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YAGEO Interim / Quarterly Report 2017

Jun 6, 2017

52008_rns_2017-06-06_c864d3e1-9447-4a10-982e-79f1567a8fad.pdf

Interim / Quarterly Report

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Yageo Corporation

June, 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, No. 3 in MLCCs and No. 4 in ferrite products. 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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MLCCs and No. 4 in ferrite products. 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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Yageo Corporate Confidential
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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.

  • In 2016, Yageo achieved record high revenue and more than doubled market capitalization.

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

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Transform to an Innovative Service Provider

A general mass producer of passive component

Yageo’s Mission: Be a leading global passive component supplier providing innovative services around the globe

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Comprehensive Strong R&D and product range FAE capability Strong global presence HQ in Taipei, Taiwan

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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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1Q17 Sales Revenue Breakdown

By Product

By Region

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US
2%
MLCC
44% Europe
17%
Others
5%
Wireless
2%
Ferrites
7% Asia/ Rest
10%
Thru-hole
Resistor
3%
Chip Resistor
39%
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Greater China
71%
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NT$ 7,347 M
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* Above 1Q information is reviewed.

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1Q17 Sales Revenue Breakdown

By Segment
By Channel
(of Direct Sales)
Automotive
6%
Telecom
23%
Direct Sales
27%
Industrial
21%
Distributors
51%
Consumer
10% Computer
40%
EMS
22%
NT$ 7,347 M
Above 1Q information is reviewed.
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1Q17 Sales Revenue Breakdown

* Above 1Q information is reviewed.

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FY16 Sales Revenue Breakdown
By Region
By Product
NT$ 29,616 M US
2%
MLCC YoY +7.6%
44% Europe
Others 16%
5%
Wireless
2%
Ferrites Asia/ Rest
6% 9%
Thru-hole
Resistor
3%
Greater
Chip Resistor China
40% 73%
15,000
25,000
YoY +11.9% YoY +8.3% YoY +7.6% YoY +9.9%
20,000
10,000 2015 15,000
2015
2016
10,000 2016
5,000
5,000 0
MLCC Chip Resistor Greater China Europe
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FY16 Sales Revenue Breakdown

* Above FY16 information is audited.

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FY16 Sales Revenue Breakdown

By Segment
By Channel
(of Direct Sales)
Automotive
6%
Direct Sales Telecom
27% 24%
Industrial
19%
Distributors
52%
Consumer
10%
EMS
21% Computer
41%
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FY16 Sales Revenue Breakdown

NT$ 29,616 M

* Above FY16 information is audited.

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1Q17 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
%
7,346.8
100.0
(5,506.2)
-74.9
1,840.5
25.1
(762.1)
-10.4
1,078.5
14.7
(122.5)
-1.7
956.0
13.0
(132.4)
-1.8
823.5
11.2
(5.1)
-0.1
818.4
11.1
Q1 / 17		 Amount
%
Q4 / 16		 Q-Q
Change %
2.2
2.7
(0.4)
(19.9)
22.9
(116.1)
(41.6)
(55.0)
(38.7)
(43.8)
(38.7)
13

Y-Y
Amount
%
Change %
7,312.4
100.0
0.5
(5,510.6)
-75.4
(0.1)
1,801.9
24.6
0.4
(754.5)
-10.3
1.0
1,047.4
14.3
3.0
(93.6)
-1.3
30.9
953.8
13.0
0.2
(132.2)
-1.8
0.2
821.7
11.2
0.2
(11.8)
-0.2
(56.7)
809.8
11.1
1.1
1.25
29.6
1,571.2
(2.5)
Q1 / 16
7,188.4
100.0
(5,359.4)
-74.6
1,829.0
25.4
(951.8)
-13.2
877.2
12.2
760.9
10.6
1,638.1
22.8
(294.4)
-4.1
1,343.7
18.7
(9.1)
-0.1
1,334.6
18.6
EPS 1.62 2.59 (37.5)
The financial data is based on T-IFRS
EBITDA		 1,532.3 1,349.5 13.5
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* The financial data is based on T-IFRS

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FY16 Income Statement

[Yageo Group Consolidate (audited) ]

Amount in NTD Million

The financial 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
Minority Interest
Net Income (attributable to the parent)
EPS
EBITDA
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Y-Y
Amount
%
Change %
27,512.9
100.0
7.6
(20,973.9)
(76.2)
6.6
6,539.0
23.8
0.7
(2,993.0)
(10.9)
7.7
3,546.0
12.9
13.8
1,017.4
3.7
(7.5)
4,563.4
16.6
9.0
(891.3)
(3.2)
8.8
3,672.1
13.3
9.1
(41.8)
(0.2)
23.4
3,630.3
13.2
8.9
5.48
24.64
5,679.3
20.6
6.4
2015
Amount
%
2016		 Amount
%
2015
29,616.4
100.0
(22,358.0)
(75.5)		 27,512.9
100.0
(20,973.9)
(76.2)
7,258.4
24.5
(3,224.0)
(10.9)		 6,539.0
23.8
(2,993.0)
(10.9)
4,034.4
13.6
940.9
3.2		 3,546.0
12.9
1,017.4
3.7
4,975.3
16.8
(969.6)
(3.3)		 4,563.4
16.6
(891.3)
(3.2)
4,005.7
13.5
(51.6)
(0.2)		 3,672.1
13.3
(41.8)
(0.2)
3,954.1
13.4		 3,630.3
13.2
6.83
6,042.1
20.4		 5.48
5,679.3
20.6
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* The financial data is based on T-IFRS

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Non-operating Items

Yageo Group Consolidate (audited)

Amount in NTD Million

Foreign Exchange Gain (Loss)-Realized
Foreign Exchange Gain (Loss)-Unrealized
Dividend Income
Net Interest Income (Expense)
Investment Income (Loss)
Asset Impairment Loss
Others		 Q117 Q416 Q-Q
Change %
15

Q116
Y-Y
Change %
(24)
(502.7)
(140)
234.6
4
(100.0)
28
(32.6)
40
2.4
0
0.0
(2)
(9,755.9)
(94)
31.4
97
(468)
0
19
41
0
188		 128
480
19
40
68
0
25		 (24.2)
(197.5)
(100.0)
(52.7)
(40.1)
0.0
653.6
(123) 761 (116.2)
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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		 Q416
Q-Q
Amount Change %
16,935
(13.1)
9,508
(3.5)
5,063
(8.2)
859
(0.6)
4,900
15.8
12,893
2.5
3,605
4.6
53,762
(3.2)
13,817
16.8
11,181
1.0
3,600
(86.1)
363
8.5
28,961
(2.2)
24,801
(4.4)
53,762
(3.2)		 Q416
Q-Q
Amount Change %
16,935
(13.1)
9,508
(3.5)
5,063
(8.2)
859
(0.6)
4,900
15.8
12,893
2.5
3,605
4.6
53,762
(3.2)
13,817
16.8
11,181
1.0
3,600
(86.1)
363
8.5
28,961
(2.2)
24,801
(4.4)
53,762
(3.2)
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Q116
Y-Y
Amount Change %
12,266
19.9
8,357
9.8
4,898
(5.2)
669
27.6
4,901
15.8
13,849
(4.6)
3,499
7.7
48,439
7.4
12,166
32.7
8,634
30.8
1,700
(70.6)
469
(16.2)
22,969
23.3
25,470
(6.9)
48,439
7.4
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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1Q17 Cash Flow
Yageo Group Consolidate (audited)
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
17

Amount in NTD Million
Q-Q
Q116
Y-Y
Change % Amount Change %
(10.8)
2,068
(5.9)
296.0
(232)
361.6
(216.5)
789
(360.0)
1,291.8
(417)
151.4
(161.9)
2,208
(200.8)
234.4
10,056
68.4
69.9
12,264
19.9
17

Amount in NTD Million
Q-Q
Q116
Y-Y
Change % Amount Change %
(10.8)
2,068
(5.9)
296.0
(232)
361.6
(216.5)
789
(360.0)
1,291.8
(417)
151.4
(161.9)
2,208
(200.8)
234.4
10,056
68.4
69.9
12,264
19.9
17

Amount in NTD Million
Q-Q
Q116
Y-Y
Change % Amount Change %
(10.8)
2,068
(5.9)
296.0
(232)
361.6
(216.5)
789
(360.0)
1,291.8
(417)
151.4
(161.9)
2,208
(200.8)
234.4
10,056
68.4
69.9
12,264
19.9
Q117
Amount		 Q416
**Amount **
1,945
(1,071)
(2,051)
(1,049)		 2,181
(270)
1,761
(75)		 (10.8)
296.0
(216.5)
1,291.8		 2,068
(232)
789
(417)
(2,225)
16,935		 3,596
5,064		 (161.9)
234.4		 2,208
10,056
14,710 8,660 69.9 12,264
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FY16 Cash Flow

Yageo Group Consolidate (audited)

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

Amount in NTD Million 2016 2015 Y-Y Amount Amount Change % 7,573 5,152 47.0 (980) (1,093) (10.3) 1,761 (6,351) (127.7) (1,476) 75 (2,057.6) 6,879 (2,216) (410.4) 10,056 12,273 (18.1) 16,935 10,056 68.4

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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 %
(2.7)
(1.3)
(8.5)
(9.8)
7.3
17.3
(13.9)
(25.7)
19

Q116
Y-Y
Change %
8,357
10.7
108
6.4
4,898
(5.5)
83
(6.4)
4,536
49.0
81
41.5
8,720
(18.3)
110
(29.2)
Q117
9,251
115		 Q416
9,508
117
4,630
78		 5,063
87
6,759
115		 6,302
98
7,122
78		 8,269
105
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Thank you

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