2Q13 Financial Results - Winbond · 2Q13 Financial Results • We have made forward-looking...
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2Q13 Financial Results
Transcript of 2Q13 Financial Results - Winbond · 2Q13 Financial Results • We have made forward-looking...
2Q13 Financial Results
• We have made forward-looking statements in this presentation. Our forward-looking
statements contain information regarding, among other things, our financial condition,
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 whether as a result of new information, future events or otherwise. In light
of these risks, uncertainties and assumptions, the forward-looking events discussed
in this conference might not occur and our actual results could differ materially from
those anticipated in these forward-looking statements.
• The information contained herein shall also not constitute an offer to sell or a
solicitation of an offer to buy the company’s securities nor shall there be any sale of
such securities in any state or country in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of any such
state or country.
Safe Harbor Notice
Winbond Financial Results
2Q13 Comprehensive Income Statement - Consolidated
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2Q’13 1Q’13 QoQ Change
Unit: NT$ M Amount % Amount % Amount %
Net Sales 8,846 100 7,675 100 1,171 15
Gross Profit 2,066 23 1,249 16 817 65
Operating Income 521 6 (262) (3) 783 (299)
Pretax Income 524 6 (301) (4) 825 (274)
Net Income 416 5 (337) (5) 753 (223)
EPS (NTD) 0.101 (0.099) 0.200
EBITDA 2,473 28 1,787 23
2Q13 Balance Sheet - Consolidated
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Jun. 30 ’13 Mar. 31 ’13 QoQ Change
Unit: NT$ M Amount % Amount % Amount %
Current Assets 21,693 39 20,614 37 1,079 5
Net Fixed Assets 25,814 46 27,449 49 (1,635) (6)
Total Assets 55,727 100 55,722 100 5 0
L-T Liabilities 7,883 14 6,750 12 1,133 17
Total Equity 35,822 64 34,300 62 1,522 4
Current Ratio 2.01 1.53
Debt / Equity Ratio 0.56 0.62
2Q13 Statement of Cash Flow - Consolidated
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2Q’13 1Q’13 QoQ Change
Unit: NT$ M Amount Amount Amount
Operating Cash Flow 2,185 556 1,629
Investing Cash Flow (598) (420) (178)
Financing Cash Flow (1,734) (41) (1,693)
Cash & Equivalents 5,684 5,835 (151)
Depreciation and Amortization 1,952 2,049 (97)
CAPEX 329 237 92
2Q13 Income Statement - Memory
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2Q’13 1Q’13 QoQ Change
Unit: NT$ M Amount % Amount % Amount %
Net Sales 6,922 100 6,014 100 909 15
Gross Profit 1,219 18 546 9 673 123
Operating Income 331 5 (354) (6) 685 (194)
Pretax Income 372 5 (363) (6) 735 (202)
Net Income 372 5 (363) (6) 735 (202)
EPS (NTD) 0.101 (0.099) 0.200
EBITDA 2,218 32 1,630 27
2Q13 Balance Sheet - Memory
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Jun. 30 ’13 Mar. 31 ’13 QoQ Change
Unit: NT$ M Amount % Amount % Amount %
Current Assets 17,277 33 16,238 31 1,039 6
Net Fixed Assets 25,170 48 26,822 51 (1,652) (6)
Total Assets 52,744 100 52,923 100 (179) (0)
L-T Liabilities 7,883 15 6,750 13 1,133 17
Total Equity 34,763 66 33,152 63 1,611 5
Current Ratio 1.87 1.33
Debt / Equity Ratio 0.52 0.60
2Q13 Statement of Cash Flow - Memory
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2Q’13 1Q’13 QoQ Change
Unit: NT$ M Amount Amount Amount
Operating Cash Flow 1,863 442 1,422
Investing Cash Flow (294) (281) (13)
Financing Cash Flow (1,738) (53) (1,684)
Cash & Equivalents 3,646 3,815 (169)
Depreciation and Amortization 1,887 1,984 (97)
CAPEX 314 194 120
Revenue and GM Trend - Consolidated
10 Note: Entities in the consolidated statements include Nuvoton, WEC America, WEC Japan, etc..
8.9 7.3 7.5 9.1 8.5 7.9 7.7 8.8
19%
8%
13%
16%
18%
15%
16%
23%
0%
5%
10%
15%
20%
25%
0.0
2.0
4.0
6.0
8.0
10.0
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Revenue Gross Profit GM%
Revenue (NT$B) Gross Margin
Revenue and GM Trend - Memory
6.9 5.7 5.8 6.8 6.6 6.2 6.0 6.9
13%
-2%
5% 6%
11%
8% 9%
18%
-5%
0%
5%
10%
15%
20%
0.0
2.0
4.0
6.0
8.0
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Revenue Gross Profit GM%
Revenue (NT$B) Gross Margin
Y2013 Memory CAPEX
NT$ B
Cash Basis CAPEX as of 8/2/2013
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2008 2009 2010 2011 2012 2013E
14.1
4.2
7.4
6.0
3.0
1.8
Winbond Business Update & Outlook
► Better mix in products and customers improved
ASP and generated higher gross margin
► Balanced business in 3C: business in
automotive accelerates.
2Q13 Memory Business Recap
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QoQ YoY
Revenue 15% 2%
Gross Profit 123% 179%
Memory Revenue Breakdown
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Note: Specialty including Graphic
16% 14% 15% 13% 13% 11% 14% 13%
45%
49% 46% 45% 44%
44% 44% 46%
39%
37% 39%
42% 43%
45% 42%
42%
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Flash
Specialty
Mobile
6.9 6.9
5.7 5.8
6.8 6.6 6.2
6.0
QoQ YoY
16% 3%
18% 3%
5% -4%
Revenue (NT$B)
Revenue Breakdown by Applications
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Communication
40%
Computer
29%
Consumer
27%
Others
4%
0
1,000
2,000
3,000
2Q13 2Q12
0
1,000
2,000
3,000
2Q13 2Q12
0
1,000
2,000
2Q13 2Q12
2Q13 Revenue Breakdown
Communication
QoQ +17% / YoY +29%
Consumer
QoQ +16% / YoY -4%
Computer
QoQ +17% / YoY -22%
Others
QoQ -16% / YoY +136%
NT$M
NT$M
NT$M
NT$M
0
100
200
300
2Q13 2Q12
2Q13 Flash Memory Business
► Increased demand in handheld devices, HDD, and other
PC peripheral devices
► 58nm product revenue grew 30% QoQ ;
- Accounted for 37% Flash revenue (vs. 33% in 1Q13)
► Moderate price erosion but focused on value-added
market segments and customers
QoQ YoY
Revenue 16% 3%
2Q13 Specialty DRAM Business
► Healthy improvement in ASP and gross margin
- Most specialty DRAM business follows quarterly contract price
► Increased business in TV, Networking, HDD and Printer
► Increasing business in KGD, industrial and automotive
► 46nm products accounted for 35% of Specialty DRAM
revenue (vs. 25% in 1Q13)
QoQ YoY
Revenue 18% 3%
2Q13 Mobile DRAM Business
► Low Power DRAM accounted for 55% of Mobile DRAM
revenue (vs. 50% in 1Q13)
► Increasing business in brand-name handheld devices and
new opportunities in peripheral modules in handheld
devices
QoQ YoY
Revenue 5% -4%
► Market trend shifts to low-price smart phones and tables
► LCD TV market turns soft
► Integral market of DT, NB and tablets continue to grow
► Increasing opportunities in peripheral modules which enhance the
features of electronic devices
► Coverage in both high-end and low-price (but feature rich)
electronic products is the key to keep stable business
► Commodity DRAM will face balanced supply/demand and price
pressure
- Medium and low density specialty DRAM will be relatively stable
Market Outlook
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