Tripod — Annual Report 2016

Sep 7, 2016

Presentation

September 2016

Worldwide PCB Production Value Forecast

2014 2015E 2016F

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2014
25,000
(USD Millions) 2015E
2016F
21,023
20,000
15,000
12,013
20,689
10,000
7,945 8,114
6,665
11,798
5,000
7,905 8,011
6,922
8,242 21,833 8,288 7,598 11,476
‐
Commodity Multilayer HDI Substrate FPC
2015E/2014 ‐4.1% ‐5.2% ‐3.3% ‐8.9% 2.8%
2016F/2015E 0.5% 1.6% 1.3% ‐3.7% 1.8%
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* Source : Prismark (Feb. 2016)

2015 Global Top 15 PCB Makers

Unit: Million USD

Rank	Makers	Nationality	2010	2011	2012	2013		2014	2015	Growth
1 Nippon Mektron 2 Zhen Ding (Foxconn PCB) 3 TTM (with Viasystems) 4 Unimicron (with PPT) 5* Sumitomo Electric		Japan 2115(3) 2240(3) 2632(1) 2556(1) Taiwan 1100(10) 1505(5) 1874(5) 2166(3) USA 2428(1) 2563(1) 2430(2) 2380(2) Taiwan 2185(2) 2370(2) 2377(3) 2133(5) Japan 660(20) 880(14) 1184(9) 1315(9)					2997(1) 3512(1) 2504(2) 2703(2) 2376(3) 2488(3) 2149(4) 2122(4) 1279(9) 1616(5)			17.2% 7.9% 4.7% -1.3% 26.3%
6 Compeq		Taiwan 695(19) 811(18) 905(14) 1041(12)					1116(11) 1395(6)			25.0%
7 Tripod		Taiwan 1370(5) 1395(7) 1325(8) 1372(8)					1400(8) 1368(7)			-2.3%
8 Samsung Electro-Mech 9 Ibiden 10 YoungPoong (with KCC,Interflex*)		S. Korea 1250(6) 1445(6) 1867(6) 1700(6) Japan 2075(4) 2126(4) 2094(4) 1567(7) S. Korea 980(11) 1255(10) 1555(7) 2065(4)					1551(6) 1344(8) 1455(7) 1297(9) 1675(5) 1295(10)			-13.3% -10.9% -22.7%
11 Nanya PCB 12 Daeduck Group 13 KB PCB Group (Elec&Eltek..) 14 AT&S 15 Hannstar Board(with GBM)		Taiwan 1140(8) 1290(9) 975(12) 1088(11) S. Korea 765(18) 970(12) 1080(11) 1190(10) HongKong 1115(9) 1040(11) 935(13) 922(14) Austria 625(21) 690(21) 698(20) 780(16) Taiwan 1150 (7) 1290(9) 1100(10) 972(13)					1154(10) 945(11) 1076(12) 930(12) 965(13) 930(13) 829(15) 844(14) 958(14) 825(15)			-18.1% -13.6% -3.6% 1.8% -13.9%
Top15 PCB Makers		19653 21870 23031 23247					23484 23614			0.1%

• FPC Makers Include FPCBA Value

Source : Prismark ( Feb. 2016 )

** On a Pro Forma Basis, TTM Acquired Viasystems in 2015

Consolidated Quarterly Income Statement

Net Income COGS Gross Profit Operating Exp. Operating Income Non-Op. Income the Parent Attributable to: Other Expense Basic EPS Income Tax Net Sales Pretax Income Dep.& Amort. Unit : Million NTD	AMT % 10,233 100.0% 8,747 85.5% 1,486 14.5% 976 9.5% 0 0.0% 510 5.0% 224 2.2% 734 7.2% 212 2.1% 522 5.1% 522 5.1% $0.99 772 7.5% 2015 Q2	AMT % 11,944 100.0% 9,920 83.1% 2,024 16.9% 1,023 8.6% 0 0.0% 1,001 8.4% 181 1.5% 1,182 9.9% 233 1.9% 949 7.9% 949 7.9% $1.81 791 6.6% 2015 Q3	AMT % 11,212 100.0% 9,362 83.5% 1,850 16.5% 961 8.6% 0 0.0% 890 7.9% 96 0.9% 986 8.8% 161 1.4% 824 7.4% 824 7.4% $1.57 773 6.9% 2015 Q4	AMT % 9,945 100.0% 8,438 84.8% 1,507 15.2% 888 8.9% 0 0.0% 619 6.2% 165 1.7% 784 7.9% 114 1.1% 670 6.7% 670 6.7% $1.28 757 7.6% 2016 Q1	2016 Q2	2016 Q2
	AMT 10,233 8,747 1,486 976 0 510 224 734 212 522	AMT 11,944 9,920 2,024 1,023 0 1,001 181 1,182 233 949	AMT 11,212 9,362 1,850 961 0 890 96 986 161 824	AMT 9,945 8,438 1,507 888 0 619 165 784 114 670	AMT 10,663 8,954 1,709 901 0 808 164 972 278 694	%
						100.0% 84.0%
						16.0% 8.4% 0.0%
						7.6% 1.5%
						9.1% 2.6%
						6.5%
	522 $0.99	949 $1.81	824 $1.57	670 $1.28	694 $1.32	6.5%
	772	791	773	757	727	6.8%

Consolidated Annual Income Statement

Gross Profit COGS Dep.& Amort. Net Income Other Expense Operating Income Pretax Income Non-Op. Income Attributable to: Basic EPS the Parent Income Tax Operating Exp. Net Sales Unit : Million NTD	AMT % 40,772 100.0% 34,869 85.5% 5,903 14.5% 3,025 7.4% 331 0.8% 2,546 6.2% 345 0.8% 2,892 7.1% 525 1.3% 2,367 5.8% 2,375 5.8% $4.52 3,638 8.9% 2013 (IFRS)	AMT % 42,433 100.0% 35,771 84.3% 6,662 15.7% 3,960 9.3% 129 0.3% 2,573 6.1% 667 1.6% 3,240 7.6% 584 1.4% 2,656 6.3% 2,637 6.2% $5.02 2,816 6.6% 2014 (IFRS)	AMT % 43,383 100.0% 36,589 84.3% 6,793 15.7% 3,933 9.1% 0 0.0% 2,860 6.6% 671 1.5% 3,531 8.1% 698 1.6% 2,833 6.5% 2,833 6.5% $5.39 3,080 7.1% 2015 (IFRS)	2015 1H	% 100.0% 85.6% 14.4% 9.6% 0.0% 4.8% 1.9% 6.7% 1.5% 5.2% 5.2% 7.5% (IFRS)	2016 1H	(IFRS)
	AMT 40,772 34,869 5,903 3,025 331 2,546 345 2,892 525 2,367	AMT 42,433 35,771 6,662 3,960 129 2,573 667 3,240 584 2,656	AMT 43,383 36,589 6,793 3,933 0 2,860 671 3,531 698 2,833	AMT 20,226 17,307 2,919 1,950 0 969 394 1,363 304 1,059		AMT 20,608 17,392 3,216 1,789 0 1,427 329 1,756 392 1,365	%
							100.0% 84.4%
							15.6% 8.7% 0.0%
							6.9% 1.6%
							8.5% 1.9%
							6.6%
	2,375 $4.52	2,637 $5.02	2,833 $5.39	1,059 $2.02		1,365 $2.60	6.6%
	3,638	2,816	3,080	1,516		1,485	7.2%

Cash and Cash Equivalents Other Current Assets Funds and Investments Fixed Assets Intangible and Other Assets Total Assets Short-Term Loans Other Current Liabilities Long-Term Borrowings Other Liabilities Shareholder's Equities Total Liabilities and Equities Unit: Million NTD	AMT % 13,353 27.2% 17,748 36.1% 17 0.0% 15,898 32.3% 2,140 4.4% 49,155 100.0% 9,980 20.3% 12,107 24.6% 0 0.0% 891 1.8% 26,177 53.3% 49,155 100.0% 2013 (IFRS)	AMT % 13,353 27.2% 17,748 36.1% 17 0.0% 15,898 32.3% 2,140 4.4% 49,155 100.0% 9,980 20.3% 12,107 24.6% 0 0.0% 891 1.8% 26,177 53.3% 49,155 100.0% 2013 (IFRS)	AMT % 21,501 36.4% 19,047 32.2% 0 0.0% 15,992 27.1% 2,529 4.3% 59,068 100.0% 15,236 25.8% 14,154 24.0% 0 0.0% 1,285 2.2% 28,393 48.1% 59,068 100.0% 2014 (IFRS)	AMT % 21,501 36.4% 19,047 32.2% 0 0.0% 15,992 27.1% 2,529 4.3% 59,068 100.0% 15,236 25.8% 14,154 24.0% 0 0.0% 1,285 2.2% 28,393 48.1% 59,068 100.0% 2014 (IFRS)	AMT % 19,257 30.8% 17,513 28.0% 0 0.0% 15,130 24.2% 2,428 3.9% 54,328 86.9% 12,373 19.8% 13,308 21.3% 0 0.0% 1,286 2.1% 27,362 43.8% 54,328 86.9% 2015 1H (IFRS)	AMT % 19,257 30.8% 17,513 28.0% 0 0.0% 15,130 24.2% 2,428 3.9% 54,328 86.9% 12,373 19.8% 13,308 21.3% 0 0.0% 1,286 2.1% 27,362 43.8% 54,328 86.9% 2015 1H (IFRS)	AMT % 27,258 43.6% 18,312 29.3% 0 0.0% 14,418 23.1% 2,537 4.1% 62,525 100.0% 17,740 28.4% 13,347 21.3% 0 0.0% 1,670 2.7% 29,768 47.6% 62,525 100.0% 2015 (IFRS)	AMT % 27,258 43.6% 18,312 29.3% 0 0.0% 14,418 23.1% 2,537 4.1% 62,525 100.0% 17,740 28.4% 13,347 21.3% 0 0.0% 1,670 2.7% 29,768 47.6% 62,525 100.0% 2015 (IFRS)	2016 1H (IFRS)	2016 1H (IFRS)
	AMT 13,353 17,748 17 15,898 2,140 49,155 9,980 12,107 0 891 26,177 49,155		AMT 21,501 19,047 0 15,992 2,529 59,068 15,236 14,154 0 1,285 28,393 59,068		AMT 19,257 17,513 0 15,130 2,428 54,328 12,373 13,308 0 1,286 27,362 54,328		AMT 27,258 18,312 0 14,418 2,537 62,525 17,740 13,347 0 1,670 29,768 62,525		AMT 26,390 16,983 0 12,924 2,680 58,976 14,602 14,348 0 1,654 28,372 58,976	%
										44.7% 28.8% 0.0% 21.9% 4.5%
										100.0%
										24.8% 24.3% 0.0% 2.8% 48.1%
										100.0%
Asset Turnover (x) Fixed Asset Turnover (x) ROA (%) ROE (%) Current Ratio (%) Debt / Asset Ratio (%) Net Debt / Equity Ratio (%) Book Value Per Share (NT$)	0.86 2.47 5.0% 9.4% 141% 47% -13% 49.8		0.78 2.66 4.9% 9.7% 138% 52% -22% 54.0		0.71 2.60 3.7% 7.6% 143% 50% -25% 52.1		0.71 2.85 4.7% 9.7% 147% 52% -32% 56.6		0.68 3.01 4.5% 9.4% 150% 52% -42% 54.0

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*

2012 (IFRS*) 3,717 3,728 -3,157 4,288 -5,755 -28 -75 -5,858 2,662 -1,892 -15 754 -258 -1,074 10,114	2013 (IFRS*) 2,892 3,638 -2,321 4,208 -2,169 0 -47 -2,217 2,213 -1,314 36 935 313 3,239 13,353	2014 (IFRS*) 3,240 2,816 106 6,162 -2,500 255 -107 -2,353 4,624 -1,183 -9 3,432 907 8,148 21,501	2015 (IFRS*) 3,531 3,080 496 7,106 -2,299 0 71 -2,228 2,048 -1,445 -21 582 298 5,757 27,258	2015 1H (IFRS*) 1,363 1,516 -574 2,305 -1,421 0 71 -1,350 -2,575 0 -25 -2,601 -597 -2,244 19,257	2016 1H (IFRS*)
					1,756 1,485 32
					3,273
					-495 0 59
					-436
					-2,965 0 29
					-2,937
					-769 -868
					26,390