瑞軒科技 (AmTRAN Tech.) 2018 Q3 financial result. Dec. 5 th,2018

Transcription

1 瑞軒科技 (AmTRAN Tech.) 2018 Q3 financial result Dec. 5 th,2018

2 Company Overview

3 Company Overview Founded Aug 11, 1994 by Alpha Wu Headquarter Chung Ho District, New Taipei City, TW Finance Plants Capital : USD$260 Mil. Revenue : 2017 USD$562Mil RAKEN Suzhou, China Employees TPE office : 320 Raken China: 1300 (as of Nov. ave) Service/ Product OEM/ODM Display MFG LCD Monitors / TVs /PDs Audio Devices/Smart Audio 3

4 RAKEN Factory Overview Suzhou RAKEN Technology Ltd. Wholly-owned subsidiary of AmTRAN Location : Suzhou, China Founded : Aug Land area : 125,721m 2 Headcount : 1,300 Products : LCD TV: (12 Lines) Monitors: 18-25, 28,32 Sound Bar: 机器人 VR Smart Audio Capital : USD $90,914,600 Production schedule: May 2008 TV Dec 2008 LCM Apr 2010 AMS July 2012 BMS Mar 2013 Sound Bar Aug 2017 机器人 Oct 2017 VR Sep 2018 Smart Audio

5 Financial Overview

6 2018Q3 YTD Consolidated IS 2018Q3 YTD result - Revenue :NTD 9.7 Billion - EPS after tax :NTD Q3 YTD non-op gain mainly coming from: 1) rental / interest/dividend 2) gain from FX hedge 3) gain on valuation of financial instruments Q1'18-IFRS Q2'18-IFRS Q3'18-IFRS Unit: NTD K Total Sales Revenue 2,569,089 3,381,977 3,752,762 9,703,828 Cost of good sold 2,321,932 3,008,952 3,307,896 8,638,780 Gross profit 247, , ,866 1,065,048 Operating expenses 340, , ,509 1,230,261 Operating income (93,842) (84,728) 13,357 (165,213) Non-op 102, ,590 (40,185) 234,389 EBT 9,142 86,862 (26,828) 69,176 Income (benefit)tax (22,589) 29,252 (265) 6,398 Consolidated Net Income 31,731 57,610 (26,563) 62,778 Margin(%) Gross Margin 9.62% 11.03% 11.85% 10.98% Operating Margin -3.65% -2.51% 0.36% -1.70% EBT Margin 0.36% 2.57% -0.71% 0.71% Attributable to: Parent company 20,745 32,247 (21,579) 31,413 Minority Interest 10,986 25,363 (4,984) 31,365 EPS(NT) After Tax (0.03) 0.04

7 2018Q3 Consolidated IS (Quarterly Comparison) 2018Q3 result - Revenue :NTD 3.7 Billion - EPS after tax :NTD Q3 non-op loss mainly coming from: 1) loss on valuation of financial instruments Unit: NTD K Q3'18-IFRS Q2'18-IFRS Q3'17-IFRS QoQ YoY Sales Revenue 3,752,762 3,381,977 4,191,832 11% -10% Cost of good sold 3,307,896 3,008,952 3,731,364 10% -11% Gross profit 444, , ,468 19% -3% Operating expenses 431, , ,542-6% -18% Operating income 13,357 (84,728) (63,074) -116% -121% Non-op (40,185) 171, , % -120% EBT (26,828) 86, , % -120% Income (benefit)tax (265) 29,252 25, % -101% Consolidated Net Income (26,563) 57, , % -124% Margin(%) Gross Margin 11.85% 11.03% 10.98% 7% 8% Operating Margin 0.36% -2.51% -1.50% -114% -124% EBT Margin -0.71% 2.57% 3.20% -128% -122% Attributable to: Parent company (21,579) 32,247 99,741 Minority Interest (4,984) 25,363 8,863 EPS(NT) After Tax (0.03)

8 2016/2017 Consolidated IS (Yearly Comparison) 2017 result - Revenue :NTD 16.6 Billion - EPS after tax :NTD non-op loss mainly coming from: 1) loss on valuation of financial instruments 16-IFRS Unit: NTD K 17-IFRS Sales Revenue 26,017,680 16,861,702 Cost of good sold 23,409,305 15,589,788 Gross profit 2,608,375 1,271,914 Operating expenses 2,982,489 2,065,750 Operating income (374,114) (793,836) Non-op-exclude subsidiary 2,458,928 (290,142) Non-op-subsidiary(HJC/ 中軒 ) 82,987 9,938 EBT 2,167,801 (1,074,040) Income (benefit)tax 500,956 (225,744) Consolidated Net Income 1,666,845 (848,296) Margin(%) Gross Margin 10.03% 7.54% Operating Margin -1.44% -4.71% EBT Margin 8.33% -6.37% Attributable to: Parent company 1,631,095 (887,798) Minority Interest 35,750 39,502 EPS(NT) After Tax 2.02 (1.10)

9 2018 Q3 Balance Sheet (Consolidated) High liquidity from high possession of Cash on hand and securities. (cash $5.3B) Solid financial performance: Debt ratio around 34%; Current ratio around 255%, Quick Ratio 214% Net worth: 12 Billion Book value : 14.46/per share Unit: NTD K Q3'18 Q2'18 Q3'17 QoQ YoY Assets 18,185,341 17,448,417 17,930,349 4% 1% Cash+Short term investment 8,427,913 9,286,673 7,743,374-9% 9% Accounts Receivable 3,359,434 2,400,522 2,006,878 40% 67% Inventories 1,965,530 1,438,125 3,238,233 37% -39% Current Assets 14,071,727 13,250,510 13,778,806 6% 2% Liabilities 6,121,977 5,215,514 5,600,141 17% 9% Current Liabilities 5,525,611 4,606,296 5,077,643 20% 9% Long-term Liabilities 89,183 91, ,420-3% -11% Stockholder'Equity 12,063,364 12,232,903 12,330,208-1% -2% Ratio(%) Debt Ratio 34% 30% 31% 4% 3% Current Ratio 255% 288% 271% -33% -16% Quick Ratio 214% 252% 198% -38% 16%

10 2015~2017 Balance Sheet (Consolidated High liquidity from high possession of Cash on hand and securities. Solid financial performance: Debt ratio around 30%; Current ratio above 238%, Quick Ratio above 197% Net worth: 12.1 Billion Q4'15 % Q4'16 % Q4'17 % Assets 21,977, % 23,825, % 17,481, % Cash+Short term investment 9,912,521 45% 9,489,886 40% 8,237,034 47% Accounts Receivable 3,416,027 16% 6,079,617 26% 2,731,182 16% Inventories 1,666,160 8% 2,640,333 11% 1,878,896 11% Current Assets 15,964,580 73% 19,472,585 82% 13,296,317 76% Liabilities 7,100,285 32% 9,108,612 38% 5,327,851 30% Current Liabilities 5,946,012 27% 8,173,265 34% 4,731,680 27% Long-term Liabilities 85,256 0% 119,137 1% 96,542 1% Stockholder'Equity 14,877,223 68% 14,716,463 62% 12,154,145 70% Ratio(%) Debt Ratio 32% 38% 30% Current Ratio 268% 238% 281% Quick Ratio 235% 197% 237%

11 Cash Flow Statement Net cash out-flow in 2018/1-2018/9: NT 752 Million Cash and cash equivalents : NT 5.3 Billion NTD K 2018/1-2018/9 Cash flow from Operation ($470,986) Cash flow from Investment ($200,708) Decrease in cash from operation was due to 1. Slightly increase from working capital 2. Cash out for investment of financial instruments. Machine/Equipment investment. (Capital expenditure) Cash flow from Financing ($38,083) Exchange rate Impact ($42,689) Total Cash out-flow ($752,466) Cash and cash equivalents on 1/1/2018 $6,123,990 Cash and cash equivalents on 9/30/2018 $5,371,524

12 2018Q3 YTD Shipment by Product ( k Sets) Annual Shipments 1, Display Sound Bar Q1 Q2 Q3 Q4 [New featured TV] in terms of quarterly shipment LED TV 100% 4K TV 68%

13 2018Q3 YTD Shipments by Size 32 and 39 /40, take 29% of total shipment. 48 /49, 50 / 55 and 65 /70 /75 accounts for 71% of total shipment 65"/70"/75" 17% 32" 13% 39"/40" 16% 50"/55" 38% 48"/49" 16%

14 2018Q3 YTD Revenue by Size 32 and 39 /40, take 28% of total shipment. 48 /49, 50 / 55 and 65 /70 /75 accounts for 72% of total shipment 65"/70"/75" 30% 32" 12% 39"/40" 16% 50"/55" 29% 48"/49" 13%

15 New Product

16 CES Product- 8K TV

17 CES Product- Mini LED TV

18 CES Product- AI built-in TV

19 Thank You