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TWM Interim / Quarterly Report 2021

Mar 23, 2021

52277_rns_2021-03-23_1af1d697-99e3-4b44-a29d-383f50bb48c8.pdf

Interim / Quarterly Report

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Taiwan Mobile Co., Ltd.
4Q20 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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2020 Operational Highlights

5G D&A and 5G-driven recovery in COVID-19 postpaid smartphone headwinds monthly fee

Robust e-commerce momentum

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101% Achievement Ratio for 2020 Net Income

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Mobile Business in 5G Era

2020 results

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Service Adoption Boosted by iPhone 12

Double Play bundles Mobile Data Fixed Broadband

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5G ARPU

– 5G overall ~90% in $999 or higher rate plans – iPhone 12 series >80% in $1399 or higher bundle plans

Postpaid Churn

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CATV Business – propelled by Broadband

4Q20 Basic TV Subscribers 4Q20 Penetration Rate

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('000) Subscribers YoY
TFNM 548 -1.1%
Top 4 MSO 3,461 -2.1%
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51.3%
48.6%
42.2%
39.3%
Top 4 Top 4
TFNM MSO TFNM MSO
DTV BB
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Source: Market intelligence

Source: Market intelligence

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D&A
(NT$mn)
200
FY20
183 YoY YoY
-8% -27%
4Q19 1Q20 2Q20 3Q20 4Q20
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EBIT
(NT$mn)
FY20
534 YoY YoY
+5% +6%
508
4Q19 1Q20 2Q20 3Q20 4Q20
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momo – the Growth Engine

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Satellite E-commerce Total E-commerce
Warehouses (#) Transaction (#) Profitability
9.00%
8.00%
7.00%
22 +36% 6.00%5.00% 3.4% 3.9%
EBITD A
4.00%
3.00%
+8 YoY YoY Margin 2.00%
1.00%
2020 2020 2019 2020
Total Revenue EBITDA
(NT$m) (NT$m)
YoY
YoY
+30%
67,198
+30%
3,034
Total 51,830 5,612 -12%
2,329 653 -18%
6,353
Others
+35% 797
61,586 +55%
E-commerce
45,477 2,381
1,532
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2019

2020

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2019

2020

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Performance by Business

NT$bn Revenue EBIT
Telecom
CATV
momo
Total1		 Telecom
CATV
momo
Total1
4Q20 17.12
1.55
20.68
38.42		 2.27
0.53
0.74
3.60
% of
total		 45%
4%
54%
100%		 63%
15%
21%
100%
4Q20
YoY		 -1%
5%
30%
13%		 -31%
5%
42%
-18%
2020 61.53
6.19
67.20
132.86		 11.32
2.21
2.22
16.06
% of
total		 46%
5%
51%
100%		 71%
14%
14%
100%
2020
YoY		 -9%
2%
30%
7%		 -15%
6%
34%
-7%
  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$bn 2020 2020 2020
Amount YoY % of
guidance
Revenues
132.86
7%
99%
Cash Cost & Expense
(101.53)
12%
99%
Operating Income
16.06
-7%
102%
Non-op. Income (Exp.)
(0.60)
-2%
61%
Pre-tax Income
15.46
-7%
104%
Net Income
11.29
-10%
101%
EPS1 (NT$)
4.01
-11%
101%
EBITDA
31.33
-6%
99%
  1. EPS is based on share count of 2.812bn in 2020

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Balance Sheet Analysis

NT$bn
4Q20
3Q20
4Q19
Total Assets
184.58
180.74
153.92
Current Assets
32.09
32.05
29.91
- Cash & Cash Equivalents
10.78
10.46
8.66
- Receivable & Contract Assets
13.79
13.44
14.07
- Inventories
5.77
4.89
5.67
- Other Current Assets
1.76
3.26
1.50
Non-current Assets
152.49
148.69
124.01
- Long-term Investment
4.26
3.80
6.72
- Property and Equipment
45.11
41.36
39.17
- Right-of-use Assets
9.01
9.01
9.66
- Concession
64.80
65.88
37.71
- Other Non-current & Contract
Assets
29.31
28.64
30.76
4Q20
3Q20
4Q19
Current Ratio
55%
51%
67%
Net Debt to Equity
83%
89%
46%
Net Debt to EBITDA (x)
1.91
1.95
1.03
ROE1 (annualized)
15%
17%
18%		 NT$bn
4Q20
3Q20
4Q19
Total Assets
184.58
180.74
153.92
Current Assets
32.09
32.05
29.91
- Cash & Cash Equivalents
10.78
10.46
8.66
- Receivable & Contract Assets
13.79
13.44
14.07
- Inventories
5.77
4.89
5.67
- Other Current Assets
1.76
3.26
1.50
Non-current Assets
152.49
148.69
124.01
- Long-term Investment
4.26
3.80
6.72
- Property and Equipment
45.11
41.36
39.17
- Right-of-use Assets
9.01
9.01
9.66
- Concession
64.80
65.88
37.71
- Other Non-current & Contract
Assets
29.31
28.64
30.76
4Q20
3Q20
4Q19
Current Ratio
55%
51%
67%
Net Debt to Equity
83%
89%
46%
Net Debt to EBITDA (x)
1.91
1.95
1.03
ROE1 (annualized)
15%
17%
18%		 NT$bn
4Q20
3Q20
4Q19
Total Assets
184.58
180.74
153.92
Current Assets
32.09
32.05
29.91
- Cash & Cash Equivalents
10.78
10.46
8.66
- Receivable & Contract Assets
13.79
13.44
14.07
- Inventories
5.77
4.89
5.67
- Other Current Assets
1.76
3.26
1.50
Non-current Assets
152.49
148.69
124.01
- Long-term Investment
4.26
3.80
6.72
- Property and Equipment
45.11
41.36
39.17
- Right-of-use Assets
9.01
9.01
9.66
- Concession
64.80
65.88
37.71
- Other Non-current & Contract
Assets
29.31
28.64
30.76
4Q20
3Q20
4Q19
Current Ratio
55%
51%
67%
Net Debt to Equity
83%
89%
46%
Net Debt to EBITDA (x)
1.91
1.95
1.03
ROE1 (annualized)
15%
17%
18%
Current Ratio 55% 51%
Net Debt to Equity 83% 89%
Net Debt to EBITDA (x) 1.91
1.95
ROE1 (annualized) 15% 17%
NT$bn
4Q20
3Q20
4Q19		 NT$bn
4Q20
3Q20
4Q19		 NT$bn
4Q20
3Q20
4Q19		 NT$bn
4Q20
3Q20
4Q19
Liabilities 112.59 111.12 79.74
Current Liabilities 58.53 62.91 44.52
- ST Debts 26.93 34.69 18.47
- Accounts & Notes Payable 9.79 8.53 7.80
- Current Lease Liabilities 3.51 3.47 3.53
- Other Current Liabilities 18.31 16.21 14.72
Non-current Liabilities 54.06 48.21 35.22
- Long-term Borrowings 43.75 37.99 24.49
- Non-current Lease Liabilities 5.53 5.52 6.12
- Other Non-current Liabilities 4.78 4.70 4.61
Shareholders' Equity 71.99 69.62 74.18
Paid-in Capital 35.12 35.12 35.09
Capital Surplus 18.94 18.94 20.27
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 6.63 6.27 6.16
Retained Earnings & Others2 10.85 8.83 12.95

  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$bn
4Q20
3Q20
4Q19
2020
2019		 NT$bn
4Q20
3Q20
4Q19
2020
2019		 NT$bn
4Q20
3Q20
4Q19
2020
2019		 NT$bn
4Q20
3Q20
4Q19
2020
2019		 NT$bn
4Q20
3Q20
4Q19
2020
2019		 NT$bn
4Q20
3Q20
4Q19
2020
2019
Operating 8.73 6.31 2.88
31.74		 30.22
Investing (5.40) (0.59) (2.88) (39.32) (8.37)
Financing (3.01) (3.50) (4.36) 9.69 (20.67)
NT$bn
4Q20
3Q20
4Q19
2020
2019
Pre-IFRS 16 Operating1 7.76 5.28 1.90
27.75		 26.33
Cash CAPEX2 (6.35) (1.65) (1.62) (11.55) (7.14)
Free Cash Flow2 1.41 3.63 0.28
16.20		 19.19

  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

Selected for the Dow Jones Sustainability Indices (DJSI) “DJSI World” for 4 consecutive years and once again ranked No.1 in its “Global Telecom Industry” segment. Listed in the DJSI “Emerging Markets” for 9 years in a row. Recognized as an A-list climate change enterprise by CDP, the world’s largest carbon disclosure organization, for 2 years in a row.

Received 10 awards at the Taiwan Corporate Sustainability Awards (TCSA), winning “The Most Prestigious Sustainability Awards – Top Ten Domestic Companies” for the 6th time and ranking 1st in the “Service Industry” segment.

Honored with a “Silver Award” in the Environmental Protection Administration (EPA) “National Enterprise Environmental Protection Awards”.

Won the “Enterprise Project Management Benchmarking Award” of the Project Management Institute (PMI) “2020 PMI Taiwan Grand Awards”. Recognized as the “Best Customer Service Management Team” and “Best Customer Service Sales Team” in the Taiwan Contact Center Development Association (TCCDA) “2020 Customer Service Excellence Awards” (CSEA). Acknowledged by the Sports Administration in its "Sports Activist Awards" for 4 consecutive years. Recipient of its "Sponsorship Award - Gold Class" and "Long-term Sponsorship Award" in 2020.

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2021 Guidance

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Consolidated revenue: up 12~15% YoY E-commerce, new technology services and other revenue: up 19~23% YoY Telecom related revenues: up 4~6% YoY Consolidated EBITDA: flat to slightly down by 2% YoY Gross profit margin: between 20% and 23% Operating profit margin: between 9% and 11% Group capex: NT$11.8bn Telecom: NT$8.65bn, mobile roll-out scale to be halved from 2020. Cable TV: NT$0.87bn

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momo & others: NT$2.29bn

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Key Message

With momo on all and mobile ARPU an firing cylinders seeing from better 5G and more uplift coverage compelling bundles, accelerating top line growth will be our No.1 priority in 2021. We believe that this will translate into greater shareholder value in the long-run.

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