Tripod — Annual Report 2012

Mar 12, 2013

Presentation

March 2013

FY2011 Global Top 10 PCB Makers

Unit: Million USD

Rank Makers 1 Unimicron (with PPT) 2 Nippon Mektron* 3 Ibiden 4* Zhen Ding (Foxconn PCB)	Nationality 2001 …. 2007 2008 2009 2010 2011 Taiwan 410(11) 1510(3) 1489(3) 1734(1) 2179(1) 2453(1) Japan 708(5) 1629(2) 1716(1) 1656(3) 2106(3) 2314(2) Japan 887(1) 1794(1) 1629(2) 1731(2) 2110(2) 2149(3) Taiwan 60(na) 550(22) 550(19) 750(12) 1150(8) 1512(4)
5 Tripod	Taiwan 112(57) 841(10) 933(8) 1028(4) 1370(4) 1396(5)
6 Hannstar Board (with GBM) 7 TTM (with Meadville, Tyco) 8 Samsung Electro-Mech 9 Nanya PCB 10 Yong Poong (with KCC, Interflex*)	Taiwan 48(na) 572(21) 633(17) 596(17) 1148(9) 1391(6) USA 129(51) 575(20) 596(18) 506(23) 1366(5) 1390(7) S. Korea 368(14) 1272(4) 1174(5) 895(7) 1282(6) 1385(8) Taiwan 296(17) 1236(5) 1179(4) 848(9) 1158(7) 1324(9) S. Korea 270(21) 612(18) 535(22) 887(8) 978(12) 1204(10)
2011 Top 10 Makers Total Global Output Total (by Prismark) 2011 Top 10 Makers Shares	10,591 10,434 10,631 14,847 16,518 47,684 48,342 41,226 52,468 55,409 22.2% 21.6% 25.8% 28.3% 29.8%

• Flex PCB part including FPCBA value

Source : NT Information ( July. 2012 )

** UMTC merged PPT at 2009; HSB consolidated GBM, TTM acquired Meadville from 2010

Unit: Million USD FY2011 China Top 10 PCB Makers

Rank Maker 1 Zhen Ding (Foxconn PCB) 2 HannStar Board (with GBM)**	Chinese Name 臻鼎科技 瀚宇博德	Nationality Taiwan Taiwan	2003 ….. 116 41	2007 550 455	2008 550 557	2009 750 550	2010 1150 1078	2011 1510 1314
3 Tripod	健鼎科技	Taiwan	12	600	786	907	1208	1270
4 Kingboard PCB Group 5 Meadville (TTM Asia Pacific) 6 Unimicron 7 Viasystems (with Merix)** 8 Multek (Flextronics PCB) 9 Meiko 10 Wus	建滔集團 美維科技 欣興電子 惠亞集團 超毅科技 名幸電子 楠梓電子	Hong Kong Hong Kong Taiwan USA USA Japan Taiwan	405 200 203 320 215 92 130	844 530 610 490 570 427 361	944 670 580 490 640 560 397	870 620 590 350 590 490 325	1142 792 545 658 770 536 418	1046 863 805 721 670 545 468
2011 Top 10 MakersTotal China Output Total (by Prismark) 2011 Top 10 Makers Shares		1,644 5,336 6,047 6,042 8,297 9,212 5,543 13,563 15,037 14,252 20,170 22,029 29.7% 39.3% 40.2% 42.4% 41.1% 41.8%

• Not including FPCB/FPCBA maker (M-Flex:US$832m, Mektec:US$593m in 2011)

Source : N.T. Information ( July. 2012 )

• *HSB consolidated GBM, Viasystems acquired Merix from 2010

Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement	Consolidated Income Statement
	2008			2009			2010			2011			2012
Unit : Million NTD
	AMT	%		AMT	%		AMT	%		AMT	%		AMT	%
Net Sales	30,332	100.0%		33,424	100.0%		43,016	100.0%		40,899	100.0%		39,121	100.0%
COGS	24,865	82.0%		26,708	79.9%		33,539	78.0%		32,826	80.3%		32,452	83.0%
Gross Profit	5,467	18.0%		6,715	20.1%		9,477	22.0%		8,072	19.7%		6,668	17.0%
Operating Exp.	2,757	9.1%		2,880	8.6%		3,651	8.5%		3,419	8.4%		3,406	8.7%
Operating Income	2,710	8.9%		3,835	11.5%		5,826	13.5%		4,653	11.4%		3,262	8.3%
Non-Op. Income	572	1.9%		-131	-0.4%		130	0.3%		385	0.9%		475	1.2%
Pretax Income	3,282	10.8%		3,704	11.1%		5,956	13.8%		5,038	12.3%		3,736	9.6%
Income Tax	481	1.6%		535	1.6%		937	2.2%		818	2.0%		826	2.1%
Net Income	2,801	9.2%		3,169	9.5%		5,018	11.7%		4,220	10.3%		2,911	7.4%
Dep.& Amort.	3,246	10.7%		3,819	11.4%		3,916	9.1%		3,784	9.3%		3,730	9.5%
EBITDA	5,956	19.6%		7,655	22.9%		9,742	22.6%		8,437	20.6%		6,992	17.9%

Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement	Quarterly Consolidated Income Statement
	2011 Q4			2012	Q1		2012	Q2		2012	Q3		2012	Q4
Unit : Million NTD
	AMT	%		AMT	%		AMT	%		AMT	%		AMT	%
Net Sales	9,563	100.0%		9,350	100.0%		10,025	100.0%		9,867	100.0%		9,879	100.0%
COGS	7,824	81.8%		7,697	82.3%		8,250	82.3%		8,234	83.4%		8,272	83.7%
Gross Profit	1,739	18.2%		1,653	17.7%		1,775	17.7%		1,633	16.5%		1,607	16.3%
Operating Exp.	821	8.6%		810	8.7%		923	9.2%		841	8.5%		832	8.4%
Operating Income	918	9.6%		842	9.0%		852	8.5%		792	8.0%		775	7.8%
Non-Op. Income	132	1.4%		120	1.3%		308	3.1%		84	0.9%		-37	-0.4%
Pretax Income	1,050	11.0%		963	10.3%		1,160	11.6%		876	8.9%		737	7.5%
Income Tax	187	2.0%		184	2.0%		318	3.2%		205	2.1%		119	1.2%
Net Income	864	9.0%		779	8.3%		842	8.4%		671	6.8%		619	6.3%
Dep.& Amort.	989	10.3%		921	9.9%		951	9.5%		945	9.6%		914	9.2%
EBITDA	1,907	19.9%		1,764	18.9%		1,803	18.0%		1,737	17.6%		1,688	17.1%

	Consolidated Balanced AMT % AMT % AMT % Cash and Cash Equivalents 6,466 18.5% 7,525 20.2% 13,179 30.1% Other Current Assets 11,153 31.9% 15,103 40.5% 17,179 39.2% Funds and Investments 0 0.0% 80 0.2% 57 0.1% Fixed Assets 17,206 49.3% 14,490 38.8% 13,172 30.1% Intangible and Other Assets 87 0.2% 112 0.3% 220 0.5% Total Assets 34,911 100.0% 37,310 100.0% 43,808 100.0% Short-Term Loans 3,699 10.6% 2,071 5.6% 7,694 17.6% Other Current Liabilities 8,332 23.9% 12,005 32.2% 14,600 33.3% Long-Term Borrowings 6,246 17.9% 4,383 11.7% 500 1.1% Other Liabilities 984 2.8% 1,100 2.9% 911 2.1% Shareholder's Equities 15,650 44.8% 17,752 47.6% 20,103 45.9% Total Liabilities and Equities34,911 100.0% 37,310 100.0% 43,808 100.0% 2008 Unit: Million NTD 2010 2009	Consolidated Balanced AMT % AMT % AMT % Cash and Cash Equivalents 6,466 18.5% 7,525 20.2% 13,179 30.1% Other Current Assets 11,153 31.9% 15,103 40.5% 17,179 39.2% Funds and Investments 0 0.0% 80 0.2% 57 0.1% Fixed Assets 17,206 49.3% 14,490 38.8% 13,172 30.1% Intangible and Other Assets 87 0.2% 112 0.3% 220 0.5% Total Assets 34,911 100.0% 37,310 100.0% 43,808 100.0% Short-Term Loans 3,699 10.6% 2,071 5.6% 7,694 17.6% Other Current Liabilities 8,332 23.9% 12,005 32.2% 14,600 33.3% Long-Term Borrowings 6,246 17.9% 4,383 11.7% 500 1.1% Other Liabilities 984 2.8% 1,100 2.9% 911 2.1% Shareholder's Equities 15,650 44.8% 17,752 47.6% 20,103 45.9% Total Liabilities and Equities34,911 100.0% 37,310 100.0% 43,808 100.0% 2008 Unit: Million NTD 2010 2009	Consolidated Balanced AMT % AMT % AMT % Cash and Cash Equivalents 6,466 18.5% 7,525 20.2% 13,179 30.1% Other Current Assets 11,153 31.9% 15,103 40.5% 17,179 39.2% Funds and Investments 0 0.0% 80 0.2% 57 0.1% Fixed Assets 17,206 49.3% 14,490 38.8% 13,172 30.1% Intangible and Other Assets 87 0.2% 112 0.3% 220 0.5% Total Assets 34,911 100.0% 37,310 100.0% 43,808 100.0% Short-Term Loans 3,699 10.6% 2,071 5.6% 7,694 17.6% Other Current Liabilities 8,332 23.9% 12,005 32.2% 14,600 33.3% Long-Term Borrowings 6,246 17.9% 4,383 11.7% 500 1.1% Other Liabilities 984 2.8% 1,100 2.9% 911 2.1% Shareholder's Equities 15,650 44.8% 17,752 47.6% 20,103 45.9% Total Liabilities and Equities34,911 100.0% 37,310 100.0% 43,808 100.0% 2008 Unit: Million NTD 2010 2009	Consolidated Balanced AMT % AMT % AMT % Cash and Cash Equivalents 6,466 18.5% 7,525 20.2% 13,179 30.1% Other Current Assets 11,153 31.9% 15,103 40.5% 17,179 39.2% Funds and Investments 0 0.0% 80 0.2% 57 0.1% Fixed Assets 17,206 49.3% 14,490 38.8% 13,172 30.1% Intangible and Other Assets 87 0.2% 112 0.3% 220 0.5% Total Assets 34,911 100.0% 37,310 100.0% 43,808 100.0% Short-Term Loans 3,699 10.6% 2,071 5.6% 7,694 17.6% Other Current Liabilities 8,332 23.9% 12,005 32.2% 14,600 33.3% Long-Term Borrowings 6,246 17.9% 4,383 11.7% 500 1.1% Other Liabilities 984 2.8% 1,100 2.9% 911 2.1% Shareholder's Equities 15,650 44.8% 17,752 47.6% 20,103 45.9% Total Liabilities and Equities34,911 100.0% 37,310 100.0% 43,808 100.0% 2008 Unit: Million NTD 2010 2009	Consolidated Balanced AMT % AMT % AMT % Cash and Cash Equivalents 6,466 18.5% 7,525 20.2% 13,179 30.1% Other Current Assets 11,153 31.9% 15,103 40.5% 17,179 39.2% Funds and Investments 0 0.0% 80 0.2% 57 0.1% Fixed Assets 17,206 49.3% 14,490 38.8% 13,172 30.1% Intangible and Other Assets 87 0.2% 112 0.3% 220 0.5% Total Assets 34,911 100.0% 37,310 100.0% 43,808 100.0% Short-Term Loans 3,699 10.6% 2,071 5.6% 7,694 17.6% Other Current Liabilities 8,332 23.9% 12,005 32.2% 14,600 33.3% Long-Term Borrowings 6,246 17.9% 4,383 11.7% 500 1.1% Other Liabilities 984 2.8% 1,100 2.9% 911 2.1% Shareholder's Equities 15,650 44.8% 17,752 47.6% 20,103 45.9% Total Liabilities and Equities34,911 100.0% 37,310 100.0% 43,808 100.0% 2008 Unit: Million NTD 2010 2009	Consolidated Balanced AMT % AMT % AMT % Cash and Cash Equivalents 6,466 18.5% 7,525 20.2% 13,179 30.1% Other Current Assets 11,153 31.9% 15,103 40.5% 17,179 39.2% Funds and Investments 0 0.0% 80 0.2% 57 0.1% Fixed Assets 17,206 49.3% 14,490 38.8% 13,172 30.1% Intangible and Other Assets 87 0.2% 112 0.3% 220 0.5% Total Assets 34,911 100.0% 37,310 100.0% 43,808 100.0% Short-Term Loans 3,699 10.6% 2,071 5.6% 7,694 17.6% Other Current Liabilities 8,332 23.9% 12,005 32.2% 14,600 33.3% Long-Term Borrowings 6,246 17.9% 4,383 11.7% 500 1.1% Other Liabilities 984 2.8% 1,100 2.9% 911 2.1% Shareholder's Equities 15,650 44.8% 17,752 47.6% 20,103 45.9% Total Liabilities and Equities34,911 100.0% 37,310 100.0% 43,808 100.0% 2008 Unit: Million NTD 2010 2009	Consolidated Balanced AMT % AMT % AMT % Cash and Cash Equivalents 6,466 18.5% 7,525 20.2% 13,179 30.1% Other Current Assets 11,153 31.9% 15,103 40.5% 17,179 39.2% Funds and Investments 0 0.0% 80 0.2% 57 0.1% Fixed Assets 17,206 49.3% 14,490 38.8% 13,172 30.1% Intangible and Other Assets 87 0.2% 112 0.3% 220 0.5% Total Assets 34,911 100.0% 37,310 100.0% 43,808 100.0% Short-Term Loans 3,699 10.6% 2,071 5.6% 7,694 17.6% Other Current Liabilities 8,332 23.9% 12,005 32.2% 14,600 33.3% Long-Term Borrowings 6,246 17.9% 4,383 11.7% 500 1.1% Other Liabilities 984 2.8% 1,100 2.9% 911 2.1% Shareholder's Equities 15,650 44.8% 17,752 47.6% 20,103 45.9% Total Liabilities and Equities34,911 100.0% 37,310 100.0% 43,808 100.0% 2008 Unit: Million NTD 2010 2009	Sheet AMT % 11,188 25.2% 16,283 36.6% 60 0.1% 15,332 34.5% 1,585 3.6% 44,448 100.0% 5,039 11.3% 13,423 30.2% 0 0.0% 2,131 4.8% 23,854 53.7% 44,448 100.0% 2011	Sheet AMT % 11,188 25.2% 16,283 36.6% 60 0.1% 15,332 34.5% 1,585 3.6% 44,448 100.0% 5,039 11.3% 13,423 30.2% 0 0.0% 2,131 4.8% 23,854 53.7% 44,448 100.0% 2011	Sheet AMT % 11,188 25.2% 16,283 36.6% 60 0.1% 15,332 34.5% 1,585 3.6% 44,448 100.0% 5,039 11.3% 13,423 30.2% 0 0.0% 2,131 4.8% 23,854 53.7% 44,448 100.0% 2011	Sheet AMT % 11,188 25.2% 16,283 36.6% 60 0.1% 15,332 34.5% 1,585 3.6% 44,448 100.0% 5,039 11.3% 13,423 30.2% 0 0.0% 2,131 4.8% 23,854 53.7% 44,448 100.0% 2011
		AMT 6,466 11,153 0 17,206 87 34,911 3,699 8,332 6,246 984 15,650 34,911		AMT 7,525 15,103 80 14,490 112 37,310 2,071 12,005 4,383 1,100 17,752 37,310		AMT 13,179 17,179 57 13,172 220 43,808 7,694 14,600 500 911 20,103 43,808		AMT 11,188 16,283 60 15,332 1,585 44,448 5,039 13,423 0 2,131 23,854 44,448		AMT 10,114 16,820 28 17,052 1,635 45,648 7,567 13,547 0 313 24,221 45,648
	Asset Turnover (x) Fixed Asset Turnover (x) ROA (%) ROE (%) Current Ratio (%) Debt / Asset Ratio (%) NetDebt/ EquityRatio (%)	0.94 1.77 8.7% 19.3% 146% 55% 22%		0.93 2.11 8.8% 19.0% 161% 52% -6%		1.06 3.11 12.4% 26.5% 136% 54% -25%		0.93 2.87 9.6% 19.2% 149% 46% -26%		0.87 2.42 6.5% 12.1% 128% 47% -11%

Consolidated Statements of Cash flows

Unit: Million NTD Net Income Depreciation & Amortization Others Cash Flow from Operations Acquisition of Fixed Assets Decrease (Increase) in Investments Others Cash Flow from Investments Increase (Decrease) in Loans Cash Dividends Paid Others Cash Flow from Financing Foreign Exchange Translation Increase (Decrease) in Cash Cash at the End of the Year	2007 4,006 2,471 -1,242 5,235 -7,001 0 -146 -7,147 2,311 -595 -193 1,523 -251 -640 624	2008 2,801 3,246 -626 5,421 -3,313 0 85 -3,228 4,993 -1,031 -189 3,773 -124 5,842 6,466	2009 3,169 3,819 555 7,544 -1,748 -98 -59 -1,905 -3,432 -1,018 42 -4,408 -171 1,059 7,525	2010 5,018 3,916 288 9,222 -3,058 46 -31 -3,044 1,594 -1,279 99 414 -938 5,654 13,179	2011 4,220 3,784 248 8,253 -4,036 -821 -209 -5,067 -3,965 -2,036 -7 -6,008 509 -2,313 11,188	2012
						2,911 3,730 -2,451
						4,190
						-5,739 -28 -92
						-5,858
						2,662 -1,892 -15
						755
						-160 -1,074
						10,114