2012 1H - Advantech

Advantech 2011
Financial Results
Eric Chen
Feb, 24, 2012
[email protected]
1
Revenue & Growth Trends
Y2011
USD 861M
+23%
1000
900
Revenue in millions, USD
861
800
700
698
600
500
523
482
452
400
444
373
300
334
282
200
249
100
0
2002
* un-audited
2003
2004
2005
2006
2007
Year 2002-2011
2008
2009
2010
2011
Y2011 Financial Overview
*Un-Audited, Consolidate
Y2011
NT$M
Net Sales
Y2009
15,323
Y2010
23,031
YoY
1Q
2Q
3Q
*4Q
6,497
6,952
6,689
6,396
*Year
26,534
15%
-12%
50%
50%
17%
6%
0%
15%
Gross Profit %
40.7%
40.0%
37.3%
39.0%
40.0%
39.9%
39.1%
-0.9%
Gross Profit
6,243
9,205
2,426
2,711
2,675
2,550
10,362
13%
Operating Expense
4,442
5,741
1,481
1,582
1,693
1,643
6,398
11%
Operating Expense %
29.0%
24.9%
22.8%
22.8%
25.3%
25.7%
24.1%
-0.8%
Operating Profit
1,801
3,464
945
1,129
982
907
3,964
14%
Operating Profit %
11.8%
15.0%
14.5%
16.2%
14.7%
14.2%
14.9%
-0.1%
246
193
211
42
110
23
386
100%
14.0%
16.1%
21.8%
16.5%
16.7%
15.8%
17.8%
1.7%
YoY Growth
Non-operating Income
Effective Tax Rate
Net Profit AT
EPS(NT$)
ROE
1,760
3,067
903
978
910
784
3,575
17%
3.50
6.06
1.63
1.77
1.63
1.42
6.44
6%
14.28
22.93
24.70
Y2011 Sales By Product - 1/2
Consolidated Sales: US$861M,+23%
Services Automation
US 86.5M
10%,+37%
Embedded System
57%
US 143.0M
17%,+8%
Automation
US 145.9M
17%,+18%
Global Services
US 111.8M
13%,+13%
% of Sales, YoY Growth
US 861M
+23%
Y2011 Sales By Product - 2/2
Consolidated Sales: US$861M,+23%
DMS-NC
43%
US 118.5M
14%,+40%
DMS-AC
US 861M
+23%
US 124.3M
14%,+22%
Embedded Core
US 125.9M
15%,+43%
% of Sales, YoY Growth
Y2011 Sales By Region/Sales Force
Local Sales: US$861M, +23%
USD$ M
Y2010
Y2011
GR%
%
North America
154
201
+30%
23%
Europe/ADLoG
106
147
+38%
17%
Greater China
201
243
+21%
28%
Asia/Intercon.
105
126
+20%
15%
Global DMS
117
133
+13%
16%
AiS & Others
5
698
10
861
+100%
+23%
1%
100%
Total
Global DMS
16%, +13%
North America
23%, +30%
Asia/Intercon.
15%, +20%
Greater China
28%, +21%
% of Sales, YoY Growth
Europe/A-DLoG
17%, +38%
Y2011 Working Capital
NT$ M
2009
2010
Year
Year
2011
1Q
2Q
3Q
*4Q
Cash Position
3,153
2,288
2,339
2,771
1,868
2,522
Accounts Receivable
2,489
3,338
4,461
4,560
4,791
4,116
55
47
62
63
63
58
2,044
3,531
3,674
4,412
4,537
3,896
77
83
83
97
100
90
1,505
1,759
2,788
2,683
1,829
1,988
56
41
63
58
40
46
DSO(Days)
Inventory
DHO(Days)
Accounts Payable
Days
*un-audited
7
Y2011 Financial Recap
NT$ M
*Y2011
Y2010
YoY%
Net Sales
26,534
23,031
+15%
Sales & Profit YoY increase 15%
& 6% respectively, EPS NT 6.44
sets the record high
Gross
Margin
39.1%
40.0%
Net Profit
After Tax
+40% growth in Embedded
core and Network communication
-0.9%
group. +30% growth in North
America and Europe region
13.5%
13.3%
+0.2%
EPS (元)
6.44
Return on
Equity(ROE)
*un-audited
24.70
6.01
22.93
+6%
Kun-San R&D center is under
construction, expected to be
launched in 2013
Acquire Advansus 100% share,
integration with Embedded core
group is ongoing