Electronics (4915 TT)€¦ · Safe Harbor Notice We have made forward‐looking statements in the...
Transcript of Electronics (4915 TT)€¦ · Safe Harbor Notice We have made forward‐looking statements in the...
3Q17 E i C f3Q17 E i C f
Primax Electronics (4915 TT)Primax Electronics (4915 TT)
30 Oct 201730 Oct 20171
3Q17 Earnings Conference3Q17 Earnings Conference
33Q17 Q17 ResultResult33Q17 Q17 ResultResult
Record Q3 GM、、EPS Record PBT、、 PATAmount:NTD M Q3 17 Q2 17 Q3 16 QoQ YoY
Net Sales 14,997 13,835 18,488 8.4% -18.9%
COGS 13,016 12,052 16,295
Gross Profit 1,981 1,783 2,193
Gross Margin 13.2% 12.9% 11.9% 0.3% 1.3%
Operating Expense 1,382 1,191 1,351
Operating Expense % 9.2% 8.6% 7.3% 0.6% 1.9%
Operating Income 599 592 842 1.2% -28.9%
Operating Margin 4.0% 4.3% 4.6% -0.3% -0.6%
Non-operating Items 292 88 (46)
f % %Income before Tax 891 680 797 31.0% 11.9%
Income Tax 249 183 214
Net Income (Loss) from Continuing Operation 642 497 583 29.3% 10.2%
Income (Loss) from Discontinued Operations 0 0 50Income (Loss) from Discontinued Operations 0 0 50
Net Income 642 497 633 29.3% 1.4%
Net Margin 4.3% 3.6% 3.4% 0.7% 0.9%
Net income attributed to Primax 619 462 562 34 0% 10 2%
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Net income attributed to Primax 619 462 562 34.0% 10.2%
EPS (NT$) 1.40 1.05 1.28
Quarterly SalesQuarterly SalesQuarterly SalesQuarterly Sales
Amount:NTD M
25,000
17 221
19,73418,488
17 53520,000
17,221
13,40514,900
17,535
12,88113,835
14,99715,000
10,000
5,000
03Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
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Gross ProfitGross Profit、、Gross MarginGross MarginGross ProfitGross Profit、、Gross MarginGross Margin
Gross Profit Gross Margin
Amount:NTD M
14.5%
2,0852,193
2,105
1 9812,100
2,400
11 9%12.0%
12.5%12.9%
13.2%
12.5%
13.5%1,845
1,561 1,618
1,783
1,981
1,800
10.7%10.6% 10.5% 10.5%
11.9%
10 5%
11.5%
1,408
1,200
1,500
9.5%
10.5%
600
900
7.5%
8.5%
0
300
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7.5%3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
03Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Operating ProfitOperating Profit、、Operating MarginOperating MarginOperating ProfitOperating Profit、、Operating MarginOperating Margin
Operating Profit Operating Margin
A NTDMAmount:NTD M
6.0%
842900
1,000
3.9%
4.6%
3.9%4.2%
4.3%
4.0%
4.0%
5.0%
597
759
842
678700
800
3.5%
3.0%
2.8%3.0%
597
398423
536592 599
500
600
2.0%
398
200
300
400
0.0%
1.0%
0
100
200
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3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q173Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
EPSEPSEPSEPS
1.60
Amount:NTD
1 15 1.15
1.281.19
1.40
1 20
1.40
1.15 1.15
0.91
1.020.95
1.051.00
1.20
0.60
0.80
0.40
0.60
0.00
0.20
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3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
3Q17 3Q17 Balance SheetBalance Sheet3Q17 3Q17 Balance SheetBalance Sheet
Selected items from Balance Sheet
(Amount:NTD M) Amt % Amt % Cash 5,860 16% 6,701 16%
2017/9/30 2016/9/30
Notes and Accounts receivable 12,205 34% 14,593 35%
Inventory 7,087 20% 6,449 16%
Total Current Assets 26,928 74% 32,093 78%
Fixed Assets 4,535 13% 4,760 12%
Total Assets 36 165 100% 41 241 100%Total Assets 36,165 100% 41,241 100%
Notes and Accounts Payable 14,386 40% 16,158 39%
S-T Borrowings 1,983 5% 2,892 7%
CPLTD 136 0% 716 2%
Total Current Liabilities 21 827 60% 25 991 63% Total Current Liabilities 21,827 60% 25,991 63%
L-T Borrowings 83 0% 219 1%
Total Liabilities 23,459 65% 28,055 68%
Total Equity 12,706 35% 13,185 32%
Key IndicesKey Indices
AR Turnover (days) 71 70
AP Turnover (days) 118 112
Inventory Turnover (days) 34 30
Cash Conversion Cycle (days) (13) (12)
Current Ratio (%) 123.4 123.5
Total Liabilities-to-Assets Ratio (%) 64.9 68.0
Return on Equity (%) 12.3% 12.2%
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q y ( )
Return on Equity-Annualized (%) 16.6% 16.3%
3Q17 3Q17 Cash FlowCash Flow3Q17 3Q17 Cash FlowCash FlowAmount:NTD M Q3 17 YTD Q3 16 YTDFrom Operation 547 (333) Continuing operation income before tax 2,161 1,991
Discontinued operation income before tax 0 203 Discontinued operation income before tax 0 203 - Income before tax 2,161 2,194
- Depreciation and amortization 808 1,231 - Notes and Accounts receivable 1,849 (959)
Notes and Accounts payable (2 821) (2 009) - Notes and Accounts payable (2,821) (2,009) - Inventory (142) (275) - Other Operating Sources / (Uses) (1,308) (515)
From Investment (1,511) (863)Fi d A (830) (634) - Fixed Assets (830) (634)
- Acquisition of subsidiaries' shareholding (606) 0 - Cash from Non-Current Assets Held for Sale 0 (440) - Proceeds from disposal of available-for-sale financial assets (21) 220- Other Investing Sources / (Uses) (54) (9) Other Investing Sources / (Uses) (54) (9)
From Financing 509 510 - S-T Borrowings 1,983 1,909 - L-T Borrowings (382) (418)
Cash Di idend (1 112) (928) - Cash Dividend (1,112) (928) - Exercise of ESOP 13 16 - Other Financing Sources / (Uses) 7 (70)
Net Cash Position Change (455) (686)Effect of foreign currency exchange translation (45) (237)
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Effect of foreign currency exchange translation (45) (237)Cash at beginning of year 6,360 7,623Ending Cash Balance 5,860 6,701
4Q174Q17、、20182018 OutlookOutlook4Q174Q17、、20182018 OutlookOutlook
Tymphany ‐ Expect record top‐line
k d d Strong smart speaker demands
Primax ‐ Expect top‐line peak of the year
Increasing dual‐camera contributions
2018 Expand top‐line and stabilize earnings structure
Non‐smartphone camera applications
Tymphany ‐ Continuous top‐line upward trend
Increasing contributions from smart spearkers and headphones
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Th k !Th k !Thank you!Thank you!
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NoteNote
All figures stated above are unaudited and subject to audit g jamendments
All number has reflected Global Tek restatement All number has reflected Global Tek restatement
Record Quarter
Historical Record High
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Safe Harbor NoticeSafe Harbor Notice
We have made forward‐looking statements in the presentation. Our forward‐looking statements contain information regarding, among other things, our financial conditions, future expansion plans and business strategies. We have based these forward‐looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward‐looking statements are inherently subject to risks, uncertainties, and assumptions about us.
We undertake no obligation to publicly update or revise any forward‐looking statements whetherWe undertake no obligation to publicly update or revise any forward looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward‐looking events in the conference might not occur and our actual results could differ materially from those anticipated in these forward‐looking statementsresults could differ materially from those anticipated in these forward looking statements.
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