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YAGEO Annual Report 2017

Mar 14, 2018

52008_rns_2018-03-14_00ea25f5-0d80-4ff3-a5d9-f0fea5c06402.pdf

Annual Report

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Yageo Corporation

March, 2018

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Disclaimer

This announcement is not, and is not intended to be, an offer of securities for sale in the United States. Securities may not be offered or sold in the United States ab sent r egistrat ion o r an ex e mp tio n fro m r eg ist rat i on und er the U.S. Securities Act of 1933. Any public offering of securities to be made in the United States must be made by means of a prospectus containing detailed information about the issuer of the securities and its management as well as financial statements. There is not, and is currently not intended to be, any public offering of securities by Yageo Corporation in the United States.

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A Global Passive Component Leader

  • Yageo Corporation is a world leading total service provider of passive electronic components, with 27 sales/service offices in 15 countries, 7 manufacturing sites, 6 JIT logistic hubs and 2 R&D centers worldwide.

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  • Yageo offers a broad range of electronic components with resistors, capacitors, and wireless components and modules. In the recent years, Yageo’s product technologies mainly focus on ultra small size, high power, high voltage, high reliability, low resistance, and low inductance.

  • Yageo products are widely used in all kinds of electronic applications, including automotive, industrial, IoT, AR/VR, alternative energy, telecommunications, power supplies, computers and peripherals, and consumer electronics.

  • Yageo currently is the world No.1 in chip-resistors and No. 3 in MLCCs. With the reputable 40-year-old brand, Yageo is a truly global company with leading position in Greater China, Europe, and ASEAN.

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A Global Passive Component Leader

  • As a total passive component solution provider, Yageo offers innovative global logistics, electronic data interchange, designin services, web-based self-helped platforms, and online B2B interfaces with advanced IT solutions and other ease-of-doingbusiness tools.

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  • Yageo has a strong and diversified customer profile, including global leading EMS, ODM, OEM, and distributors.

  • Yageo achieved another record high revenue (NTD$ 32.26 billion) in 2017 and market capitalization exceeded NTD$ 120 billion, around quadrupled year-over-year.

  • Yageo delivered 24.59% of ROE in 2017, much higher than an average 15% of ROE ratio in past 3 years.

  • Yageo was added to MSCI Global Standard Index (MSCI Taiwan Index), effective from December 1, 2017.

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Broad Product Offering Targeting Key Verticals

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Automotive Industrial Mobile Alternative Energy Notebook/Tablet
Power Lighting Medical Home Appliances Networking Payment & Sales
Yageo Passive Components
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Yageo Passive Components
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Serving Leading Global Customers
U.S Europe Asia
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Leading Market Position by Volume

Chip Resistors Ranked No. 1 MLCCs Ranked No. 3

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4Q2017 Sales Revenue Breakdown
By Product By Region
US
Europe 2%
8%
Others
2%
Asia/ Rest
Wireless
7%
1%
Thru-hole MLCC
Resistor 59%
2%
Chip Resistor
36%
Greater China
83%
NT$ 9,651 M
QoQ +15.3%
YoY +42.7%
Above 4Q information is audited.
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4Q2017 Sales Revenue Breakdown

* Above 4Q information is audited.

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4Q2017 Sales Revenue Breakdown
By Segment
By Channel
(of Direct Sales)
Automotive
7%
Direct Sales Telecom
20% 21%
Industrial
20%
EMS
18%
Distributors
Computer
62%
35%
Consumer
17%
NT$ 9,651 M
QoQ +15.3%
YoY +42.7%
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4Q2017 Sales Revenue Breakdown

* Above 4Q information is audited.

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Y2017 Sales Revenue Breakdown
By Product By Region
US
2%
Europe
10%
Others MLCC
3% 52%
Wireless Asia/ Rest
1% 9%
Thru-hole
Resistor
3%
Chip Resistor Greater China
41%
79%
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NT$ 32,259 M YoY +16.1%

* Above Y2017 information is audited.

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Y2017 Sales Revenue Breakdown
By Segment
By Channel
(of Direct Sales)
Automotive
6%
Direct Sales
22% Telecom
23%
Industrial
21%
Distributors
56%
EMS
22% Consumer
12% Computer
38%
NT$ 32,259 M
YoY +16.1%
 Above Y2017 information is audited.
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4Q2017 Income Statement

Yageo Group Consolidate (audited)

Amount in NTD Million

Net Sales
Cost of Sales
Gross Profit
Operating Expenses
Operating Income
Non-operating Items
Income Before Tax
Income Tax
Net Income
Minority Interest
Net Income (attributable to the parent)		 Amount
%
9,651
100.0
(5,432)
-56.3
4,219
43.7
(837)
-8.7
3,382
35.0
141
1.5
3,524
36.5
(500)
-5.2
3,024
31.3
(7)
-0.1
3,016
31.3
Q4 / 17		 Amount
%
Q3 / 17		 Q-Q
Change %
15.3
(6.9)
13.4
(0.2)
13.2
(0.9)
12.2
(2.1)
10.1
0.0
10.1		 Y-Y
Amount
%
Change %
6,762
100.0
42.7
(5,092)
-75.3
6.7
1,670
24.7
19.0
(881)
-13.0
4.4
789
11.7
23.4
720
10.6
(9.2)
1,509
22.3
14.2
(270)
-4.0
(1.2)
1,239
18.3
13.0
(9)
-0.1
0.1
1,230
18.2
13.1
2.39
260.7
1,235
18.3
22.0
Q4 / 16
8,370
100.0
(5,832)
-69.7
2,538
30.3
(706)
-8.4
1,832
21.9
200
2.4
2,032
24.3
(255)
-3.0
1,777
21.2
(7)
-0.1
1,770
21.1
EPS 8.62 5.07 70.0
EBITDA 3,888
40.3		 2,308
27.6		 12.7

* Q-Q/Y-Y Change of Net Sales, Cost of Sales, EPS is in %, the rest of Changes is in % point.

* The financial data is based on T-IFRS

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Y2017 Income Statement

[Yageo Group Consolidate (audited) ]

Amount in NTD Million

Net Sales
Cost of Sales
Gross Profit
Operating Expenses
Operating Income
Non-operating Items
Income Before Tax
Income Tax
Net Income
Minority Interest
Net Income (attributable to the parent)
EPS
EBITDA		 Amount
%
Y2017		 Amount
%
Y2016		 Y-Y
Change %
16.1
2.5
8.9
1.6
10.5
(2.5)
8.1
(0.3)
7.7
0.1
7.8
154.7
9.4
32,259
100.0
(21,761)
(67.5)		 27,784
100.0
(21,226)
(76.4)
10,498
32.5
(2,905)
(9.0)		 6,558
23.6
(2,944)
(10.6)
7,593
23.5
229
0.7		 3,614
13.0
885
3.2
7,822
24.2
(1,141)
(3.5)		 4,499
16.2
(895)
(3.2)
6,681
20.7
(25)
(0.1)		 3,604
13.0
(52)
(0.2)
6,656
20.6		 3,553
12.8
15.64
9,438
29.3		 6.14
5,504
19.8

* Q-Q/Y-Y Change of Net Sales, Cost of Sales, EPS is in %, the rest of Changes is in % point.

* The financial data is based on T-IFRS

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4Q2017 Non-operating Items

Yageo Group Consolidate (audited)

Amount in NTD Million

e financial data is based on T-IFRS
Foreign Exchange Gain (Loss)-Realized
Foreign Exchange Gain (Loss)-Unrealized
Market price change--Unrealized
Net Interest Income (Expense)
Investment Income on Equity-Method
Other Investment Income
Gain/(Loss) on Sale of Investments
Others		 Q417 Q317 Q-Q
Change %
(266.1)
148.3
714.3
123.2
(27.6)
(50.4)
457.1
182.1
(29.5)
14

Q416
Y-Y
Change %
123
(169.9)
443
(148.8)
0
-
40
145.0
68
14.0
19
(0.8)
0
-
26
(15.4)
720
(80.4)
(86)
(216)
57
98
78
19
169
22		 52
(87)
7
44
108
39
30
8
141 200
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~~14~~

* The financial data is based on T-IFRS

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4Q2017 Selected Items from Balance Sheet

Amount in NTD Million

Yageo Group Consolidate (audited)

he financial data is based on T-IFRS
Cash and Cash Equivalents
Account Receivable
Inventory
Other Current Assets
Long-Term Investment
Net Properties
Other Assets
Total Assets
Short term Loans
Account Payable
Other Current Liabilities
Long-Term Loans
Other Liabilities
Total Liabilities
Total Equity
Total Liabilities & Equity		 he financial data is based on T-IFRS
Cash and Cash Equivalents
Account Receivable
Inventory
Other Current Assets
Long-Term Investment
Net Properties
Other Assets
Total Assets
Short term Loans
Account Payable
Other Current Liabilities
Long-Term Loans
Other Liabilities
Total Liabilities
Total Equity
Total Liabilities & Equity		 Q317
Q-Q
Amount Change %
19,956
(13.1)
10,932
7.4
4,304
13.2
991
14.1
13,920
7.5
14,535
12.0
3,352
0.8
67,989
2.5
19,954
(6.2)
7,031
7
5,206
19.2
7,700
(28.6)
348
19.6
40,240
(4.7)
27,750
12.9
67,989
2.5		 Q317
Q-Q
Amount Change %
19,956
(13.1)
10,932
7.4
4,304
13.2
991
14.1
13,920
7.5
14,535
12.0
3,352
0.8
67,989
2.5
19,954
(6.2)
7,031
7
5,206
19.2
7,700
(28.6)
348
19.6
40,240
(4.7)
27,750
12.9
67,989
2.5		 Q416
Amount
15,895
9,159
4,775
1,559
4,900
12,158
3,220
51,667
13,817
6,311
4,617
3,600
328
28,674
22,993
51,667
15

Y-Y
Change %
9.1
28.2
2.0
(27.5)
205.3
33.9
4.9
34.9
35.5
19
34.4
52.8
27.0
33.8
36.3
34.9
Q417
Amount
17,336
11,743
4,872
1,131
14,961
16,275
3,379
69,697
18,725
7,515
6,207
5,500
417
38,364
31,333
69,697		 Q317
**Amount **
19,956
10,932
4,304
991
13,920
14,535
3,352
67,989
19,954
7,031
5,206
7,700
348
40,240
27,750
67,989
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* The financial data is based on T-IFRS

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4Q2017 Cash Flow
Yageo Group Consolidate (audited)
he financial data is based on T-IFRS
Net Cash Provided by (Used in) Operating Activities
Net Cash Provided by (Used in) Investing Activities
Net Cash Provided by (Used in) Financing Activities
FX Difference
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents , Beginning of Period
Cash and Cash Equivalents , End of Period		 4Q2017 Cash Flow
Yageo Group Consolidate (audited)
he financial data is based on T-IFRS
Net Cash Provided by (Used in) Operating Activities
Net Cash Provided by (Used in) Investing Activities
Net Cash Provided by (Used in) Financing Activities
FX Difference
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents , Beginning of Period
Cash and Cash Equivalents , End of Period
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Amount in NTD Million
Q-Q
Q416
Y-Y
Change % Amount Change %
35.0
2,095
30.8
(39.6)
(243)
769.7
(230.5)
1,758
(293.4)
277.7
(83)
(288.7)
(323.7)
3,526
(174.3)
45.4
12,374
61.3
(7.7)
15,901
9.0
16

Amount in NTD Million
Q-Q
Q416
Y-Y
Change % Amount Change %
35.0
2,095
30.8
(39.6)
(243)
769.7
(230.5)
1,758
(293.4)
277.7
(83)
(288.7)
(323.7)
3,526
(174.3)
45.4
12,374
61.3
(7.7)
15,901
9.0
16

Amount in NTD Million
Q-Q
Q416
Y-Y
Change % Amount Change %
35.0
2,095
30.8
(39.6)
(243)
769.7
(230.5)
1,758
(293.4)
277.7
(83)
(288.7)
(323.7)
3,526
(174.3)
45.4
12,374
61.3
(7.7)
15,901
9.0
Q417
Amount		 Q317
**Amount **
2,740
(2,117)
(3,400)
157		 2,029
(3,504)
2,605
42		 35.0
(39.6)
(230.5)
277.7		 2,095
(243)
1,758
(83)
(2,620)
19,956		 1,171
18,785		 (323.7)
45.4		 3,526
12,374
17,336 19,956 (7.7) 15,901
~~16~~
~~16~~

* The financial data is based on T-IFRS

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4Q2017 Working Capital Management

Yageo Group Consolidate (audited)

Amount in NTD Million

he financial data is based on T-IFRS
Accounts Receivable
DSO
Inventory
Inventory Conversion Period
Accounts Payable
Payable Deferral Period
Net Working Capital
Cash Conversion Cycle		 he financial data is based on T-IFRS
Accounts Receivable
DSO
Inventory
Inventory Conversion Period
Accounts Payable
Payable Deferral Period
Net Working Capital
Cash Conversion Cycle		 Q-Q
Change %
7.4
(9.1)		 Q416
9,159
117
17

Y-Y
Change %
28.2
(4.9)
2.0
(7.7)
19.1
14.8
19.4
(25.6)
Q417
11,743
111		 Q317
10,932
122
4,872
80		 4,304
65		 13.2
21.9		 4,775
87
7,515
113		 7,031
111		 6.9
1.0		 6,311
98
9,100
78		 8,204
76		 10.9
2.8		 7,624
105
~~17~~
~~17~~

* The financial data is based on T-IFRS

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Thank you

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