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TWM Interim / Quarterly Report 2021

Nov 4, 2021

52277_rns_2021-11-04_5ace18bf-cee9-4f5f-838c-7d8d93c8130b.pdf

Interim / Quarterly Report

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Taiwan Mobile Co., Ltd.
3Q21 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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3Q21 Highlights

Solid revenue increases in all 3 growth engines

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Mobile Service Revenue E-commerce +2% YoY +38% YoY

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Home Broadband +14% YoY

Consolidated +9% EBITDA YoY 3Q21

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5G Mobile Business – Growth Engine #1

3Q21 results

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Upselling 48M handset bundle iPhone 13 launch

momobile

user contribution to e-commerce revenue

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1.6%
As of Sep 2021
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Postpaid Churn

Double Play

Footprint >70% coverage

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momo – Growth Engine #2

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Revenue EBITDA
YoY
(NT$mn) (NT$mn) YoY
+34%
+81%
-5%
Total
-0%
Others
+38%
+102%
E-commerce
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Satellite E-commerce E-commerce
Warehouses (#) Total Transaction (#) 15.0% Profitability
25 +44% 10.0% 5.4%
EBITDA
+6 YoY YoY Mar gi 5.0% n 3.7%
3Q21 3Q21 0.0% 3Q20 3Q21
-5.0%
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Broadband – Growth Engine #3

3Q21 Basic TV Subscribers

3Q21 Penetration Rate

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('000) Subscribers YoY
TFNM 540 -1.9%
Top 4 MSO 3,389 -2.7%
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Source: Market intelligence

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54.4%
51.3%
45.9%
42.1%
Top 4
Top 4
TFNM MSO TFNM MSO
DTV BB
Source: Market intelligence
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Revenue
(NT$mn) YoY
Total +0%
Broadband +14%
Pay-TV &
Others -5%
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EBITDA
YoY
(NT$mn)
+1%
++1212.3%
+7%
+7%
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Performance by Business

NT$bn Revenue EBITDA
Telecom
CATV
momo
Total1		 Telecom
CATV
momo
Total1
3Q21 15.51
1.56
20.91
37.39		 6.44
0.74
1.20
8.49
% of
total		 41%
4%
56%
100%		 76%
9%
14%
100%
3Q21
YoY		 7.4%
0.0%
34.2%
19.7%		 2.1%
1.4%
81.4%
8.9%
2Q21
YoY		 4.9%
0.5%
40.6%
22.6%		 1.5%
-1.1%
103.0%
10.1%
  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$bn 3Q21 3Q21 3Q21
Amount QoQ YoY
Revenues
37.39
-3%
20%
Cash Cost & Expense
(28.90)
-3%
23%
Operating Income
4.22
-1%
10%
Non-op. Income (Exp.)
(0.16)
17%
357%
Pre-tax Income
4.06
-2%
7%
Net Income
2.84
0%
1%
EPS1 (NT$)
1.00
-1%
-1%
EBITDA
8.49
0%
9%
  1. EPS is based on share count of 2.814bn in 3Q21

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Balance Sheet Analysis

NT$bn
3Q21
2Q21
3Q20
Total Assets
187.50
188.93
180.74
Current Assets
34.65
35.79
32.05
- Cash & Cash Equivalents
12.67
15.75
10.46
- Receivable & Contract Assets
13.90
14.28
13.44
- Inventories
6.27
3.92
4.89
- Other Current Assets
1.81
1.83
3.26
Non-current Assets
152.85
153.14
148.69
- Long-term Investment
5.29
4.61
3.80
- Property and Equipment
46.29
46.36
41.36
- Right-of-use Assets
9.15
9.39
9.01
- Concession
61.57
62.65
65.88
- Other Non-current & Contract
Assets
30.55
30.13
28.64
3Q21
2Q21
3Q20
Current Ratio
57%
52%
51%
Net Debt to Equity
90%
78%
89%
Net Debt to EBITDA (x)
1.92
1.62
1.95
ROE1 (annualized)
16%
16%
17%		 NT$bn
3Q21
2Q21
3Q20
Total Assets
187.50
188.93
180.74
Current Assets
34.65
35.79
32.05
- Cash & Cash Equivalents
12.67
15.75
10.46
- Receivable & Contract Assets
13.90
14.28
13.44
- Inventories
6.27
3.92
4.89
- Other Current Assets
1.81
1.83
3.26
Non-current Assets
152.85
153.14
148.69
- Long-term Investment
5.29
4.61
3.80
- Property and Equipment
46.29
46.36
41.36
- Right-of-use Assets
9.15
9.39
9.01
- Concession
61.57
62.65
65.88
- Other Non-current & Contract
Assets
30.55
30.13
28.64
3Q21
2Q21
3Q20
Current Ratio
57%
52%
51%
Net Debt to Equity
90%
78%
89%
Net Debt to EBITDA (x)
1.92
1.62
1.95
ROE1 (annualized)
16%
16%
17%		 NT$bn
3Q21
2Q21
3Q20
Total Assets
187.50
188.93
180.74
Current Assets
34.65
35.79
32.05
- Cash & Cash Equivalents
12.67
15.75
10.46
- Receivable & Contract Assets
13.90
14.28
13.44
- Inventories
6.27
3.92
4.89
- Other Current Assets
1.81
1.83
3.26
Non-current Assets
152.85
153.14
148.69
- Long-term Investment
5.29
4.61
3.80
- Property and Equipment
46.29
46.36
41.36
- Right-of-use Assets
9.15
9.39
9.01
- Concession
61.57
62.65
65.88
- Other Non-current & Contract
Assets
30.55
30.13
28.64
3Q21
2Q21
3Q20
Current Ratio
57%
52%
51%
Net Debt to Equity
90%
78%
89%
Net Debt to EBITDA (x)
1.92
1.62
1.95
ROE1 (annualized)
16%
16%
17%
Current Ratio 57% 52%
Net Debt to Equity 90% 78%
Net Debt to EBITDA (x) 1.92
1.62
ROE1 (annualized) 16% 16%
NT$bn
3Q21
2Q21
3Q20		 NT$bn
3Q21
2Q21
3Q20		 NT$bn
3Q21
2Q21
3Q20		 NT$bn
3Q21
2Q21
3Q20
Liabilities 117.94 122.63 111.12
Current Liabilities 61.27 68.35 62.91
- ST Debts 29.49 24.14 34.69
- Accounts & Notes Payable 12.20 11.64 8.53
- Current Lease Liabilities 3.59 3.65 3.47
- Other Current Liabilities 16.00 28.93 16.21
Non-current Liabilities 56.67 54.28 48.21
- Long-term Borrowings 46.10 43.65 37.99
- Non-current Lease Liabilities 5.59 5.77 5.52
- Other Non-current Liabilities 4.98 4.85 4.70
Shareholders' Equity 69.56 66.30 69.62
Paid-in Capital 35.14 35.12 35.12
Capital Surplus 16.43 16.34 18.94
Legal Reserve 31.50 31.50 30.17
Treasury Shares (29.72) (29.72) (29.72)
Un-appropriated Earnings 0.00 0.00 0.00
Non-controlling Interest 7.17 6.77 6.27
Retained Earnings & Others2 9.04 6.28 8.83

  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$bn
3Q21
2Q21
3Q20		 NT$bn
3Q21
2Q21
3Q20		 NT$bn
3Q21
2Q21
3Q20		 NT$bn
3Q21
2Q21
3Q20
Operating 6.66 10.03
6.31
Investing (3.76) (3.40) (0.59)
Financing (5.99) (2.23) (3.50)
NT$bn
3Q21
2Q21
3Q20
Pre-IFRS 16 Operating1 5.63 9.03
5.28
Cash CAPEX2 (2.98) (3.39) (1.65)
Free Cash Flow2 2.65 5.65
3.63

  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

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

Honored with the 2021 “Smart Innovation Contribution” award from Taiwan Smart City Association.

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Key Message

With our strong market positioning and growing intra-group synergies, we expect our three main growth engines, namely 5G, momo and home broadband, to continue firing on all cylinders. Recent 4G price rationalization will provide additional tailwind to the continued expansion of our EBITDA. With cash flow compression from 5G capex behind lower cash and consolidated us, sequentially capex improving EBITDA should help strengthen our free cash flow. Looking ahead, TWM will accelerate our strategies to plant ourselves in emerging such as in order to more paradigm shifts, metaverse, capture growth opportunities in the 5G era for our shareholders.

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