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TWM Interim / Quarterly Report 2020

Nov 30, 2020

52277_rns_2020-11-30_b2a99ef3-70e1-45c9-8f8f-4af59334e4d7.pdf

Interim / Quarterly Report

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Taiwan Mobile Co., Ltd.
3Q20 Results Summary
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Disclaimer

The information contained in this presentation, including all forwardis to without whether as a looking information, subject change notice, result of new information, future events or otherwise, and Taiwan Mobile Co., Ltd. (the “Company”) undertakes no obligation to update or revise the information contained in this No or presentation. representation warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is the information intended to be a complete statement of the Company, markets or developments referred to in this presentation.

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3Q20 Operational Highlights

Postpaid smartphone Rise in amortization monthly fee following 5G launch turning the corner

Boosting momo’s e-commerce growth

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110% Achievement Ratio for 3Q20 Net Income

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Mobile Business in 5G Era

3Q20 results

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Service Adoption

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50% higher than 4G

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Double Play bundles

Mobile Data Fixed Broadband

5G ARPU ~90% opting for $999 or higher rate plans

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CATV Business – propelled by Broadband

3Q20 Basic TV Subscribers

3Q20 Penetration Rate

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('000) Subscribers YoY
TFNM 550 -1.1%
Top 4 MSO 3,482 -2.0%
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50.1%
47.8%
40.6%
36.7%
Top Top
TFNM 4 MSO TFNM 4 MSO
DTV BB
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Source: Market intelligence

Source: Market intelligence

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D&A
(NT$mn)
228
YoY
178
-22%
3Q19 4Q19 1Q20 2Q20 3Q20
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EBIT
(NT$mn)
YoY
551
549
+0%
3Q19 4Q19 1Q20 2Q20 3Q20
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momo – the Growth Engine

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Satellite E-commerce Total E-commerce
Warehouses (#) Transaction (#) Profitability
Gross 8.52% 8.25%
8.50%
19 +30.1% Margi n 7.50%6.50%
5.50%4.50% 3.28% 3.70%
+6 YoY YoY EBITD A 3.50%2.50%
Margi n 1.50%0.50%
3Q20 3Q20 -0.50%
3Q19 3Q20
Total Revenue EBIT
(NT$m) (NT$m)
YoY
YoY
15,583 +26%
458 +38%
Total 1,293
12,372 -11%
Others 1,460 332 -18%
+31%
14,290
E-commerce +66%
10,912
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3Q20
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3Q19

3Q20

3Q19

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Performance by Business

NT$bn Revenue EBIT
Telecom
CATV
momo
Total1		 Telecom
CATV
momo
Total1
3Q20 14.44
1.56
15.58
31.24		 2.73
0.55
0.46
3.84
% of
total		 46%
5%
50%
100%		 71%
14%
12%
100%
3Q20
YoY		 -16%
3%
26%
1%		 -18%
0%
38%
-10%
2Q20
YoY		 -12%
0%
34%
6%		 -11%
7%
31%
-4%
  1. The sum of each account of telecom, CATV and momo does not equal to the consolidated total number due to other revenue and inter company eliminations.

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Results Summary

NT$bn 3Q20 3Q20 3Q20 1-3Q20 1-3Q20 1-3Q20
Amount YoY % of 3Q
guidance		 Amount YoY % of full year
guidance
Revenues
31.24
1%
94%
94.44
5%
70%
Cash Cost & Expense
(23.45)
4%
92%
(70.83)
9%
69%
Operating Income
3.84
-10%
104%
12.46
-3%
79%
Non-op. Income (Exp.)
(0.04)
49%
14%
(0.19)
-27%
20%
Pre-tax Income
3.81
-10%
111%
12.27
-2%
83%
Net Income
2.82
-13%
110%
9.18
-4%
82%
EPS1 (NT$)
1.01
-14%
111%
3.27
-5%
83%
EBITDA
7.80
-6%
99%
23.61
-6%
75%
  1. EPS is based on share count of 2.811bn.

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Balance Sheet Analysis

NT$bn
3Q20
2Q20
3Q19
Total Assets
180.74
177.39
158.83
Current Assets
32.05
30.27
34.23
- Cash & Cash Equivalents
10.46
8.24
13.02
- Receivable & Contract Assets
13.44
13.77
14.80
- Inventories
4.89
3.72
4.71
- Other Current Assets
3.26
4.54
1.69
Non-current Assets
148.69
147.12
124.60
- Long-term Investment
3.80
3.57
6.43
- Property and Equipment
41.36
38.55
39.97
- Right-of-use Assets
9.01
9.21
9.93
- Concession
65.88
66.96
38.41
- Other Non-current & Contract
Assets
28.64
28.84
29.86
3Q20
2Q20
3Q19
Current Ratio
51%
50%
65%
Net Debt to Equity
89%
81%
50%
Net Debt to EBITDA (x)
1.95
1.68
1.02
ROE1 (annualized)
17%
18%
18%		 NT$bn
3Q20
2Q20
3Q19
Total Assets
180.74
177.39
158.83
Current Assets
32.05
30.27
34.23
- Cash & Cash Equivalents
10.46
8.24
13.02
- Receivable & Contract Assets
13.44
13.77
14.80
- Inventories
4.89
3.72
4.71
- Other Current Assets
3.26
4.54
1.69
Non-current Assets
148.69
147.12
124.60
- Long-term Investment
3.80
3.57
6.43
- Property and Equipment
41.36
38.55
39.97
- Right-of-use Assets
9.01
9.21
9.93
- Concession
65.88
66.96
38.41
- Other Non-current & Contract
Assets
28.64
28.84
29.86
3Q20
2Q20
3Q19
Current Ratio
51%
50%
65%
Net Debt to Equity
89%
81%
50%
Net Debt to EBITDA (x)
1.95
1.68
1.02
ROE1 (annualized)
17%
18%
18%		 NT$bn
3Q20
2Q20
3Q19
Total Assets
180.74
177.39
158.83
Current Assets
32.05
30.27
34.23
- Cash & Cash Equivalents
10.46
8.24
13.02
- Receivable & Contract Assets
13.44
13.77
14.80
- Inventories
4.89
3.72
4.71
- Other Current Assets
3.26
4.54
1.69
Non-current Assets
148.69
147.12
124.60
- Long-term Investment
3.80
3.57
6.43
- Property and Equipment
41.36
38.55
39.97
- Right-of-use Assets
9.01
9.21
9.93
- Concession
65.88
66.96
38.41
- Other Non-current & Contract
Assets
28.64
28.84
29.86
3Q20
2Q20
3Q19
Current Ratio
51%
50%
65%
Net Debt to Equity
89%
81%
50%
Net Debt to EBITDA (x)
1.95
1.68
1.02
ROE1 (annualized)
17%
18%
18%
Current Ratio 51% 50%
Net Debt to Equity 89% 81%
Net Debt to EBITDA (x) 1.95
1.68
ROE1 (annualized) 17% 18%
NT$bn
3Q20
2Q20
3Q19		 NT$bn
3Q20
2Q20
3Q19		 NT$bn
3Q20
2Q20
3Q19		 NT$bn
3Q20
2Q20
3Q19
Liabilities 111.12 110.89 89.43
Current Liabilities 62.91 60.18 52.66
- ST Debts 34.69 21.69 21.67
- Accounts & Notes Payable 8.53 8.35 12.08
- Current Lease Liabilities 3.47 3.53 3.53
- Other Current Liabilities 16.21 26.61 15.38
Non-current Liabilities 48.21 50.71 36.77
- Long-term Borrowings 37.99 40.37 25.85
- Non-current Lease Liabilities 5.52 5.68 6.37
- Other Non-current Liabilities 4.70 4.66 4.54
Shareholders' Equity 69.62 66.50 69.40
Paid-in Capital 35.12 35.09 34.96
Capital Surplus 18.94 18.68 19.11
Legal Reserve 30.17 30.17 28.92
Treasury Shares (29.72) (29.72) (29.72)
Un-appropriated Earnings 0.00 0.00 0.49
Non-controlling Interest 6.27 6.02 6.01
Retained Earnings & Others2 8.83 6.24 9.63

  1. ROE = Accumulated Net Income (Annualized) /Average Shareholders' Equity

  2. Including accumulated profits and other equity items.

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Cash Flow Analysis

NT$bn
1~3Q20
YoY
3Q20
2Q20
3Q19		 NT$bn
1~3Q20
YoY
3Q20
2Q20
3Q19		 NT$bn
1~3Q20
YoY
3Q20
2Q20
3Q19		 NT$bn
1~3Q20
YoY
3Q20
2Q20
3Q19		 NT$bn
1~3Q20
YoY
3Q20
2Q20
3Q19		 NT$bn
1~3Q20
YoY
3Q20
2Q20
3Q19
Operating 23.02 -16% 6.31
7.47		 11.83
Investing (33.92) 518% (0.59) (1.54) (2.03)
Financing 12.70 nm (3.50) (6.79) (3.54)
NT$bn
1~3Q20
YoY
3Q20
2Q20
3Q19
Pre-IFRS 16 Operating1 19.98 -18% 5.28
6.50		 10.83
Cash CAPEX2 (5.20) -6% (1.65) (1.90) (2.12)
Free Cash Flow2 14.79 -22% 3.63
4.60		 8.72

  1. “Lease expenses” previously under operating activities was reclassified into financing cash flow and investing cash flow (to a lesser extent) in accordance with IFRS 16 in 2019.

  2. Excluding 5G License Fees

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Awards and Recognitions

Thirteen-time winner of CommonWealth Magazine’s “Excellence in Corporate Social Responsibility Award”.

Ranked 10th in ISS’s first edition of “Taiwan’s Top 30 Corporations in ESG” and rated the highest in the telecom industry.

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Key Message

The competitive landscape in Taiwan’s mobile industry has become more benign, evidenced by the continued decline of ported numbers since 5G launch in July, as all operators introduced higher monthly fees for 5G unlimited data plans. Meanwhile, our 5G service is poised to gain momentum on the back of accelerated network rollout, iPhone 12 release, and a wider range of 5G Android phone options. Enhanced synergies from momo and cable broadband also give us an edge over our peers.

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