PowerPoint Â²³ø

Size: px

Start display at page:

Download "PowerPoint Â²³ø"

坍茹
4 years ago
Views:

1 BenQ th Quarter Results Conference 明基電通 2003 年第四季營運成果說明會 March 3, 2004

2 Agenda Welcome and Introduction 2003 Q4 Financial Results Remarks Q&A

3 Safe 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 forwardlooking 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 forwardlooking statements.

4 4Q 2003 Income Statement Highlight Amount : NT$ Billion Except EPS Data Q4' 2003 Q3' 2003 QoQ Change% Net Sales % % 15% Cost of Goods Sold (32.02) (86.9%) (28.34) (88.3%) 13% Gross Profit % % 29% Operating Expenses (3.77) (10.2%) (2.82) (8.8%) 34% Operating Income % % 13% Net Non-op Items % % 5% Income before Tax % % 9% Net Income % % 6% Basic EPS (NT$) % Fully Diluted EPS (NT$) % Core business, Unaudited, Prepared by BenQ Corp. on a consolidated methodology

5 FY 2003 Income Statement Highlight Amount : NT $ Billion Except EPS Data FY 2003 FY 2002 YoY Change% Net Sales % % 15% Cost of Goods Sold (104.27) (86.3%) (87.84) (83.9%) 19% Gross Profit % % -2% Operating Expenses (11.73) (9.7%) (9.14) (8.7%) 28% Operating Income % % -38% Net Non-op Items % % 252% Income before Tax % % -10% Net Income % % 1% Basic EPS (NT$) % Fully Diluted EPS (NT$) % Core business, Unaudited, Prepared by BenQ Corp. on a consolidated methodology

6 Non-Operating Items & Investments QoQ Amount: NT $ Million Q4, 2003 Q3, 2003 Change% Net Interest Income/(Exp) (42) (72) -42% Disposal of Securities % Other Non-Ops % Investment Income/(Losses) 1,066 1,144-7% AUO 1, % Daxon % Darfon (1) (63) -98% PBDS % Others (237) % Core business, Unaudited, Prepared by BenQ Corp. on a consolidated methodology

7 Key Balance Sheet Items Amount: NT $ Billion QoQ Q4, 2003 Q3, 2003 Change % Cash & Equivalent % Accounts Receivable % Inventories % L-T Investments % Total Assets % Liabilities % ( Debts ) % Equities % Core business, Unaudited, Prepared by BenQ Corp. on a consolidated methodology

8 Key Financial Ratios Q Q Q A/R Turnover 50 days 53 days 57 days Inventory Turnover 47 days 45 days 50 days ROA* 11.1% 11.1% 7.5% ROE* 21.1% 20.9% 13.8% Total Debt / Total Assets 7.2% 14.1% 10.7% * Annualized F Y2003 F Y2002 F Y2001 ROE 17.3% 21.5% 11.1% Core business, Unaudited, Prepared by BenQ Corp. on a consolidated methodology

9 Sales Breakdown by Business Group Display Imaging & Storage Communications Digital Media 100% 80% 1% 26% 2% 31% 2% 32% 3% 31% 4% 27% 5% 20% 8% 15% 14% 16% 60% 26% 23% 25% 23% 22% 21% 21% 21% 40% 20% 47% 44% 41% 43% 47% 54% 56% 49% 0% 1Q'02 2Q'02 3Q'02 4Q'02 1Q'03 2Q'03 3Q'03 4Q'03 Core business, Unaudited, Prepared by BenQ Corp. on a consolidated methodology

10 Sales Breakdown by Geography (a) (b) America Europe China APAM 100% 80% 60% 40% 20% 18% 36% 21% 24% 33% 23% 23% 29% 20% 23% 27% 22% 26% 22% 22% 18% 21% 23% 22% 20% 25% 16% 24% 20% 26% 22% 25% 30% 30% 39% 35% 35% 0% (a) (b) 1Q'02 2Q'02 3Q'02 4Q'02 1Q'03 2Q'03 3Q'03 4Q'03 Including HK Asia Pacific, Africa, and Middle East Core business, Unaudited, Prepared by BenQ Corp. on a consolidated methodology

Responding to Customer Needs" category in FEER's (Far Eastern Economic Review) annual

11 Recap of Recent Major Events BenQ completed the share buyback of 30 millions shares from the open market (2004/2/3) BenQ again ranked 1st place in the "Innovative in Responding to Customer Needs" category in FEER's (Far Eastern Economic Review) annual year-end Review (2003/12/24) Taiwan No. 1 "Innovative in Responding to Customers' Needs."

12 Recap of Recent Major Events Seven of BenQ products won if Design Award 2004 for innovative designs (2003/12/19) BenQ FP783 LCD Monitor and Q150 LCD TV named Honorees for the Innovations 2004 Design and Engineering Showcase by the Consumer Electronics Association (CEA). (2003/12/15)

13 Recap of Recent Major Events BenQ participated as an official IT Partner of the UEFA European Football Championship (UEFA EURO 2004 ) (2003/11/20) BenQ received National Quality Award from Ministry of Economic Affairs of Republic of China (2003/10/30)

14 2004 Q1 Guidance Q1 revenue will increase around 10% QoQ and 50% YoY. Display : LCD monitor shipments continue to increase due to market share gains. Imaging & Storage : Shipment of DVD+RW will increase further and start volume delivery of slim and dual drives. Scanner business is transforming to MFP scanning unit and whole set business. Communications : Momentum of handset business remains strong. Brand handsets contribute a quarter of of handset revenue. Digital Media : Projector, LCD TV, Joybook, Joybee MP3 player continue to grow quickly. Projector shipments reach 25K/month NTD appreciation will have no material adverse impact on profit

16 BenQ Corporation. Unaudited Consolid Balance Sheet DEC. 30, 2003 UNIT : NT$K Assets Liabilities & stockholders' equity Current assets : Liabilities : Cash & cash equivalent 4,151, % Short term borrowings 3,247, % Short term investment 3,531, % N/P & A/P 20,768, % Net notes and accounts receivable 18,679, % N/P & A/P to related partie 5,071, % N/R & A/R from related parties 1,830, % Bond payable 201, % Net inventories 17,323, % Acurred exp. & other current liab. 7,152, % Prepaid expenses & other current assets 2,911, % Total current liabilities 36,441, % Total current assets 48,426, % Bond payable 2,697, % Long term investments 22,773, % Other liabilities 494, % Fixed assets : 17,727, % Total liabilities 39,633, % Less : Accumulated depreciation (5,177,115) 6.1% Stockholder' equities : Total fixed assets 12,550, % Common stock 20,838, % Other assets 1,345, % Unissued capital 13, % Treasury stock (881,619) -1.0% Capital surplus 13,578, % Legal reserve 2,504, % Retained earnings 8,931, % Translation adjustment 476, % Total stockholder' equities 45,461, % Total Assets $ 85,095, % Total Liabilities & stockholders' equity $ 85,095, % BenQ Corporation. Unaudited Consolid Income Statement Jan~Dec' 2003 UNIT : NT$K Net sales $ 120,804, % Cost of goods sold (104,265,549) -86.3% Gross profit 16,538, % Operating expense : 0 S & M (6,934,054) -5.7% G & A (1,842,762) -1.5% R & D (2,949,230) -2.4% Total Operating expense (11,726,045) -9.7% Operating income (loss) 4,812, % Non-operating in net income(loss) 2,920, % Earning Before income tax 7,732, % Income tax (232,451) -0.2% Minority interest in net income (loss) 0 0.0% Profit after tax $ 7,500, %

17 BenQ Corporation Non-consolidated Balance Sheets (Parent Company Only) December 31, 2003 and 2002 (expressed in thousands of New Taiwan dollars) Assets NT$ NT$ Liabilities and Stockholders Equity NT$ NT$ Current assets: Cash and cash equivalents 1,139,573 2,025,668 Short-term investments 3,480,521 9,788,595 Notes and accounts receivable 8,300,466 6,180,678 Receivables from related parties 19,737,093 14,298,627 Other financial assets 69,620 52,269 Inventories 5,464,505 3,234,679 Prepaid expenses and other current assets 299, ,668 Deferred income tax assets-current 927, ,543 Total current assets 39,418,111 36,615,727 Long-term equity investments: Equity method 27,416,958 23,281,441 Cost or lower-of-cost-or-market method 2,429,781 2,484,173 29,846,739 25,765,614 Property, plant and equipment: Land 2,379,356 2,040,680 Buildings 3,958,980 3,594,740 Machinery and equipment 2,285,664 2,255,146 Furniture and fixtures 131, ,001 Miscellaneous equipment 74,264 59,046 Prepayments for plant and equipment 129, ,481 8,959,380 8,243,094 Less: accumulated depreciation (2,087,349) (1,637,661) Net property, plant and equipment 6,872,031 6,605,433 Leased assets 457,208 - Assets for sale - 667,187 Refundable deposits 7,368 9,553 Deferred assets 129, ,895 Deferred income tax assets-noncurrent 78,050 64,794 Total other assets 672, ,429 Total assets 76,809,225 69,859,203 Current liabilities: Short-term borrowings - 588,729 Current portion of long-term debt - 40,190 Notes and accounts payable 6,963,455 6,053,794 Payables to related parties 16,126,912 12,832,710 Bonds payable 201,700 2,333,953 Accrued expenses and other current liabilities 4,624,427 3,965,001 Accrued income tax 61, ,984 Deferred inter-company profit 167, ,207 Total current liabilities 28,145,418 26,757,568 Bonds payable 2,697,351 1,388,160 Other liabilities 504, ,153 Total liabilities 31,347,261 28,580,881 Stockholders equity: Common stock: Common stock 20,838,612 16,810,510 Entitlement Certificate 13,436-20,852,048 16,810,510 Capital surplus: Additional paid-in capital in excess of the common 5,238,950 5,238,950 stock s par value Convertible bonds converted in excess of the common 6,923,885 6,461,269 stock s par value Treasury stock 7,239 2,981 Capital surplus from long-term equity investments 1,408,202 1,592,873 13,578,276 13,296,073 Legal reserve 2,504,415 1,764,452 Retained earnings 8,931,983 8,721,127 Translation adjustment 476, ,083 Treasury stock (881,619) (79,923) Total stockholders equity 45,461,964 41,278,322 Total liabilities and stockholders equity 76,809,225 69,859,203

18 BenQ Corporation Non-consolidated Statements of Income (Parent Company Only) Years ended December 31, 2003 and 2002 (expressed in thousands of New Taiwan dollars) NT$ % NT$ % Net sales 108,698, ,229, Cost of goods sold (98,448,398) (91) (81,093,024) (87) 10,250, ,136, Change in unrealized intercompany profits 9,648-86,902 - Gross profit 10,260, ,223, Operating expenses: Selling (3,086,025) (3) (3,087,963) (3) Administrative (1,092,148) (1) (968,979) (1) Research and development (2,838,847) (2) (1,728,792) (2) (7,017,020) (6) (5,785,734) (6) Operating income 3,243, ,437,461 7 Non-operating income: Interest income 9,132-22,669 - Investment income, net 3,722, ,369,338 1 Dividend income 208, ,079 - Gain on disposal of Property, plant and equipment 1,918-4,041 - Gain on disposal of investments, net 252, ,660 1 Foreign exchange Gain, net 210,004-34,374 - Other 178, ,305-4,583, ,401,466 2 Non-operating expense: Interest expense (178,167) - (309,267) - Loss on disposal of Property, plant and equipment (26,054) - (8,174) - Other (2,729) - (29,944) - (206,950) - (347,385) - Net income before income tax expense 7,619, ,491,542 9 Income tax expense (119,422) - (1,091,913) (1) Net income 7,500, ,399,629 8 Earnings per share (Before Tax) Earnings per share (After Tax)

19 BenQ Corporation Non-Consolidated Statements of Changes in Stockholders Equity (Parent Company Only) Years ended December 31, 2003 and 2002 (expressed in thousands of New Taiwan dollars) Common Stock NT$ Entitlement Capital Legal Retained Translation Treasury Certificate Surplus Reserve Earnings Adjustment Stock Total NT$ NT$ NT$ NT$ NT$ NT$ NT$ Balance at January 1, ,810,879-8,189,351 1,461,316 4,387, ,817 (529,449) 28,141,053 Net income for ,399, ,399,629 Appropriation of earnings and capital surplus: Legal reserve ,136 (303,136) Retained earnings transferred to common stock 1,616, (1,616,568) Capital surplus transferred to common stock 279,664 - (279,664) Cash dividends (1,118,655) - - (1,118,655) Bonuses for directors and supervisors (27,282) - - (27,282) Convertible bonds converted to common stock 1,103,399-3,790, ,893,931 Treasury stock sold to employees , ,403 Treasury stock held by subsidiaries (79,923) (79,923) Cash dividends paid to subsidiaries holding the Company s share - - 2, ,027 Adjustments of net equity of investee companies - - 1,592, ,592,873 Foreign currency translation adjustment (55,734) - (55,734) Balance at December 31, ,810,510 -, 13,296,073 1,764,452 8,721, ,083 (79,923) 41,278,322 Net income for ,500, ,500,095 Appropriation of earnings and capital surplus: Legal reserve ,963 (739,963) Retained earnings transferred to common stock 3,861, (3,861,102) Cash dividends (2,521,577) - - (2,521,577) Bonuses for employees (100,000) - - (100,000) Bonuses for directors and supervisors (66,597) - - (66,597) Convertible bonds converted to common stock 167,000 13, , ,052 Treasury stock (802,425) (802,425) Change in treasury stock held by subsidiaries Cash dividends paid to subsidiaries holding the Company share - - 4, ,257 Adjustments of net equity of investee companies - - (184,670) (184,670) Translation adjustment (289,222) - (289,222) Balance at December 31, ,838,612 13,436 13,578,276 2,504,415 8,931, ,861 (881,619) 45,461,964

20 BenQ Corporation Non-consolidated Statements of Cash Flows(Parent Company Only) Years ended December 31, 2003 and 2002 (expressed in thousands of New Taiwan dollars) NT$ NT$ Cash flows from operating activities: Net income 7,500,095 7,399,629 Adjustments to reconcile net income to net cash provided by (used in ) operating activities: Depreciation 567, ,268 Amortization 96,092 98,695 Change in provision for bad debt 1,068 (24,805) Change in provision for inventory obsolescence 101,025 6,843 Investment income on long-term equity investments, net (3,722,494) (1,369,338) Cash dividends received from investees accounted for by equity method 322, ,776 Gain on disposal of long-term equity investments (5,850) (552,778) Gain on disposal of short-term equity investments (247,061) (162,882) Loss on disposal of property, plant and equipment 24,136 4,133 Loss on physical count of fixed assets Fixed assets transferred to expenses 2, Unrealized foreign exchange gain on overseas convertible bonds (30,361) (86,175) Provision (reversal) for redemption of overseas convertible bonds (20,037) 152,518 Amortization of bond issuance cost 4,605 37,352 Differences in accounts in the accompanying balance sheets: Notes and accounts receivable (2,103,226) (871,190) Receivables from related parties (5,713,522) (3,838,552) Inventories (2,330,851) 847,535 Other financial assets-current (17,351) 282,343 Prepaid expenses and other current assets (80,483) (10,731) Deferred income tax assets (123,896) 337,831 Accounts payable 909,661 (373,575) Payables to related parties 3,294,202 6,199,460 Deferred inter-company profit (9,647) (86,902) Accrued expenses and other current liabilities 659,521 2,094,312 Income tax payable (704,620) 204,153 Deferred Credit (19,105) (19,105) Other liabilities - (50) Net cash provided by (used in) operating activities (1,644,860) 10,923,023 Cash flows from investing activities: Additions to long-term investments (948,184) (961,018) Decrease (increase) in short-term investments 6,555,135 (6,155,887) Additions to property, plant and equipment (669,858) (1,205,609) Proceeds from disposal of long-term equity investments 36, ,737 Proceeds from disposal of property, plant and equipment 17, ,877 Increase in refundable deposits and deferred assets (97,334) (128,956) Receipt from investees capital reduction 114, ,628 Net cash provided by (used in) investing activities 5,007,894 (7,200,228) Cash flows from financing activities: Decrease in long-term debt (40,190) (640,190) Decrease in short-term borrowings (588,729) (996,834) Redemption of convertible bonds (2,129,611) (5,000) Decrease (increase) in treasury stock (802,425) 530,403 Bonuses for directors and supervisors (66,597) (27,283) Issuance of bonds 2,000,000 - Issuance of cash dividends (2,521,577) (1,118,654) Bonuses for employees (100,000) - Net cash used in financing activities (4,249,129) (2,257,558) Net increase (decrease) in cash and cash equivalents (886,095) 1,465,237 Cash and cash equivalents at beginning of period 2,025, ,431 Cash and cash equivalents at end of period 1,139,573 2,025,668 Additional disclosure of cash flow information: Cash paid during the year for: Interest, excluding capitalized interest 190,853 31,405 Income taxes 947, ,929 Supplemental disclosure of non-cash investing and financial activities: Increase (decrease) in capital surplus from long-term equity investment (184,670) 1,592,873 Decrease in translation adjustment (289,222) (55,734) Convertible bonds transferred to common stock and capital surplus 643,052 4,893,931

PowerPoint Â²³ø

PowerPoint Â²³ø BenQ 2004 1Q Results Investor Conference 明基電通 2004 年第一季營運成果說明會 April 29, 2004 Agenda Welcome and Introduction 1Q 2004 Financial Results Remarks Q&A Safe Harbor Notice We have made forward-looking statements