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Tripod Annual Report 2020

Mar 16, 2021

52276_rns_2021-03-16_db0a9f9c-e5bb-49fa-914e-fc6be0f7c6f7.pdf

Annual Report

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Presentation

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March 2021

Worldwide PCB Production Region Value

M USD America+
Europe		 Japan Korea Taiwan China China
Growth		 Worldwide
TOTAL		 Worldwide
Growth		 China's
Share
2011 6,375 9,638 6,487 7,372 22,029 9.2% 55,409 5.6% 39.8%
2012 5,622 9,074 7,473 6,856 22,936 4.1% 55,669 0.5% 41.2%
2013 5,234 6,995 8,123 7,107 24,560 7.1% 56,152 0.9% 43.7%
2014 5,197 6,530 7,645 7,586 26,203 6.7% 57,437 2.3% 45.6%
2015 4,709 5,655 6,652 7,204 26,729 2.0% 55,325 -3.7% 48.3%
2016 4,662 5,253 6,232 6,922 27,123 1.5% 54,207 -2.0% 50.0%
2017 4,705 5,256 6,860 7,536 29,732 9.6% 58,843 8.6% 50.5%
2018 4,833 5,439 6,550 7,842 32,702 10.0% 62,396 6.0% 52.4%
2019 4,583 5,288 6,439 7,676 32,942 0.7% 61,311 -1.7% 53.7%
2020E 4,445 5,628 6,941 8,298 34,296 4.1% 63,981 4.4% 53.6%

Source : Prismark (Nov. 2020)

2019 Global To 20 PCB Makers p

Unit: Million USD

Rank Makers HQ 2013 2014 2015 2016 2017 2018 2019 19/18
1
2
3
4
5		 Zhen Ding
Unimicron
TTM
Nippon Mektron
Dongshan Precision(M-Flex* & Multek)		 Taiwan
Taiwan
USA
Japan
China		 2166(3)
2504(2)
2703(2)
2557(2)
3588(1)
2133(5)
2144(4)
2113(4)
2036(4)
2240(4)
2380(2)
2376(3)
2525(3)
2533(3)
2658(3)
2556(1)
3154(1)
3591(1)
3212(1)
3323(2)
1405(8)
1361(9)
1364(8)
1222(7)
1403(8)		 3908(1)
3889(1)
2620(4)
2781(2)
2847(3)
2689(3)
2856(2)
2555(4)
1789(5)
2140(5)		 -0.5%
6.1%
-5.5%
-10.5%
19.6%
6 Compeq Taiwan 1041(13)
1116(13)
1395(6)
1415(5)
1778(5)		 1681(7)
1820(6)		 8.2%
7 Tripod Taiwan 1372(9)
1400(8)
1368(7)
1351(6)
1510(7)		 1727(6)
1763(7)		 2.1%
8
9
10		 Shennan
PSA Group
SEMCO		 China
Taiwan
Korea		 425(NA)
528(30)
566(30)
693(23)
842(21)
972(14)
958(15)
825(16)
828(15)
1304(9)
1700(6)
1551(6)
1344(9)
1140(9)
1284(10)		 1145(14)
1521(8)
1480(8)
1396(9)
1346(9)
1336(10)		 32.9%
-5.6%
-0.7%
11
12
13
14
15		 Young Poong Group
Kingboard PCB Group
Wus Group
Ibiden
AT&S		 Korea
HongKong
China
Japan
Austria		 2065(4)
1675(5)
1295(11)
1201(8)
1777(6)
922(15)
965(14)
930(13)
980(11)
1051(14)
680(24)
750(21)
737(20)
723(20)
847(20)
1567(7)
1455(7)
1297(10)
951(12)
973(15)
780(17)
829(16)
844(15)
876(14)
1093(13)		 1217(11)
1302(11)
1245(10)
1235(12)
1012(17)
1195(13)
1083(15)
1156(14)
1202(12)
1110(15)		 7.0%
-0.8%
18.1%
6.8%
-7.7%
16
17
18
19
20		 Meiko
Nanya PCB
Fujikura*
Daeduck Group
Kinwong		 Japan
Taiwan
Japan
Korea
China		 690(23)
828(17)
788(18)
869(15)
947(16)
1088(12)
1154(12)
944(12)
905(13)
876(18)
380(NA)
563(29)
819(17)
824(18)
1099(12)
1190(11)
1215(11)
923(14)
828(17)
882(17)
282(NA)
358(NA)
566(NA)
495(NA)
621(28)		 1074(16)
1075(16)
955(18)
1007(17)
1154(13)
938(18)
927(20)
922(19)
752(27)
895(20)		 0.1%
5.4%
-18.8%
-0.5%
19.0%
Top20 PCB Makers 32020
32725		 2.2%
  • FPCB Makers Include FPCB Assembly Value

** On a pro forma basis, Dongshan Precision Acquired M-Flex in 2016 & Multek in 2018

Source : Prismark

Consolidated Quarterly Income Statement

Non-Op. Income
Dep.& Amort.
Basic EPS
Income Tax
Net Income
COGS
Gross Profit
Operating Exp.
Net Sales
the Parent
Attributable to:
Other Expense
Pretax Income
Operating Income
Unit : Million NTD		 AMT
%
13,998
100.0%
11,024
78.7%
2,975
21.3%
1,140
8.1%
0
0.0%
1,835
13.1%
305
2.2%
2,140
15.3%
476
3.4%
1,664
11.9%
1,664
11.9%
$3.17
800
5.7%
2019 Q4		 AMT
%
11,718
100.0%
9,861
84.2%
1,857
15.8%
1,008
8.6%
0
0.0%
848
7.2%
364
3.1%
1,213
10.3%
235
2.0%
977
8.3%
977
8.3%
$1.86
814
6.9%
2020 Q1		 AMT
%
13,010
100.0%
10,486
80.6%
2,524
19.4%
1,103
8.5%
0
0.0%
1,421
10.9%
266
2.0%
1,687
13.0%
372
2.9%
1,315
10.1%
1,315
10.1%
$2.50
798
6.1%
2020 Q2		 AMT
%
15,711
100.0%
12,186
77.6%
3,526
22.4%
1,205
7.7%
0
0.0%
2,320
14.8%
237
1.5%
2,557
16.3%
556
3.5%
2,001
12.7%
2,001
12.7%
$3.81
825
5.3%
2020 Q3		 2020 Q4 2020 Q4
AMT
13,998
11,024
2,975
1,140
0
1,835
305
2,140
476
1,664		 AMT
11,718
9,861
1,857
1,008
0
848
364
1,213
235
977		 AMT
13,010
10,486
2,524
1,103
0
1,421
266
1,687
372
1,315		 AMT
15,711
12,186
3,526
1,205
0
2,320
237
2,557
556
2,001		 AMT
15,109
11,865
3,244
1,259
0
1,985
341
2,326
494
1,832		 %
100.0%
78.5%
21.5%
8.3%
0.0%
13.1%
2.3%
15.4%
3.3%
12.1%
1,664
$3.17		 977
$1.86		 1,315
$2.50		 2,001
$3.81		 1,832
$3.49		 12.1%
800 814 798 825 853 5.6%

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
%
43,513
100.0%
35,695
82.0%
7,818
18.0%
3,679
8.5%
450
1.0%
3,689
8.5%
788
1.8%
4,477
10.3%
904
2.1%
3,573
8.2%
3,573
8.2%
$6.80
2,749
6.3%
2016		 AMT
%
45,819
100.0%
37,464
81.8%
8,355
18.2%
3,624
7.9%
-67
-0.1%
4,798
10.5%
745
1.6%
5,543
12.1%
1,177
2.6%
4,366
9.5%
4,366
9.5%
$8.31
2,121
4.6%
2017		 AMT
%
52,106
100.0%
42,341
81.3%
9,764
18.7%
4,343
8.3%
0
0.0%
5,422
10.4%
1,103
2.1%
6,525
12.5%
1,587
3.0%
4,939
9.5%
4,938
9.5%
$9.40
2,969
5.7%
2018		 AMT
%
54,451
100.0%
43,185
79.3%
11,266
20.7%
4,393
8.1%
103
0.2%
6,771
12.4%
1,028
1.9%
7,798
14.3%
1,761
3.2%
6,037
11.1%
6,037
11.1%
$11.49
3,301
6.1%
2019		 2020 2020
AMT AMT AMT AMT AMT %
43,513
35,695		 45,819
37,464		 52,106
42,341		 54,451
43,185		 55,548
44,397		 100.0%
79.9%
7,818
3,679
450		 8,355
3,624
-67		 9,764
4,343
0		 11,266
4,393
103		 11,150
4,576
0		 20.1%
8.2%
0.0%
3,689
788		 4,798
745		 5,422
1,103		 6,771
1,028		 6,574
1,182		 11.8%
2.1%
4,477
904		 5,543
1,177		 6,525
1,587		 7,798
1,761		 7,757
1,631		 14.0%
2.9%
3,573 4,366 4,939 6,037 6,125 11.0%
3,573 4,366 4,938 6,037 6,126 11.0%
$6.80 $8.31 $9.40 $11.49 $11.65
2,749 2,121 2,969 3,301 3,290 5.9%
Consolidated Balanced Consolidated Balanced Consolidated Balanced Consolidated Balanced Consolidated Balanced Consolidated Balanced Consolidated Balanced Sheet Sheet Sheet
Cash and Cash Equivalents
Other Current Assets
Funds and Investments
Fixed Assets
Intangible and Other Assets
Total Assets
Short-Term Loans
Other Current Liabilities
Long-Term Borrowings
Other Liabilities
Shareholder's Equities
Total Liabilities and Equities
Unit: Million NTD		 AMT
%
30,247
47.8%
18,950
29.9%
0
0.0%
11,321
17.9%
2,782
4.4%
63,301
100.0%
16,913
26.7%
14,871
23.5%
0
0.0%
1,951
3.1%
29,566
46.7%
63,301
100.0%
2016		 AMT
%
29,753
42.4%
22,427
31.9%
0
0.0%
15,670
22.3%
2,344
3.3%
70,194
100.0%
18,749
26.7%
18,689
26.6%
0
0.0%
2,051
2.9%
30,705
43.7%
70,194
100.0%
2017		 AMT
%
27,151
38.0%
24,684
34.5%
0
0.0%
17,038
23.8%
2,648
3.7%
71,521
100.0%
16,997
23.8%
19,766
27.6%
0
0.0%
2,328
3.3%
32,429
45.3%
71,521
100.0%
2018		 AMT
%
27,614
38.6%
25,048
35.0%
0
0.0%
15,988
22.3%
2,955
4.1%
71,605
100.0%
14,411
20.1%
20,261
28.3%
0
0.0%
2,784
3.9%
34,149
47.7%
71,605
100.0%
2019		 2020
AMT
30,247
18,950
0
11,321
2,782
63,301
16,913
14,871
0
1,951
29,566
63,301		 AMT
29,753
22,427
0
15,670
2,344
70,194
18,749
18,689
0
2,051
30,705
70,194		 AMT
27,151
24,684
0
17,038
2,648
71,521
16,997
19,766
0
2,328
32,429
71,521		 AMT
27,614
25,048
0
15,988
2,955
71,605
14,411
20,261
0
2,784
34,149
71,605		 AMT
%
26,033
34.6%
26,785
35.6%
0
0.0%
19,274
25.6%
3,158
4.2%
75,249
100.0%
13,971
18.6%
22,060
29.3%
0
0.0%
3,158
4.2%
36,060
47.9%
75,249
100.0%
Asset Turnover (x)
Fixed Asset Turnover (x)
ROA (%)
ROE (%)
Current Ratio (%)
Debt / Asset Ratio (%)
Net Debt / Equity Ratio (%)
Net Cash Per Share (NT$)
Book Value Per Share(NT$)		 0.69
3.38
5.7%
12.0%
155%
53%
-45%
25.4
56.3		 0.69
3.40
6.5%
14.5%
139%
56%
-36%
20.9
58.4		 0.74
3.19
7.0%
15.6%
141%
55%
-31%
19.3
61.7		 0.76
3.30
8.4%
18.1%
152%
52%
-39%
25.1
65.0		 0.76
3.15
8.3%
17.4%
147%
52%
-33%
22.9
68.6
Consolidated Statements of Cash flows Consolidated Statements of Cash flows Consolidated Statements of Cash flows Consolidated Statements of Cash flows Consolidated Statements of Cash flows Consolidated Statements of Cash flows Consolidated Statements of Cash flows
Unit: Million NTD 2015 2016 2017 2018 2019 2020
Income before Income Tax 3,531 4,477 5,543 6,525 7,798 7,757
Depreciation & Amortization 3,080 2,749 2,121 2,969 3,301 3,290
Others 496 1,143 -3,031 -1,849 -646 -2,448
Cash Flow from Operations 7,106 8,369 4,633 7,645 10,454 8,598
Acquisition of Fixed Assets -2,299 -1,056 -5,000 -5,609 -3,423 -5,971
Decrease (Increase) in Investments 0 -136 0 0 0 0
Others 71 -320 1,241 125 -24 -16
Cash Flow from Investments -2,228 -1,512 -3,759 -5,484 -3,447 -5,987
Increase (Decrease) in Loans 2,048 -604 2,632 -2,023 -2,397 70
Cash Dividends Paid -1,445 -1,708 -2,234 -2,759 -3,101 -3,811
Others -21 102 63 41 17 110
Cash Flow from Financing 582 -2,209 461 -4,741 -5,481 -3,630
Foreign Exchange Translation 298 -1,658 -1,830 -23 -1,062 -562
Increase (Decrease) in Cash 5,757 2,989 -494 -2,603 464 -1,581
Cash at the End of the Year 27,258 30,247 29,753 27,151 27,614 26,033

Appendix- PCB Facilities Location

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JiangSu- WuXi Site I (2003)

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JiangSu- WuXi Site II (2007)

HuBei- XianTao (2013)

Taiwan- PingJen (1998)

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