View
0
Download
0
Category
Preview:
Citation preview
TWSE 6277
ATEN International
Financial Performance
2
In NT million YoY
Amount % Amount % %
Net Sales 1,273 100 1,192 100 7
COGS 517 41 475 40 9
Gross Profit 757 59 717 60 6
Operating Expenses 507 40 494 41 3
Sales Expenses 268 21 247 21 8
Admin. Expenses 123 10 137 12 -11
RD Expenses 116 9 109 9 7
Operating Profit 250 20 224 19 12
Non-Operating Income and Expenses 14 1 11 1 26
Net Income before Tax 264 21 235 20 13
Tax 77 6 52 4 48
Net Income 187 15 182 15 2
Net Income Attributable to the parent
company 184 14 181 15 2
EPS(NT$) (After Tax) 1.54 - 1.52 - 1
Jan. ~ Mar. ’18 Jan. ~ Mar. ‘17
Note : Taiwan Consolidated Basis
Income Statement – From Jan.- Mar. 2018 YoY
3
In NT million YoY
Amount % Amount % %
Cash and Financial Assets 1,740 29 1,853 31 -6
Accounts Receivable 703 12 622 11 13
Inventory 907 15 799 14 14
Other Current Assets 97 2 80 1 21
Total Current Assets 3,446 58 3,354 57 3
Property, Plant, and Equipment 2,018 34 2,021 34 0
Other Non-Current Assets 499 8 522 9 -4
Total Non-Current Assets 2,518 42 2,543 43 -1
Total Assets 5,964 100 5,897 100 1
Short-term Borrowings 506 8 609 10 -17
Accounts Payable 498 8 420 7 19
Other Current Liabilities 692 12 632 11 9
Total Current Liabilities 1,696 28 1,661 28 2
Long-term Borrowings 34 1 45 1 -24
Other Non-Current Liabilities 335 6 345 6 -3
Total Non-Current Liabilities 369 6 390 7 -5
Total Liabilities 2,065 35 2,051 35 1
Total Equity 3,899 65 3,846 65 1
Receivable turnover days 51 7.20 47 7.74Inventory turnover days 152 2.40 151 2.42Payable turnover days 85 4.27 76 4.77
Mar. ’18 Mar. ‘17
Balance Sheet – Mar. 2018 YoY
Note : Taiwan Consolidated Basis 4
In NT million Jan.~ Mar. ’18 Jan.~ Mar. ‘17
Amount Amount
Cash and cash equivalents at beginning of period 840 795
From Operating 2 150
Net Profit before Tax 264 235
Depreciation and Amortization 23 21
Investment income under equity method -11 -8
Financial assets held for trading -148 -64
Inventory -90 -25
Other Operation Sources / (Uses) -36 -9
From Investing -17 -21
Property, plant and equipment -14 -21
Other Investing Sources / (Uses) -3 0
From Financing -236 -49
Short-Term Borrowings -229 -43
Long-Term Borrowings -3 -2
Other Financing Sources / (Uses) -4 -3
Effect of exchange rate changes on cash and cash equivalents 11 -44
Cash and cash equivalents at end of period 601 831
Free Cash Flow -14 129
Cash Flow – From Jan.- Mar. 2018 YoY
Note : Taiwan Consolidated Basis 5
Sales by Product Categories YoY
124 123 63 85 89 131
294 306
382 390
593 655
0
300
600
900
1200
1500
1800
2017 01-04 2018 01-04 NT Million
IT架構管理解決方案 -Enterprise
IT架構管理解決方案 -SOHO/SMB
IT架構管理解決方案 -Enterprise
IT
Infrastructure
Access
Management
Solution-
Enterprise
38.8%
IT
Infrastructure
Access
Management
Solution-SMB
23.1%
Pro-AV
18.1%
USB 7.7%
Accessories
5.0% Others
7.3%
2018 01-04
6
Sales by Product Region YoY
377 377
470 470
741 820
0
300
600
900
1200
1500
1800
2017 01-04 2018 01-04
Asia 49%
America 28%
Europe 22%
2018 01-04
NT Million
7
Dividend Policy
4.03
6.2 6.37
5.9
6.6 6.08
3.3
5
5.7 5.2
5.8 5.5
2012 2013 2014 2015 2016 2017
EPS
Cash Dividend (per share)
90.5% 88%
2017 Cash dividend payout ratio hits
record high for the last 10 years!
89% 81%
82%
88%
8
Financial Performance
9
57.6% 58.7% 61.4% 62.4% 60.2% 59.4%
1.34 1.43
1.63
1.83
1.52 1.54
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
0.00
0.40
0.80
1.20
1.60
2.00
2013Q1 2014Q1 2015Q1 2016Q1 2017Q1 2018Q1
Margin rate EPS
Both profit and margin rate
maintain excellent performance!
Core Advantage
10
Extensive R&D Capabilities
Software
OS/FW Design
HW/ME/ID Design
IC/FPGA Design
User-Centered Design
Management
Software
Get the know-how
Outstanding margin performance
11
Worldwide Presence
CANADA R&D
USA (CA)
USA (NJ)
RUSSIA
TURKEY
UK
BELGIUM
KOREA
JAPAN
TAIWAN HQ
TAIWAN
FACTORY
CHINA
CHINA
FACTORY AUSTRALIA
TAIWAN R&D
TAIWAN
Localized
Service
POLAND
CHINA R&D INDIA
R&D /
Manufacturing Canada R&D
China R&D/Factory
Taiwan R&D/Factory
Corporate
Headquarters Taiwan
Asia-Pacific China Subsidiary*
Taiwan Subsidiary*
Japan Subsidiary*
Korea Subsidiary*
India Office(2017)*
Europe Belgium Subsidiary*
UK Subsidiary
Russia Office*
Turkey Office(2016)*
Poland Subsidiary(2017)*
America US Subsidiary (CA)
US Subsidiary (NJ)*
Oceania ANZ Subsidiary
12 * Show room set up between 2017-2018
Cross Product Line Solution
Provide IT and Pro-AV one-stop purchase solution at the same time. ATEN exclusive advantage that no competitor can imitate.
13
Multi-Industry Customers Bring Stable Profit
14
Future Strategy
15
Future 2-3 years strategy
Digit:IP central
management
Security:Security
and surveillance risk
Smart:Smart
collaborate meeting
ATEN product line:High Performance
KVM
ATEN product line: Secure KVM
ATEN product line: Control System
16
Strategy and Industry Trend
Digit:IP central management
Security:Security and surveillance risk
Smart:Smart collaborate meeting
CAGR 11.1%
2014-2019
IHS Report
CAGR 3.1%
2014-2019
IHS Report
CAGR 9.3%
2017-2022
IOTA Report 17
ATEN product line:High Performance KVM
ATEN product line: Secure KVM
ATEN product line: Control System
Growth_KVM-Enterprise
IT
Infrastruct
ure Access
Manageme
nt
Solution-
Enterprise
38.8%
IT
Infrastruct
ure Access
Manageme
nt
Solution-
SMB 23.1% Pro-AV
18.1%
USB 7.7%
Accessories
5.0% Others
7.3%
KVM-Enterprise growth momentum:
1. High Performance KVM
2. Secure KVM
3. LCD KVM
Raise the market share of High
Performance and Secure KVM!
18
Growth_KVM-SMB
IT
Infrastructu
re Access
Manageme
nt
Solution-
Enterprise
38.8%
IT
Infrastructu
re Access
Manageme
nt
Solution-
SMB 23.1%
Pro-AV
18.1%
USB 7.7%
Accessories
5.0%
Others
7.3%
KVM-SMB growth momentum :
1. USB interface
2. VGA interface
3. DVI interface
4. HDMI interface
5. DisplayPort interface
ATEN is No. 1 vendor at the
KVM-SMB market!
19
KVM Target Applications
Factory
Product
Line
Office
Desktop Broadcasting Server Room
Management
Control
Room
20
Growth_Pro-AV
IT
Infrastructu
re Access
Manageme
nt
Solution-
Enterprise
38.8%
IT
Infrastructu
re Access
Manageme
nt
Solution-
SMB 23.1% Pro-AV
18.1%
USB 7.7%
Accessories
5.0%
Others
7.3%
Pro-AV growth momentum :
1. HDBaseT Matrix product
2. Networked AV
3. Seamless Switch (1080P→4K)
4. Control System
5. Presentation Switch
21
Pro-AV Product Category Trend
High-end and
Medium product,
61%
Low-end product,
39%
2017
22
High-end and
Medium product,
66%
Low-end product,
34%
2018 01-04
YoY -13% YoY -11%
YoY 14% YoY 11%
Product category shifts to high-end products
Pro-AV Target Applications
Smart Meeting
Room
Control Room
Interactive Classroom
Digital Signage
23
Growth_USB
IT
Infrastruct
ure Access
Manageme
nt
Solution-
Enterprise
38.8%
IT
Infrastruct
ure Access
Manageme
nt
Solution-
SMB 23.1% Pro-AV
18.1%
USB 7.7%
Accessories
5.0% Others
7.3%
USB growth momentum:
1. USA marketing Channels
expand
2. Docking station demand
24
Shareholder
Expectations
Exceptional
ROE
Solid
Management
Team
Niche Market
Diversified
Strategy
Shareholder Expectations
25
QA
26
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 forward-looking statements whether as a result of new information, future events or otherwise. In light of these risk,
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 forward-looking
statements.
Recommended