4Q20 25.5 bn 241 mn 0.59
2020 114.6 bn 1,031 mn 2.53

  • 4Q20 revenues declined 22% qoq due to customer product transition and seasonal factors

  • Favorable product mix change attributed to gross margin improvement to 4.6% from 3.9%

  • 2020 full year net profit reached NT$1 billion, increased nearly 5X over 2019.

  • FY2020 EBITDA was strong at NT$8,745 million while remained at net cash position as of FY2020 year-end

==> picture [98 x 56] intentionally omitted <==

1

TPK Proprietary & Copyright © All Rights Reserved

2021 年：精耕本業、拓展新業

  • 持續強化精益生產，提升競爭力與擴大市占率

  • 擴大 LCM 產能，增加售出產品內容及價值

  • 擴增車載產品供貨內容，提升在車載產品供應鏈位階

  • 加大加速開發新型感應器以及產品新設計，對應客戶 新產品開發以及柔曲觸控的新需求和新應用

  • 發揮製造管理核心競爭力，開展新事業，包括新能源 汽車相關領域等

==> picture [98 x 56] intentionally omitted <==

2

TPK Proprietary & Copyright © All Rights Reserved

==> picture [682 x 43] intentionally omitted <==

Financials

==> picture [98 x 56] intentionally omitted <==

TPK Proprietary & Copyright © All Rights Reserved

4Q20 Profit & Loss

2020年第四季損益表

==> picture [98 x 56] intentionally omitted <==

Profit & Loss QoQ
4Q19
YoY
4Q20
3Q20
(NT$ million)
Revenues
COGS
Gross Profits
Operating Expenses
SG&A
R&D
Operating Profits
Non-Op Inc/(Exp)
Int Inc/(Exp)
FX Gain/(Loss)
Others
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS (Parent)
EBITDA		 (22.4%)
36,945
(31.0%)
(36,296)
(10.0%)
648
79.5%
(1,100)
(812)
(288)
(24.7%)
(452)
n.m.
305
(41)
29
317
(28.1%)
(147)
n.m.
49
(45.5%)
(98)
n.m.
(0.24)
1,927
(24,326)
(31,559)
25,490
32,852
1,164
1,294
(987)
(1,058)
(798)
(866)
(188)
(192)
177
235
222
320
23
44
37
66
161
209
399
555
(153)
(113)
241
443
0.59
1.09
1,957
2,239
Margin:
GM
OM
NM
OpExp		 1.8%
(1.2%)
(0.3%)
(3.0%)
4.6%
3.9%
0.7%
0.7%
0.9%
1.3%
(3.9%)
(3.2%)

Note: 2020 Fully Diluted Weighted Average: 406,891,095 shares

3

TPK Proprietary & Copyright © All Rights Reserved

2020 Profit & Loss

2020年損益表

==> picture [98 x 56] intentionally omitted <==

Profit & Loss 2020
2019
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)
Others
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS (Parent)
EBITDA		 114,583
136,607
(16.1%)
(109,718)
(131,867)
4,866
4,740
2.7%
(3,916)
(4,616)
(3,140)
(3,491)
(776)
(1,125)
950
124
665%
862
656
21
(236)
157
179
683
713
1,811
780
132%
(777)
(477)
1,031
209
394%
2.53
0.51
8,745
9,538
Margin:
GM
OM
NM
OpExp		 4.2%
3.5%
0.8%
0.1%
0.9%
0.2%
(3.4%)
(3.4%)

Note: 2020 Fully Diluted Weighted Average: 406,891,095 shares

4

TPK Proprietary & Copyright © All Rights Reserved

Quarterly Sales by Form Factors 季營收結構

==> picture [98 x 56] intentionally omitted <==

==> picture [517 x 390] intentionally omitted <==

5

TPK Proprietary & Copyright © All Rights Reserved

Annual Sales by Form Factors 年營收結構

==> picture [339 x 278] intentionally omitted <==

==> picture [339 x 278] intentionally omitted <==

==> picture [98 x 56] intentionally omitted <==

6

TPK Proprietary & Copyright © All Rights Reserved

4Q20 Balance Sheet 2020年第四季資產負債表

==> picture [98 x 56] intentionally omitted <==

Balance Sheet 2020/12/31
2020/9/30
(NT$ million)
Cash Equivalents
Risk-Free Banking Financial Products
Investments
Receivables
Other Receivables
Inventories
Current Assets
PP&E
Total Assets
ST Loans
Payables
Current Liabilities
LT Loans
Total Liabilities
Common Shares
Retained Earnings
Total Shareholder's Equities		 22,603
27,773
2,835
4,943
3,930
103
12,764
12,148
2,225
7,572
8,425
6,752
54,113
59,982
22,885
24,032
83,621
90,711
6,751
18,365
14,443
14,165
29,035
39,234
11,567
9,181
46,816
54,567
4,067
4,067
3,591
3,349
36,805
36,144
Ratio Analysis:
Quick Ratio
Current Ratio
ROE (YTD Annualized)
Net Debt to Equity		 1.57
1.36
1.86
1.53
2.8%
2.9%
Net Cash
Net Cash

Note: PP&E includes prepayments.

7

TPK Proprietary & Copyright © All Rights Reserved

==> picture [236 x 133] intentionally omitted <==

TPK Proprietary & Copyright © All Rights Reserved

==> picture [100 x 55] intentionally omitted <==

FOR IMMEDIATE RELEASE

TPK REPORTS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE FOURTH QUARTER OF 2020

Taipei, Taiwan, February 25[th] , 2021 – TPK Holding Co., Ltd (TWSE: 3673) (“TPK” or the “Company”) today announced 2020 fourth quarter unaudited consolidated operating results. Company reported revenues of NT$25,490 million and net profit of NT$241 million, or earnings per share of NT$0.59 for the quarter. For the full year of 2020, consolidated revenues amounted to NT$114,583 million and net profit totaled NT$1,031 million, equivalent to earnings per share of NT$2.53.

4Q20 Operating Results

Fourth quarter revenues were NT$25,490 million, down 22.4% sequentially and down 31.0% year-onyear. The decrease was mostly attributable to decline in smartphone production as a result of model transition. For 4Q20, small-sized products (<7”) accounted for only 15% of total revenues, down from 34% for the previous quarter. On the contrary, tablet segment (7” to 11”) continued to show robust demand and delivered 8.0% sequential growth while demand for notebook PC sector (11” to 16”) remained strong at 3Q20 level. Despite lower quarterly revenues, gross margin improved to 4.6% from 3.9% for 3Q20 in the backdrop of favorable product mix change and operational enhancement. 4Q20 gross profits were NT$1,164 million, up 79.5% year-on-year.

In terms of COGS items, raw materials were NT$20,694 million, representing 81.2% of revenues, down from 84.7% for 3Q20, indicating favorable product mix change. As a result of company’s discipline in controlling capital expenditures in the last few years, depreciation expense continued to trend lower, to NT$1,301 million, the lowest level since 4Q13. Moreover, fourth quarter operating expenses also reduced 6.8% quarter-on-quarter in conjunction with sequential revenue decline, and resulted in operating margin at 0.7%, flattish to 3Q20.

The Company recorded net interest income of NT$23 million and foreign exchange gain of NT$37 million for this quarter, thanks to effective cash management and foreign exchange hedge. For 4Q20, earnings per share were NT$0.59.

2020 Full Year Operating Results

Looking back, 2020 was a year of transition in which TPK has successfully achieved sound operational enhancement and shifted towards a more favorable product mix. Notebook PC sector, in particular,

1

==> picture [100 x 55] intentionally omitted <==

expanded 17% year-on-year and accounted for 46% of 2020 revenues, compared to 34% for 2019. Touch sector is expected to continuously benefit from fast-growing work-from-home, student online learning and proliferation of touch screens in automobiles.

The Company reported 2020 full year unaudited consolidated revenues of NT$114,583 million, down 16.1% year-on-year. Total shipments were 117 million, down 29% compared to 2019. In spite of revenues decline, gross profit increased 2.7% to NT$4,866 million and gross margin improved to 4.2% from 3.5% in 2019 in the backdrop of favorable product mix change and operational enhancement. Effective expense controls were also successfully implemented and achieved 15.2% year-on-year reduction for operating expenses. Operating profit reached NT$950 million, an increase of 6.7 times versus 2019, making 2020 operating margin at 0.8%, compared to 0.1% for 2019.

TPK recorded net interest income of NT$21 million for the full year of 2020 through effective cash management. The Company also posted net foreign exchange gain of NT$157 million. Net income amounts to NT$1 billion, an increase near 400% over 2019. Full year EPS totaled NT$2.53, compared to NT$0.51 for 2019.

Balance Sheet & Cash Flow

As of December 31[st] 2020, cash & cash equivalent and financial assets totaled NT$25.4 billion, down from NT$32.8 billion at the end of third quarter as total bank borrowing has been repaid and reduced from NT$27.5 billion to NT$18.3 billion. On accrual basis, capital expenditure for the quarter was NT$379 million with total CAPEX in 2020 amounted to NT$1,602 million, down significantly from NT$3,210 million for 2019. 4Q19 EBITDA was NT$2.0 billion and 2020 EBITDA amounted to NT$8.7 billion, continue to generate strong operating cash inflows. TPK remained at net cash position as of end of 2020.

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

IR Contact

Freddie Liu, Chief Strategy Officer Tracy Tsai, Chief Financial Officer Kevin Wang, Senior Director Tel: +886.2.7727.1196 [email protected]

ABOUT TPK

TPK was founded 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. TPK excels at defining new technology mass production processes with inhouse automation and flexible production capabilities. Our production sites are located in Xiamen City of Fujian Province, China.

2

==> picture [100 x 55] intentionally omitted <==

4Q20 PROFIT & LOSS

Profit & Loss QoQ
4Q19
YoY
4Q20
3Q20
(NT$ million)
Revenues
COGS
Gross Profits
Operating Expenses
SG&A
R&D
Operating Profits
Non-Op Inc/(Exp)
Int Inc/(Exp)
FX Gain/(Loss)
Others
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS (Parent)
EBITDA		 (22.4%)
36,945
(31.0%)
(36,296)
(10.0%)
648
79.5%
(1,100)
(812)
(288)
(24.7%)
(452)
n.m.
305
(41)
29
317
(28.1%)
(147)
n.m.
49
(45.5%)
(98)
n.m.
(0.24)
1,927
(24,326)
(31,559)
25,490
32,852
1,164
1,294
(987)
(1,058)
(798)
(866)
(188)
(192)
177
235
222
320
23
44
37
66
161
209
399
555
(153)
(113)
241
443
0.59
1.09
1,957
2,239
Margin:
GM
OM
NM
OpExp		 1.8%
(1.2%)
(0.3%)
(3.0%)
4.6%
3.9%
0.7%
0.7%
0.9%
1.3%
(3.9%)
(3.2%)

Note: 2020 Fully Diluted Weighted Average: 406,891,095 shares

2020 PROFIT & LOSS

2020 PROFIT & LOSS
Profit & Loss 2020
2019
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)
Others
Earnings Before Tax
Income Tax
Net Income (Parent)
EPS (Parent)
EBITDA		 114,583
136,607
(16.1%)
(109,718)
(131,867)
4,866
4,740
2.7%
(3,916)
(4,616)
(3,140)
(3,491)
(776)
(1,125)
950
124
665%
862
656
21
(236)
157
179
683
713
1,811
780
132%
(777)
(477)
1,031
209
394%
2.53
0.51
8,745
9,538
Margin:
GM
OM
NM
OpExp		 4.2%
3.5%
0.8%
0.1%
0.9%
0.2%
(3.4%)
(3.4%)

Note: 2020 Fully Diluted Weighted Average: 406,891,095 shares

3

==> picture [100 x 55] intentionally omitted <==

4Q20 BALANCE SHEET

==> picture [336 x 320] intentionally omitted <==

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

Balance Sheet 2020/12/31 2020/9/30
(NT$ million)
Cash Equivalents 22,603 27,773
Risk-Free Banking Financial Products 2,835 4,943
Investments 3,930 103
Receivables 12,764 12,148
Other Receivables 2,225 7,572
Inventories 8,425 6,752
Current Assets 54,113 59,982
PP&E 22,885 24,032
Total Assets 83,621 90,711
ST Loans 6,751 18,365
Payables 14,443 14,165
Current Liabilities 29,035 39,234
LT Loans 11,567 9,181
Total Liabilities 46,816 54,567
Common Shares 4,067 4,067
Retained Earnings 3,591 3,349
Total Shareholder's Equities 36,805 36,144
Ratio Analysis:
Quick Ratio 1.57 1.36
Current Ratio 1.86 1.53
ROE (YTD Annualized) 2.8% 2.9%
Net Debt to Equity Net Cash Net Cash
----- End of picture text -----

Note: PP&E includes prepayments.

2020 CASH FLOW

2020 CASH FLOW
Cashflow Statement 2020
2019
(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		 1,811
780
6,179
7,839
(1,716)
(3,152)
702
2,165
6,976
7,633
(1,483)
(3,957)
-
-
2,694
(4,419)
1,211
(8,376)
(271)
3,221
-
-
(1,209)
(1,249)
(1,480)
1,972
(1,306)
(1,091)
5,401
138

4

More from TPK

Regulatory Filings 2026
Jun 9
Regulatory Filings 2026
Jun 9
Director's Dealing 2026
Jun 4
Director's Dealing 2026
Jun 4
AGM Information 2026
May 26
AGM Information 2026
May 26
Proxy Solicitation & Information Statement 2026
May 26
AGM Information 2026
May 26
AGM Information 2026
May 26
Director's Dealing 2026
May 4
View all filings →