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YAGEO Interim / Quarterly Report 2017

Aug 28, 2017

52008_rns_2017-08-28_f77e9d31-c558-4ca4-8410-9e2ea590b0ab.pdf

Interim / Quarterly Report

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Yageo Corporation

August, 2017

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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 22 sales/service offices in 15 countries, 9 manufacturing sites, 8 JIT logistic hubs and 2 R&D centers worldwide.

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  • Yageo offers a broad range of electronic components with resistors, capacitors, ferrites and wireless components and modules. In the recent years, Yageo’s product technologies 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, design-in services, web-based self-helped platforms, and online B2B interfaces with advanced IT solutions and other ease-of-doing-business tools.

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

  • Yageo achieved record high revenue in 2016 and market capitalization exceeds NTD$60 billion in 2017.

  • Yageo delivered an average 15% of ROE and 8% of ROA ratio in recent years.

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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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2Q17 Sales Revenue Breakdown
By Product By Region
US
3%
MLCC
45%
Europe
Others 17%
4%
Wireless
2%
Ferrites
6%
Asia/ Rest
Thru-hole
9%
Resistor
3%
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2Q17 Sales Revenue Breakdown

Greater China 71%

Chip Resistor 40%

NT$ 7,934 M

* Above 2Q information is reviewed.

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2Q17 Sales Revenue Breakdown
By Segment
By Channel
(of Direct Sales)
Automotive
6%
Telecom
Direct Sales
23%
27%
Industrial
23%
Distributors
51%
Computer
37%
Consumer
EMS 11%
22%
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2Q17 Sales Revenue Breakdown

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NT$ 7,934 M
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* Above 2Q information is reviewed.

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1H17 Sales Revenue Breakdown
By Product By Region
US
2%
MLCC
44% Europe
Others 18%
5%
Wireless
2%
Ferrites
7%
Asia/ Rest
9%
Thru-hole
Resistor
3%
Chip Resistor
39%
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1H17 Sales Revenue Breakdown

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Greater China
71%
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NT$ 15,281 M
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* Above 1H information is reviewed.

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1H17 Sales Revenue Breakdown
By Segment
By Channel
(of Direct Sales)
Automotive
6%
Telecom
23%
Direct Sales
28%
Industrial
22%
Distributors
50%
Consumer Computer
38%
11%
EMS
22%
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1H17 Sales Revenue Breakdown

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NT$ 15,281 M
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* Above 1H information is reviewed.

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2Q17 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
%
7,347
100.0
(5,506)
-74.9
1,841
25.1
(762)
-10.4
1,078
14.7
(123)
-1.7
956
13.0
(132)
-1.8
824
11.2
(5)
-0.1
818
11.1
Q1 / 17		 Q-Q
Change %
8.0
2.1
4.1
(2.6)
5.1
(46.1)
57.3
103.2
49.9
8.1
50.2
12

Y-Y
Amount
%
Change %
7,488
100.0
6.0
(5,675)
-75.8
(0.9)
1,813
24.2
4.9
(764)
-10.2
(2.8)
1,049
14.0
5.8
297
4.0
(122.2)
1,346
18.0
11.7
(414)
-5.5
(35.0)
933
12.5
32.4
(14)
-0.2
(60.0)
919
12.3
33.8
1.44
70.8
1,566
29.6
Q2 / 16
Amount
%
7,934
100.0
(5,622)
-70.9
2,312
29.1
(742)
-9.4
1,570
19.8
(66)
-0.8
1,504
19.0
(269)
-3.4
1,235
15.6
(6)
-0.1
1,229
15.5
Q2 / 17
EPS 2.46 1.62 51.9
The financial data is based on T-IFRS
EBITDA		 2,029 1,532 32.4
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* The financial data is based on T-IFRS

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1H17 Income Statement

[Yageo Group Consolidate (audited) ]

Amount in NTD Million

nancial data is based on T-IFRS
Net Sales
Cost of Sales
Gross Profit
Operating Expenses
Operating Income
Non-operating Items
Income Before Tax
Income Tax
Net Income
Other Comprehensive income (loss)
Total Comprehensive income (loss)
Minority Interest
Net Income (attributable to the parent)
EPS
EBITDA		 Amount
%
1H2017		 Amount
%
1H2016
15,281
100.0
(11,128)
(72.8)		 14,800
100.0
(11,185)
(75.6)
4,152
27.2
(1,504)
(9.8)		 3,615
24.4
(1,518)
(10.3)
2,648
17.3
(189)
(1.2)		 2,097
14.2
204
1.4
2,460
16.1
(402)
(2.6)		 2,300
15.5
(546)
(3.7)
2,058
13.5
(1,921)
(12.6)		 1,754
11.9
(1,921)
(13.0)
137
0.9		 (167)
(1.1)
(11)
(0.1)		 (26)
(0.2)
2,047
13.4		 1,729
11.7
4.07
3,561
23.3		 2.69
3,137
21.2
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* The financial data is based on T-IFRS

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Non-operating Items
Yageo Group Consolidate (audited)
Q217
Foreign Exchange Gain (Loss)-Realized
117
Foreign Exchange Gain (Loss)-Unrealized
(332)
Dividend Income
0
Net Interest Income (Expense)
52
Investment Income (Loss)
97
Asset Impairment Loss
0
Others
1
(66)		 Non-operating Items
Yageo Group Consolidate (audited)
Q217
Foreign Exchange Gain (Loss)-Realized
117
Foreign Exchange Gain (Loss)-Unrealized
(332)
Dividend Income
0
Net Interest Income (Expense)
52
Investment Income (Loss)
97
Asset Impairment Loss
0
Others
1
(66)
14

Amount in NTD Million
Q-Q
Change %
Q216
Y-Y
Change %
20.2
41
186.4
(29.0)
138
(340.9)
0.0
23
(100.0)
173.7
33
56.1
136.6
54
81.1
0.0
0
0.0
(99.5)
9
(88.9)
(46.7)
297
(122.1)
14

Amount in NTD Million
Q-Q
Change %
Q216
Y-Y
Change %
20.2
41
186.4
(29.0)
138
(340.9)
0.0
23
(100.0)
173.7
33
56.1
136.6
54
81.1
0.0
0
0.0
(99.5)
9
(88.9)
(46.7)
297
(122.1)
Q217 Q117
117
(332)
0
52
97
0
1		 97
(468)
0
19
41
0
188		 20.2
(29.0)
0.0
173.7
136.6
0.0
(99.5)
(66) (123) (46.7)
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Selected Items from Balance Sheet

Yageo Group Consolidate (audited)

Amount in NTD Million

Cash and Cash Equivalents
Account Receivable
Inventory
Other Current Assets
Long-Term Investment
Fixed Assets
Other Assets
Total Assets
Short term Loans
Other Current Liabilities
Long-Term Loans
Other Liabilities
Total Liabilities
Total Equity
Total Liabilities & Equity		 Cash and Cash Equivalents
Account Receivable
Inventory
Other Current Assets
Long-Term Investment
Fixed Assets
Other Assets
Total Assets
Short term Loans
Other Current Liabilities
Long-Term Loans
Other Liabilities
Total Liabilities
Total Equity
Total Liabilities & Equity		 Q117
Q-Q
Amount Change %
14,709
34.7
9,174
7.1
4,646
(1.3)
853
(4.2)
5,674
32.5
13,215
8.6
3,769
1.6
52,040
16.7
16,141
4.9
11,291
25.8
500
700.0
393
6.0
28,325
25.5
23,715
6.2
52,040
16.7		 Q117
Q-Q
Amount Change %
14,709
34.7
9,174
7.1
4,646
(1.3)
853
(4.2)
5,674
32.5
13,215
8.6
3,769
1.6
52,040
16.7
16,141
4.9
11,291
25.8
500
700.0
393
6.0
28,325
25.5
23,715
6.2
52,040
16.7		 Q216
Amount
12,719
8,643
4,706
759
4,713
13,469
3,440
48,449
11,918
11,400
1,900
339
25,557
22,891
48,449
15

Y-Y
Change %
55.8
13.7
(2.6)
7.7
59.5
6.5
11.3
25.4
42.1
24.6
110.5
22.7
39.1
10.0
25.4
Q217
Amount
19,813
9,825
4,585
817
7,517
14,348
3,828
60,733
16,934
14,201
4,000
417
35,551
25,182
60,733		 Q117
**Amount **
14,709
9,174
4,646
853
5,674
13,215
3,769
52,040
16,141
11,291
500
393
28,325
23,715
52,040
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2Q17 Cash Flow

Yageo Group Consolidate (audited)

Amount in NTD Million

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		 Q-Q
**Change % **
16

Q216
Y-Y
Amount Change %
1,549
(24.9)
(387)
271.6
(296)
(1,822.3)
(413)
(168.0)
453
1,026.3
12,266
19.9
12,719
55.8
Q217
Amount		 Q117
**Amount **
1,163
(1,438)
5,099
281		 1,944
(1,077)
(2,051)
(1,042)		 (40.2)
33.5
(348.6)
(126.9)
5,105
14,709		 (2,227)
16,935		 (329.3)
(13.1)
19,813 14,709 34.7
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Working Capital Management

Yageo Group Consolidate (audited)

Amount in NTD Million

Accounts Receivable
DSO
Inventory
Inventory Conversion Period
Accounts Payable
Payable Deferral Period
Net Working Capatial
Cash Conversion Cycle		 Q-Q
Change %
7.1
(1.2)
17

Q216
Y-Y
Change %
8,643
13.7
105
8.6
4,706
(2.6)
76
(2.6)
4,902
41.2
81
41.3
8,447
(11.4)
100
(26.9)
Q217
9,825
114		 Q117
9,174
115
4,585
74		 4,646
78		 (1.3)
(4.7)
6,922
115		 6,686
115		 3.5
0.1
7,488
73		 7,134
78		 5.0
(6.7)
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Thank you

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