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TWM Interim / Quarterly Report 2021

May 4, 2021

52277_rns_2021-05-04_d67555c3-c8c6-4909-84ce-5862b1339cdd.pdf

Interim / Quarterly Report

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Taiwan Mobile Co., Ltd.
1Q21 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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1Q21 Highlights

Mobile Service Upbeat e-commerce Revenue turned YoY momentum positive in March

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Broadband Cross-selling

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Consolidated +7% +11% YoY YoY Revenue 1Q20 1Q21

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5G Mobile Business – Growth Engine #1

1Q21 results

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Service Adoption Postpaid 11% Penetration To exceed 50% 1st population coverage

Superior 5G Bundles Double & momobile Play

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5G ARPU

Monthly fee 26% uplift

Postpaid Churn

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momo – Growth Engine #2

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Revenue EBITDA
(NT$m) (NT$m)
YoY
YoY
18,361 +22% +43%
Total
15,106 1,401
-6%
-1%
Others
1,485
+25% +58%
E-commerce
16,960
13,621
1Q20 1Q21
Satellite E-commerce E-commerce
Warehouses (#) Total Transaction (#) Profitability
23 +21%
EBITDA
+8 YoY YoY Margin
1Q21 1Q21
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Broadband – Growth Engine #3

1Q21 Basic TV Subscribers

1Q21 Penetration Rate

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('000) Subscribers YoY
TFNM 545 -1.4%
Top 4 MSO 3,432 -2.5%
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52.4%
49.3%
43.3%
40.3%
Top 4
Top 4
TFNM MSO TFNM MSO
DTV BB
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Source: Market intelligence

Source: Market intelligence

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Revenue
(NT$mn)
Total 1542 1551
Broadband 374 420
Pay-TV &
Others
1167 1131
1Q20 2Q20 3Q20 4Q20 1Q21
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EBITDA
(NT$mn)
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YoY
1551 741 737
+1%
420 +12%
-3%
1131
1Q21 1Q20 2Q20 3Q20 4Q20 1Q21
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YoY
737
+0%
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Performance by Business

NT$bn Revenue EBITDA
Telecom
CATV
momo
Total1		 Telecom
CATV
momo
Total1
1Q21 15.90
1.55
18.36
35.31		 5.91
0.74
1.07
7.85
% of
total		 45%
4%
52%
100%		 75%
9%
14%
100%
1Q21
YoY		 2%
1%
22%
11%		 -9%
0%
43%
-3%
4Q20
YoY		 -1%
5%
30%
13%		 -12%
1%
36%
-6%
  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$bn 1Q21 1Q21 1Q21
Amount QoQ YoY
Revenues
35.31
-8%
11%
Cash Cost & Expense
(27.46)
-11%
16%
Operating Income
3.64
1%
-19%
Non-op. Income (Exp.)
0.01
nm
nm
Pre-tax Income
3.65
14%
-16%
Net Income
2.83
35%
-15%
EPS1 (NT$)
1.01
36%
-14%
EBITDA
7.85
2%
-3%
  1. EPS is based on share count of 2.812bn in 2020

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Balance Sheet Analysis

NT$bn
1Q21
4Q20
1Q20
Total Assets
185.00
184.58
178.73
Current Assets
31.69
32.09
30.69
- Cash & Cash Equivalents
11.36
10.78
9.10
- Receivable & Contract Assets
13.97
13.79
13.49
- Inventories
4.66
5.77
3.77
- Other Current Assets
1.70
1.76
4.32
Non-current Assets
153.31
152.49
148.05
- Long-term Investment
4.05
4.26
3.00
- Property and Equipment
46.32
45.11
38.35
- Right-of-use Assets
9.42
9.01
9.54
- Concession
63.73
64.80
67.66
- Other Non-current & Contract
Assets
29.80
29.31
29.50
1Q21
4Q20
1Q20
Current Ratio
57%
55%
59%
Net Debt to Equity
76%
83%
76%
Net Debt to EBITDA (x)
1.83
1.91
1.81
ROE1 (annualized)
15%
15%
18%		 NT$bn
1Q21
4Q20
1Q20
Total Assets
185.00
184.58
178.73
Current Assets
31.69
32.09
30.69
- Cash & Cash Equivalents
11.36
10.78
9.10
- Receivable & Contract Assets
13.97
13.79
13.49
- Inventories
4.66
5.77
3.77
- Other Current Assets
1.70
1.76
4.32
Non-current Assets
153.31
152.49
148.05
- Long-term Investment
4.05
4.26
3.00
- Property and Equipment
46.32
45.11
38.35
- Right-of-use Assets
9.42
9.01
9.54
- Concession
63.73
64.80
67.66
- Other Non-current & Contract
Assets
29.80
29.31
29.50
1Q21
4Q20
1Q20
Current Ratio
57%
55%
59%
Net Debt to Equity
76%
83%
76%
Net Debt to EBITDA (x)
1.83
1.91
1.81
ROE1 (annualized)
15%
15%
18%		 NT$bn
1Q21
4Q20
1Q20
Total Assets
185.00
184.58
178.73
Current Assets
31.69
32.09
30.69
- Cash & Cash Equivalents
11.36
10.78
9.10
- Receivable & Contract Assets
13.97
13.79
13.49
- Inventories
4.66
5.77
3.77
- Other Current Assets
1.70
1.76
4.32
Non-current Assets
153.31
152.49
148.05
- Long-term Investment
4.05
4.26
3.00
- Property and Equipment
46.32
45.11
38.35
- Right-of-use Assets
9.42
9.01
9.54
- Concession
63.73
64.80
67.66
- Other Non-current & Contract
Assets
29.80
29.31
29.50
1Q21
4Q20
1Q20
Current Ratio
57%
55%
59%
Net Debt to Equity
76%
83%
76%
Net Debt to EBITDA (x)
1.83
1.91
1.81
ROE1 (annualized)
15%
15%
18%
Current Ratio 57% 55%
Net Debt to Equity 76% 83%
Net Debt to EBITDA (x) 1.83
1.91
ROE1 (annualized) 15% 15%
NT$bn
1Q21
4Q20
1Q20		 NT$bn
1Q21
4Q20
1Q20		 NT$bn
1Q21
4Q20
1Q20		 NT$bn
1Q21
4Q20
1Q20
Liabilities 109.61
112.59
102.56
Current Liabilities 55.35
58.53
51.60
- ST Debts 25.13
26.93
26.63
- Accounts & Notes Payable 8.48
9.79
7.70
- Current Lease Liabilities 3.64
3.51
3.58
- Other Current Liabilities 18.10
18.31
13.69
Non-current Liabilities 54.26
54.06
50.96
- Long-term Borrowings 43.70
43.75
40.42
- Non-current Lease Liabilities 5.79
5.53
5.93
- Other Non-current Liabilities 4.77
4.78
4.61
Shareholders' Equity 75.39
71.99
76.18
Paid-in Capital 35.12
35.12
35.09
Capital Surplus 18.91
18.94
20.28
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 7.04
6.63
6.40
Retained Earnings & Others2 13.85
10.85
14.71

  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$bn
1Q21
4Q20
1Q20		 NT$bn
1Q21
4Q20
1Q20		 NT$bn
1Q21
4Q20
1Q20		 NT$bn
1Q21
4Q20
1Q20
Operating 6.00 8.73
9.24
Investing (2.33) (5.40) (31.79)
Financing (3.08) (3.01) 22.99
NT$bn
1Q21
4Q20
1Q20
Pre-IFRS 16 Operating1 4.95 7.76
8.21
Cash CAPEX2 2.93 6.35
1.65
Free Cash Flow2 2.01 1.41
6.56

  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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2020 Earnings Distribution

On 4[th] TWM’s Board the to distribute May , 2021, approved proposal NT$12.1bn in cash dividends, translating to a 4.3% yield to shareholders.

Dividend per share is NT$4.30 on 2.81bn shares, excluding treasury shares held by 100%-owned subsidiaries. Post earnings distribution, there will be NT$38.5bn of excess reserves remaining.

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Awards and Recognitions

Received the world-renowned SGS “QualiCert Service Quality Certification” for 9 consecutive years. Honored with a “Gold Award” in S&P Global’s “The Sustainability Yearbook 2021”, ranking first in the global telecommunications industry.

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Key Message

TWM is currently growing at full speed and expects to further accelerate as our 3 main growth engines, 5G, momo and continue to traction. As a broadband, gain result, we are on track to reach our 2021 guidance for consolidated EBITDA. Given that 5G has capex peaked, our free cash flow should also improve over time.

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