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TPK Interim / Quarterly Report 2020

Feb 25, 2021

52363_rns_2021-02-25_75832c9e-5b1a-478f-8856-ebcd0996471f.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

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

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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

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Financials

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4Q20 Profit & Loss

2020年第四季損益表

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Profit & Loss QoQ4Q19YoY4Q203Q20
(NT$ million)RevenuesCOGSGross ProfitsOperating ExpensesSG&AR&DOperating ProfitsNon-Op Inc/(Exp)Int Inc/(Exp)FX Gain/(Loss)OthersEarnings Before TaxIncome TaxNet Income (Parent)EPS (Parent)EBITDA (22.4%)36,945(31.0%)(36,296)(10.0%)64879.5%(1,100)(812)(288)(24.7%)(452)n.m.305(41)29317(28.1%)(147)n.m.49(45.5%)(98)n.m.(0.24)1,927(24,326)(31,559)25,49032,8521,1641,294(987)(1,058)(798)(866)(188)(192)17723522232023443766161209399555(153)(113)2414430.591.091,9572,239
Margin:GMOMNMOpExp 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

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2020 Profit & Loss

2020年損益表

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Profit & Loss 20202019YoY
(NT$ million)RevenuesCOGSGross ProfitsOperating ExpensesSG&AR&DOperating ProfitsNon-Op Inc/(Exp)Int Inc/(Exp)FX Gain/(Loss)OthersEarnings Before TaxIncome TaxNet Income (Parent)EPS (Parent)EBITDA 114,583136,607(16.1%)(109,718)(131,867)4,8664,7402.7%(3,916)(4,616)(3,140)(3,491)(776)(1,125)950124665%86265621(236)1571796837131,811780132%(777)(477)1,031209394%2.530.518,7459,538
Margin:GMOMNMOpExp 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

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Quarterly Sales by Form Factors 季營收結構

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Annual Sales by Form Factors 年營收結構

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TPK Proprietary & Copyright © All Rights Reserved

4Q20 Balance Sheet 2020年第四季資產負債表

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Balance Sheet 2020/12/312020/9/30
(NT$ million)Cash EquivalentsRisk-Free Banking Financial ProductsInvestmentsReceivablesOther ReceivablesInventoriesCurrent AssetsPP&ETotal AssetsST LoansPayablesCurrent LiabilitiesLT LoansTotal LiabilitiesCommon SharesRetained EarningsTotal Shareholder's Equities 22,60327,7732,8354,9433,93010312,76412,1482,2257,5728,4256,75254,11359,98222,88524,03283,62190,7116,75118,36514,44314,16529,03539,23411,5679,18146,81654,5674,0674,0673,5913,34936,80536,144
Ratio Analysis:Quick RatioCurrent RatioROE (YTD Annualized)Net Debt to Equity 1.571.361.861.532.8%2.9%Net CashNet Cash

Note: PP&E includes prepayments.

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新聞稿

TPK 公告 2020 年第四季自結營運成果

中華民國，台灣，台北，2021 年 2 月 25 日 – TPK Holding Co., Ltd. 宸鴻科技（TWSE: 3673）（“宸鴻” 或 “本公司”）今日公告 2020 年第四季自結營運成果。本季自結合併營 收為新台幣 254.9 億元，自結稅後淨利為新台幣 2.4 億元，稅後稀釋每股淨利為新台幣 0.59 元。2020 年全年營收達新台幣 1,145.8 億元，稅後淨利為新台幣 10.3 億元，稀釋 後每股淨利為新台幣 2.53 元，較 2019 年成長近五倍。

營運成果分析

本公司第四季自結合併營收為新台幣 254.9 億元，較上季減少 22.4%，亦較去年同期減 少 31.0%，主要係智慧型手機產品出貨減少所致。本季小尺寸（7 吋以下）產品佔公司 整體營收比重由第三季 34%減少為 15%；平板電腦（7-11 吋）產品需求則持續暢旺， 營收較上季成長 8.0%；筆記型電腦（11-16 吋）出貨仍穩健，營收與第三季相當。雖本 季整體營收規模下滑，然受惠於有利產品組合及營運效率持續提升，營業毛利益率由第 三季 3.9%增加為 4.6%，第四季營業毛利達新台幣 11.6 億元，較去年同期成長 79.5%。

在銷售成本結構方面，第四季原物料成本金額為新台幣 206.9 億元，佔營收比重由上季 84.7%降為 81.2%，主要係產品組合之有利變化。近年來公司嚴格管控資本支出，折舊 費用持續降低至新台幣 13.0 億元，係 2013 年第四季以來新低。此外，由於營收規模縮 減，致第四季營業費用亦較上季減少 6.8%，營業利益率達 0.7%，與第三季相當。 受惠於機動且有效之現金管理及匯率避險套利，第四季淨利息收入與外匯淨獲利分別約 為新台幣 2,300 萬元及新台幣 3,700 萬元。第四季稅後稀釋每股淨利約新台幣 0.59 元。

2020 年全年營運成果分析

2020 年為 TPK 過渡轉型的一年，公司不論在營運效率提升或產品組合調整等方面皆有 很好的成果。尤其筆記型電腦產品之營收年成長達 17%，佔公司 2020 年營收比重更達 46%，較 2019 年 34%大幅增加。由於居家辦公及學校採用線上學習之趨勢，加上汽車 採用觸控螢幕日趨普及，觸控產業可望持續受惠。

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宸鴻 2020 年全年自結合併營收為新台幣 1,145.8 億元，較前一年度減少 16.1%。全年 總出貨量約為 1.2 億，較 2019 年減少約 29%。儘管全年營收下滑，但營業毛利年成長 2.7%達新台幣 48.7 億元。營業毛利率亦由 2019 年 3.5%上升至 4.2%，主要係因有利 產品組合及生產效率持續提升所致。此外，2020 年營業費用在成本有效控管下，較 2019 ， 年減少 15.2%，營業利益大幅增加 6.7 倍達到新台幣 9.5 億元，全年營業利益率為 0.8% 較前一年度 0.1%大幅提升。

2020 年淨利息收入達新台幣 2,100 萬元，淨外匯獲利亦達到新台幣 1.6 億元。全年稅 後淨利達新台幣 10.3 億元，較 2019 年成長超過 4 倍，2020 年稀釋後每股淨利為新台 幣 2.53 元，較 2019 年新台幣 0.51 元增加。

資本結構及資本支出

截至 2020 年 12 月 31 日止，本公司帳上現金及理財性產品合計餘額為新台幣 254.4 億 元，較第三季底新台幣 327.2 億元減少，主要係償還銀行借款，使銀行借款餘額由第三 季底的新台幣 275.5 億元降為新台幣 183.2 億元。本季資本支出約為新台幣 3.8 億元， 2020 年全年資本支出約為新台幣 16.0 億元，較 2019 年新台幣 32.1 億元大幅減少。本 公司第四季 EBITDA 為新台幣 19.6 億元，2020 年仍呈現穩健之營運現金流入，合計全 年 EBITDA 為新台幣 87.5 億元。截至 2020 年底，本公司帳上仍維持淨現金部位。

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，策略長 蔡佩卿，財務長 王凱論，財務處資深處長

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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4Q20 PROFIT & LOSS

Profit & Loss QoQ4Q19YoY4Q203Q20
(NT$ million)RevenuesCOGSGross ProfitsOperating ExpensesSG&AR&DOperating ProfitsNon-Op Inc/(Exp)Int Inc/(Exp)FX Gain/(Loss)OthersEarnings Before TaxIncome TaxNet Income (Parent)EPS (Parent)EBITDA (22.4%)36,945(31.0%)(36,296)(10.0%)64879.5%(1,100)(812)(288)(24.7%)(452)n.m.305(41)29317(28.1%)(147)n.m.49(45.5%)(98)n.m.(0.24)1,927(24,326)(31,559)25,49032,8521,1641,294(987)(1,058)(798)(866)(188)(192)17723522232023443766161209399555(153)(113)2414430.591.091,9572,239
Margin:GMOMNMOpExp 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 20202019YoY
(NT$ million)RevenuesCOGSGross ProfitsOperating ExpensesSG&AR&DOperating ProfitsNon-Op Inc/(Exp)Int Inc/(Exp)FX Gain/(Loss)OthersEarnings Before TaxIncome TaxNet Income (Parent)EPS (Parent)EBITDA 114,583136,607(16.1%)(109,718)(131,867)4,8664,7402.7%(3,916)(4,616)(3,140)(3,491)(776)(1,125)950124665%86265621(236)1571796837131,811780132%(777)(477)1,031209394%2.530.518,7459,538
Margin:GMOMNMOpExp 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

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4Q20 BALANCE SHEET

4Q20 BALANCE SHEET 4Q20 BALANCE SHEET
Balance Sheet 2020/12/312020/9/30
(NT$ million)Cash EquivalentsRisk-Free Banking Financial ProductsInvestmentsReceivablesOther ReceivablesInventoriesCurrent AssetsPP&ETotal AssetsST LoansPayablesCurrent LiabilitiesLT LoansTotal LiabilitiesCommon SharesRetained EarningsTotal Shareholder's Equities 22,60327,7732,8354,9433,93010312,76412,1482,2257,572
setsts 85422836142911464336 ,4256,752,11359,982,88524,032,62190,711,75118,365,44314,165,03539,234,5679,181,81654,567,0674,067,5913,349,80536,144
bilitiesitiesharesarningseholder's Equities ,751,443,035,567,816,067,591,805
Ratio Analysis:Quick RatioCurrent RatioROE (YTD Annualized)Net Debt to Equity 1.571.361.861.532.8%2.9%Net CashNet Cash

Note: PP&E includes prepayments.

2020 CASH FLOW

1.571.36tio1.861.53nnualized)2.8%2.9%o EquityNet CashNet Cashincludes prepayments. 1.571.36tio1.861.53nnualized)2.8%2.9%o EquityNet CashNet Cashincludes prepayments.
FLOWStatement20202019n)Cashflows:fore Tax1,811780on & Amortization6,1797,839
Cashflow Statement 20202019
(NT$ million)Operating Cashflows:Earning Before TaxDepreciation & AmortizationNet Inc/(Dec) Working CapitalOther Operating Cash FlowCash Flow from OperationsInvesting Cashflows:Capital ExpendituresAcquisitionsOthersCash Flow from InvestmentsFinancing Cashflows:Inc/(Dec) in DebtsCapital InjectionOthersCash Flow from FinancingFX AdjustmentsTotal Cash Flow n)Cashflows:fore Taxon & Amortization 1,8117806,1797,839
(1,716)(3,152)7022,1656,9767,633(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)5,401138

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