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YAGEO Annual Report 2019

Mar 17, 2020

52008_rns_2020-03-17_57283225-c1b0-4ea5-8e05-64448ebe5766.pdf

Annual Report

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Yageo Corporation

March, 2020

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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 19 manufacturing sites, 6 JIT logistic hubs and 5 R&D centers worldwide.

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

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  • Yageo products are widely used in all kinds of electronic applications, including automotive, industrial, 5G, IoT, cloud/data center, telecommunications, power supplies, alternative energy, computers and peripherals, and consumer electronics.

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A Global Passive Component Leader

 As total passive component solution provider, Yageo offers innovative global logistics, electronic data interchange, design-in services, web-based self-helped platforms, and online B2B interfaces with advanced IT solutions and other ease-of-doing-business tools.

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

  • 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.

  • Yageo officially finished the acquisitions of Pulse Electronics and BrightKing Electronics in 2018.

  • November 12[th] , 2019, Yageo announced to acquire KEMET with total equity valued US$ 1.64 billion in cash. The transaction is ex ected to close in 3Q2020. p

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A Global Passive Component Leader

  • Yageo reached 2nd highest revenue (NTD$ 41.31 billion) in 2019. As of February 27, 2020, its total market capitalization exceeded NTD$ 175.9 billion.

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  • Yageo delivered 13.4% of ROE and achieved 19.4% of Operating Margin with EPS of NT$ 16.35 in 2019.

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  • Yageo has been publicly listed on the Taiwan Stock Exchange since 1993 and is included in the MSCI Taiwan Index, FTSE/TWSE Taiwan 50 Index and Taiwan Dividend+ Index, and TWSE Taiwan Employment Creation 99 Index.

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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
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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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4Q2019 Sales Revenue Breakdown
By Product By Region
US
MLCC
6%
33%
Europe
14%
Wireless and
Advanced
Components
31%
Asia/ Rest
23%
Greater
Chip Resistor
China
29%
57%
Thru-hole
Resistor Protective
2% 5%
NT$ 10,016 M
QoQ -2.9%
YoY -38.2%
- Above 4Q19 information is audited.
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4Q2019 Sales Revenue Breakdown
By Channel By Segment
Automotive
13%
Direct Sales
26%
Telecom
30%
Distributors
43%
Industrial
29%
EMS Computer
31% 22%
Consumer
6%
NT$ 10,016 M
QoQ -2.9%
YoY -38.2%
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- Above 4Q19 information is audited.

* Based on the company’s estimation from distributors, direct sales, and EMS customers.

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Y2019 Sales Revenue Breakdown
By Product By Region
MLCC
US
32%
6%
Europe
20%
Wireless and
Advanced
Components
Greater
32%
China
48%
Chip Resistor
28%
Asia/ Rest
26%
Thru-hole
Protective
Resistor
6%
2%
NT$ 41,307 M
YoY -46.5%
- Above Y2019 information is audited.
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Y2019 Sales Revenue Breakdown
By Channel By Segment
Automotive
15%
Direct Sales
Telecom
24%
24%
Distributors
41%
Industrial Computer
24%
31%
EMS
35%
Consumer
6%
NT$ 41,307 M
YoY -46.5%
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Y2019 Sales Revenue Breakdown

- Above Y2019 information is audited.

* Based on the company’s estimation from distributors, direct sales, and EMS customers.

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4Q2019 Income Statement

Yageo Group Consolidation (audited)

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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
Noncontrolling Interests
Net Income (attributable to the parent)		 Amount
%
10,016 100.0
(6,659) (66.5)
3,357
33.5
(1,671) (16.7)
1,686
16.8
(679)
(6.8)
1,007
10.1
(114)
(1.1)
893
8.9
(0)
(0.0)
893
8.9
2.10
4Q19		 Amount
%
3Q19		 Q-Q
Change %
(2.9)
(6.5)
2.5
(1.9)
0.6
(15.7)
(15.0)
3.1
(11.9)
1.0
(10.9)
(56.3)		 Y-Y
Amount
%
Change %
16,219 100.0
(38.2)
(6,631) (40.9)
0.4
9,588
59.1
(25.6)
(5,036) (31.1)
14.4
4,552
28.1
(11.3)
630
3.9
(10.7)
5,182
32.0
(21.9)
(749)
(4.6)
3.5
4,433
27.3
(18.4)
(155)
(1.0)
1.0
4,278
26.4
(17.5)
10.11
(79.2)
4Q18
10,317 100.0
(7,123) (69.0)
3,194
31.0
(1,527) (14.8)
1,667
16.2
918
8.9
2,585
25.1
(436)
(4.2)
2,150
20.8
(105)
(1.0)
2,044
19.8
EPS 4.81
  • The financial data is based on T-IFRS

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

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Y-Y
Amount
%
Change %
77,156
100.0
(46.5)
(28,310)
(36.7)
6.3
48,845
63.3
(27.5)
(11,937)
(15.5)
(0.9)
36,908
47.8
(28.4)
2,987
3.9
(1.5)
39,895
51.7
(29.9)
(6,055)
(7.8)
3.1
33,840
43.9
(26.8)
(1)
(0.0)
(0.3)
33,839
43.9
(27.0)
80.30
(79.6)
2018
Y2019 Income Statement
ageo Group Consolidation (audited)
Amount
%
Net Sales
41,307
100.0
Cost of Sales
(26,526)
(64.2)
Gross Profit
14,781
35.8
Operating Expenses
(6,749)
(16.3)
Operating Income
8,031
19.4
Non-operating Items
992
2.4
Income Before Tax
9,023
21.8
Income Tax
(1,971)
(4.8)
Net Income
7,052
17.1
Noncontrolling Interests
(107)
(0.3)
Net Income (attributable to the parent)
6,945
16.8
EPS
16.35
2019
Amount
%
41,307
100.0
(26,526)
(64.2)
14,781
35.8
(6,749)
(16.3)
8,031
19.4
992
2.4
9,023
21.8
(1,971)
(4.8)
7,052
17.1
(107)
(0.3)
6,945
16.8
16.35
2019

Y2019 Income Statement

Yageo Group Consolidation (audited)

* 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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4Q2019 Non-operating Items

Yageo Group Consolidation (audited)

Amount in NTD Million

The financial data is based on T-IFRS
Foreign Exchange Gain (Loss)-Realized
Foreign Exchange Gain (Loss)-Unrealized
Market price changes-Unrealized
Net Interest Income (Expense)
Investment Income on Equity-Method
Other Investment Income
Gain/(Loss) on Sale of Investments
Others
Total		 Q-Q
Change %
(48.1)
(417.2)
1,410.0
(41.0)
(53.9)
72.3
(10.3)
210.1
(174.0)
4Q18
Y-Y
Change %
192
(17.8)
284
(479.8)
(24)
(414.6)
187
(54.6)
35
(32.1)
18
608.3
(85)
(133.8)
23
(531.4)
630
(207.8)
4Q19 3Q19
158
(1,079)
76
85
24
128
29
(99)		 304
340
5
144
51
74
32
(32)
(679) 918
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* The financial data is based on T-IFRS

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4Q2019 Selected Items from Balance Sheet

Yageo Group Consolidation (audited)

Amount in NTD Million

_ The financial data is based on T-IFRS_
Cash and cash equivalents
Notes & Accounts Receivable
Inventory
Other Current Assets
Long-Term Investment
Net Properties
Other Assets
Total Assets
Short-Term Loans
Accounts Payable
Other Current Liabilities
Long-Term Loans
Other Liabilities
Total Liabilities
Total Equity
Total Liabilities & Equity*		 4Q19
Amount
20,226
9,862
5,679
1,380
10,170
20,511
28,553
96,382
18,941
6,065
9,739
14,014
1,377
50,135
46,247
96,382		 3Q19
Amount		 Q-Q
Change %
(38.5)
4.6
(9.4)
(24.5)
(18.7)
0.0
2.1
(13.5)
(29.5)
16.6
(68.0)
545.8
15.4
(23.9)
1.5
(13.5)
4Q18
Y-Y
Amount
Change %
28,958
(30.2)
19,805
(50.2)
10,280
(44.8)
1,876
(26.4)
15,469
(34.3)
18,550
10.6
28,767
(0.7)
123,704
(22.1)
24,167
(21.6)
10,511
(42.3)
19,104
(49.0)
9,000
55.7
1,484
(7.2)
64,266
(22.0)
59,438
(22.2)
123,704
(22.1)
32,891
9,424
6,267
1,827
12,516
20,511
27,973
111,409
26,879
5,203
30,407
2,170
1,193
65,852
45,557
111,409
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4Q2019 Cash Flow

Yageo Group Consolidation (audited)

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Amount in NTD Million

_ The 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*		 4Q19
Amount		 3Q19
**Amount **		 Q-Q
**Change % **
4Q18
Y-Y
Amount Change %
20,625
(93.2)
(21,992)
(104.8)
(6,295)
141.1
149
(71.6)
(7,514)
68.6
36,471
(9.8)
28,958
(30.2)
1,406
1,062
(15,176)
42		 3,719
2,394
(10,235)
(881)		 (62.2)
(55.6)
48.3
(104.8)
(12,665)
32,891		 (5,003)
37,894		 153.1
(13.2)
20,226 32,891 (38.5)
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* The financial data is based on T-IFRS

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4Q2019 Working Capital Management

Yageo Group Consolidation (audited)

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Amount in NTD Million

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Accounts Receivable
DSO
Inventory
DOH-Total Company (Amt)
DOH-R+C Finished Goods (Qty)
Accounts Payable
DPO
Net Working Capital		 3Q19
9,424
83
6,267
92
86
5,203
90
10,489		 Q-Q
Change %
4.6
3.6
(9.4)
(12.1)
(41.1)
16.6
(2.7)
(9.6)		 4Q18
Y-Y
Change %
19,805
(50.2)
97
(11.6)
10,280
(44.8)
106
(24.0)
105
(51.5)
10,511
(42.3)
103
(15.2)
19,574
(51.6)
4Q19
9,862
86
5,679
81
51
6,065
88
9,477		 3Q19
9,424
83
6,267
92
86
5,203
90
10,489

* The financial data is based on T-IFRS

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Thank you

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