瑞軒科技 (AmTRAN Tech.) 2017 Q3 financial result. 報告人 :Scottie Chiu. Dec. 6 th,2017

Transcription

1 瑞軒科技 (AmTRAN Tech.) 2017 Q3 financial result 報告人 :Scottie Chiu Dec. 6 th,2017

2 Company Overview

3 Company Overview Founded Aug 11, 1994 by Alpha Wu Headquarter Chung Ho District, New Taipei City, TW Finance Plants Employees Capital : USD$278 Million Revenue : 2016 USD$867 Million RAKEN Suzhou, China TPE office : 339 (RD 250) Raken China: 1233 Service/ Product OEM/ODM Display MFG LED Monitors / TVs Audio Devices 3

4 Raken Overview Suzhou RAKEN Technology Ltd. Location : Suzhou, China Founded : August 2008 Land area : 125,721 m 2 Headcount : 1,233 Products : LCD TV: Sound Bar: Capital : USD 91M

5 Financial Overview

6 2017Q3 TYD Consolidated IS 2017Q1~Q3 result - Revenue :NTD 12 Billion - EPS after tax :NTD 0.93 Unit: NTD K Q1'17 IFRS Q2'17 IFRS Q3'17 IFRS Total Sales Revenue 3,644,950 4,233,049 4,191,832 12,069,831 Cost of good sold 3,311,353 4,334,850 3,731,364 11,377,567 Gross profit 333,597 (101,801) 460, ,264 Operating expenses 581, , ,542 1,529,666 Operating income (247,779) (526,549) (63,074) (837,402) Non op exclude subsidiary (341,162) 143, ,958 (9,849) Non op subsidiary(raken/hjc) 1, ,085 11,427 EBT (587,094) (382,699) 133,969 (835,824) Income (benefit)tax (99,558) (53,594) 25,365 (127,787) Consolidated Net Income (487,536) (329,105) 108,604 (708,037) Margin(%) Gross Margin 9.15% 2.40% 10.98% 5.74% Operating Margin 6.80% 12.44% 1.50% 6.94% EBT Margin 16.11% 9.04% 3.20% 6.92% Attributable to: Parent company (509,398) (339,153) 99,741 (748,810) Minority Interest 21,862 10,048 8,863 40,773 EPS(NT) After Tax (0.63) (0.42) 0.12 (0.93)

7 2017Q3 Consolidated IS (Quarterly Comparison) 2017Q3 result - Revenue :NTD 4.2 Billion - EPS after tax :NTD Q3 non OP gain mainly coming from: 1) investment gain 2) gain from FX hedge 3) rental / Dividend Unit: NTD K Q3'17 IFRS Q2'17 IFRS Q3'16 IFRS QoQ YoY Sales Revenue 4,191,832 4,233,049 6,681,444 1% 37% Cost of good sold 3,731,364 4,334,850 5,774,104 14% 35% Gross profit 460, , , % 49% Operating expenses 523, , ,449 23% 32% Operating income 63, , ,891 88% 144% Non op exclude subsidiary 187, , ,334 31% 15% Non op subsidiary(raken/hjc) 9, , % 20% EBT 133, , , % 57% Income (benefit)tax 25,365 53,594 48, % 48% Consolidated Net Income 108, , , % 59% Margin(%) Gross Margin 10.98% 2.40% 13.58% 557% 19% Operating Margin 1.50% 12.44% 2.12% 88% 171% EBT Margin 3.20% 9.04% 4.68% 135% 32% Attributable to: Parent company 99, , ,860 Minority Interest 8,863 10,048 17,341 EPS(NT) After Tax

8 2015/2016 Consolidated IS Revenue :NTD 26 Billion - EPS after tax :NTD Q3 non OP gain mainly coming from: 1) gain on valuation of financial instruments 2) gain from FX hedge 3) rental / Dividend Unit: NTD K Sales Revenue 20,673,921 26,017,680 Cost of good sold 18,892,670 23,409,305 Gross profit 1,781,251 2,608,375 Operating expenses 2,718,875 2,982,489 Operating income 937, ,114 Non op exclude subsidiary 3,179,992 2,458,928 Non op subsidiary(raken/hjc) 59,340 82,987 EBT 2,301,708 2,167,801 Income (benefit)tax 563, ,956 Consolidated Net Income 1,737,720 1,666,845 Margin(%) Gross Margin 8.62% 10.03% Operating Margin 4.54% 1.44% EBT Margin 11.13% 8.33% Attributable to: Parent company 1,750,279 1,631,095 Minority Interest 12,559 35,750 EPS(NT) After Tax

9 2017 Q3 Balance Sheet (Consolidated) High liquidity from high possession of Cash on hand and securities. (cash $5.5B) Solid financial performance: Debt ratio around 31%; Current ratio around 271%, Quick Ratio above 198% Net worth: 12.3 Billion Book value : 14.78/per share Unit: NTD K Q3'17 Q2'17 Q3'16 QoQ YoY Assets 17,930,349 19,641,265 26,933,904 9% 33% Cash+Short term investment 7,743,374 8,434,072 10,744,056 8% 28% Accounts Receivable 2,006,878 2,657,892 4,444,465 24% 55% Inventories 3,238,233 3,471,275 5,622,708 7% 42% Current Assets 13,778,806 15,359,361 22,312,072 10% 38% Liabilities 5,600,141 7,395,821 12,107,560 24% 54% Current Liabilities 5,077,643 6,892,213 11,009,850 26% 54% Long term Liabilities 100, , ,954 3% 28% Stockholder'Equity 12,330,208 12,245,444 14,826,344 1% 17% Ratio(%) Debt Ratio 31% 38% 45% 7% 14% Current Ratio 271% 223% 203% 48% 68% Quick Ratio 198% 166% 144% 32% 54%

10 2014~2016 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: 14.7 Billion Unit: NTD K Q4'14 % Q4'15 % Q4'16 % Assets 20,054, % 21,977, % 23,825, % Cash+Short term investment 8,001,423 40% 9,912,521 45% 9,489,886 40% Accounts Receivable 2,834,212 14% 3,416,027 16% 6,079,617 26% Inventories 1,881,343 9% 1,666,160 8% 2,640,333 11% Current Assets 13,900,527 69% 15,964,580 73% 19,472,585 82% Liabilities 5,337,272 27% 7,100,285 32% 9,108,612 38% Current Liabilities 4,703,846 23% 5,946,012 27% 8,173,265 34% Long term Liabilities 91,435 0% 85,256 0% 119,137 1% Stockholder'Equity 14,717,159 73% 14,877,223 68% 14,716,463 62% Ratio(%) Debt Ratio 27% 32% 38% Current Ratio 296% 268% 238% Quick Ratio 249% 235% 197%

11 Cash Flow Statement Net cash out-flow in 2017/1-2017/9: NT 1.9 Billion Cash and cash equivalents : NT 5.5 Billion NTD K 2017/1 2017/9 Cash flow from Operation ($466,798) Decrease in cash from operation was due to paying income tax 855M. Cash flow from Investment ($17,597) Cash flow from Financing ($1,429,472) Minor activities of investment. 1. Pay Cash dividends NT$1.4B Exchange rate Impact ($1,175) Total Cash out flow ($1,915,042) Cash and cash equivalents on 1/1/2017 $7,395,584 Cash and cash equivalents on 9/30/2017 $5,480,542

12 2017Q3 YTD Shipment by Product ( k Sets) Annual Shipments By Brand % Q1 Q2 Q3 Q4 Display Sound Bar USA 43% USA-SB 11% CHINA 42% S1 1% TAIWAN 2% OTHERS 2% [New featured TV] in terms of quarterly shipment LED TV 99% 4K TV 44%

13 2017Q3 YTD Shipments by Size 32 and 39 /40 /43, take 34% of total shipment. 48 /49, 50 /55 and 65 /70 /75 accounts for 66% of total shipment 65"/70"/75" 10% 32" 21% 50"/55" 25% 39"/40"/43" 13% 48"/49" 31% 0%

14 2017Q3 YTD Revenue by Size 32 and 39 /40 /43, take 22% of total shipment. 48 /49, 50 /55 and 65 /70 /75 accounts for 78% of total shipment 65"/70"/75" 20% 32" 11% 39"/40"/43" 11% 50"/55" 31% 48"/49" 27%

15 Thank You