宏碁公司 2006 年第一季 投資法人說會 民國 95 年 4 月 28 日 www.acer.com
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合併財務報表 詹浩 財務長
第一季合併損益表 ( 新台幣百萬 ) 95 年第一季 94 年第一季 變動 營收 82,996 100% 65,710(b) 100% +26% 毛利 8,844 10.7% 7,981 12.1% +11% 營業費用 6,919 8.3% 6,041 9.2% +15% 營業收益 1,925 2.3% 1,940(b) 3.0% *(b) 非營業收益 3,307 4.0% 618 稅前淨利 5,232 6.3% 2,558 稅後淨利 4,021 4.8% 2,145 每股盈餘 1.82 0.97 附註 : (a)95 年第一季數字未經會計師正式審核 (b)95 年第一季營業收益與 94 年第一季 ( 扣除一次性資產處分獲利 ) 相較, 成長率約為 33% 3
民國 95 年財務預測達成率 ( 新台幣百萬 ) 實際 1Q'06 財測 1Q'06 達成率 % 財測 Y2006 達成率 % 營收 82,996 81,912 101.3% 400,029 20.8% 營業收益 1,925 2,059 93.5% 10,779 17.9% 非營業收益 3,307 1,734 2,535 稅前收益 5,232 3,793 137.9% 13,314 39.3% 稅後收益 4,021 3,018 133.2% 10,018 40.1% 附註 : (a)95 年第一季數字未經會計師正式審核 4
合併營收與毛利率趨勢 Q1, 2006 Revenue Growth: +26% Y/Y 120,000 15.0% (NT$ Million) 90,000 60,000 30,000 10.0% 5.0% 0 1Q'03 2Q'03 3Q'03 4Q'03 1Q'04 2Q'04 3Q'04 4Q'04 1Q'05 2Q'05 3Q'05 4Q'05 1Q'06 0.0% Revenue 30,320 33,156 40,288 53,892 49,432 48,625 56,057 70,901 65,710 65,676 82,518 104,184 82,996 Gross Margin 14.6% 13.5% 12.1% 13.0% 12.8% 12.2% 11.1% 12.3% 12.1% 11.0% 9.9% 10.3% 10.7% Revenue Growth 45% 27% 49% 62% 63% 47% 39% 32% 33% 35% 47% 47% 26% 附註 : (a)95 年第一季數字未經會計師正式審核 5
合併營業收益趨勢 2,400 4.0% 1,800 (NT$ million) 1,200 2.0% 600 0 1Q'03 2Q'03 3Q'03 4Q'03 1Q'04 2Q'04 3Q'04 4Q'04 1Q'05 2Q'05 3Q'05 4Q'05 1Q'06 Op. Income 277 231 298 1,035 893 672 720 1,521 1,940 1,659 1,778 2,272 1,925 Op. Margin - % 0.9% 0.7% 0.7% 1.9% 1.8% 1.4% 1.3% 2.1% 3.0% 2.5% 2.2% 2.2% 2.3% 0.0% 附註 : (a)95 年第一季數字未經會計師正式審核 6
合併損益表 ( 新台幣百萬 ) 95 年 3 月 31 日 流動資產現金及約當現金 29,692 17% 金融資產 - 流動 7,876 4% 應收票據及帳款 71,771 41% 存貨 26,300 15% 其他 7,618 4% 總流動資產 143,258 82% 長期股權投資 13,311 8% 金融資產 - 非流動 4,471 2% 不動產及機器設備廠房 9,470 5% 其他 5,249 3% 總資產 175,759 100% 財務比率 流動比率 : 145% 速動比率 : 111% 負債比率 : 58% 負債 / 股東權益比率 : 138% 應付帳款 67,802 39% 其他流動負債 31,088 17% 流動負債 98,890 56% 總負債 101,813 58% 股東權益 73,946 42% 7
主要轉投資 持股比重 % 市值 ( 新台幣百萬 ) 淨值 ( 新台幣百萬 ) 潛在獲利 (95 年 4 月 26 日 ) 主要持股 明基 5.3% 3,712 1,704 2,008 緯創 23.8% 11,267 5,877 5,390 台積電鴻海 0.1% 0.1% 2,485 869 706 133 1,779 736 開發金控 1.0% 1,388 1,263 125 台灣固網其他 ** 3.3% 1,233* 8,373 2,100 7,122 (867) 1,251 合計 29,327 18,905 10,422 8
股利政策與員工分紅 股利政策 ( 元 / 股 ) 年 每股盈餘 股票 現金 2002 4.46 1.033 2.066 2003 3.61 0.505 2.525 2004 3.38 0.6 2.3 2005 3.83 0.2 3.0 員工分紅 (90% 稅後盈餘加減特別盈餘公積迴轉 ) 年 股票 現金 2002 7% 1% 2003 6.4% 1.6% 2004 6.4% 1.6% 2005 4.0% 4.0% * 10% 法定盈餘公積
Business Review Gianfranco Lanci President
IT Product Revenue Breakdown Q1, 2006 Q1, 2005 NT$71,782 Million NT$52,903 Million 7% 9% 19% 59% 19% 58% 15% 14% Notebook Desktop PC Notebook Desktop PC Display Others Display Others Note: Others include servers, projector and IA products 11
IT Product Revenue Breakdown by Geography Q1, 2006 NT$71,782 Million Q1, 2005 NT$52,903 Million 15% 5% 6% 56% 13% 6% 4% 66% 11% 18% EMEA Pan America EMEA Pan America Asia Pacific Taiwan & HK Asia Pacific Taiwan & HK China China Note: (a) Asia Pacific excludes Greater China (Taiwan, HK, and Mainland China) (b) EMEA stands for Europe, Middle East and Africa 12
40 30 20 19 19 17 15 15 14 13 10 12 12 13 18 19 22 32 1Q'03 2Q'03 3Q'03 4Q'03 1Q'04 2Q'04 3Q'04 4Q'04 1Q'05 2Q'05 3Q'05 4Q'05 1Q'06 Inventory Turnover Days (ADS) IT Products Business
Operating Expenses % Trend IT Product Business 16.0% 14.76% Y2002 Y2003 Y2004 Y2005 Y2006 11.13% 11.57% 10.72% 12.81% 9.97% 8.0% 8.80% 8.75% 7.72% 7.65% 7.61% 8.02% 6.58% 8.52% 8.07% 7.93% 7.48% 0.0% Q1 Q2 Q3 Q4 14
Acer Business Status & Strategy J.T. Wang Chairman & CEO
Ⅰ. Top 5 PC Brands Worldwide (1Q 06) Market Share Unit Growth Rank 1Q 06 4Q 05 1Q 05 YoY 1 Dell 16.5% 16.3% 16.9% 10.2% 2 HP 14.9% 15.0% 13.8% 22.3% 3 Lenovo 6.0% 6.9% 6.1% 10.5% 4 5.0% 5.5% 3.9% 45.5% 5 F.S. 3.9% 3.9% 4.2% 6.6% Overall Market 13.1% Source: Gartner Dataquest (April, 2006) 16
Remarks 1. Acer and HP gained market share from Q1 06 YoY for unit shipment; Acer s growth was more than double of HP s. Other top-five players experienced declining share. 2. Acer s market share was 1% less than Lenovo, but our growth rate more than quadrupled Lenovo s. We have the opportunity to become world s No.3 PC brand in 2007. 3. HP s growth rate bettered Dell in the past six months. HP is Acer s major competitor at this stage. 17
II. Acer s 2006 Financial Forecast 1. Consolidated revenue: NT$400 billion PAT: NT$10 billion 2. High confidence in achieving targets despite of intensive competition. 3. Revenue: Better-than-expected growth in the U.S. and China can compensate lower growth in other regions. 18
4. PAT: Better-than-target non-operating income gives Acer head start in achieving total PAT of NT$10 billion. 5. Operating Income: We consider it highly possible to keep within the range of ±10% compared with our 2006 financial forecast. 19
III. Business Growth Strategy We will continue to pursue fastest growth when operating margin can be maintained in the range of 3% for Acer s IT product business by 2007. Balancing revenue growth and profit from the U.S. market is our key objective. 20