AI assistant
Taiwan Mobile Co., Ltd. — Interim / Quarterly Report 2013
Jan 28, 2014
52277_rns_2014-01-28_7c3d3c14-3984-4139-8aaf-6c50502c7490.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Taiwan Mobile Co., Ltd.
4Q13 Results Summary January 28, 2014
1
The information contained in this presentation, including all forwardlooking information, is subject to change without notice, whether as a result of new information, future events or otherwise, and Taiwan Mobile Co., Ltd. (the “Company”) undertakes no obligation to update or revise the information contained in this presentation. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is the information intended to be a complete statement of the Company, markets or developments referred to in this presentation.
2
Business Overview
3
TWM’s
Peer Comparison
==> picture [695 x 333] intentionally omitted <==
----- Start of picture text -----
Mobile Service Revenue Unit: NT$ ARPU
TWM
FET
Unit: NT$mn
5% YoY
CHT
4Q13 YoY TWM FET CHT
Mobile Service Revenue 5% 3% 6%
Voice Revenue -5% -8% -8%
VAS Revenue 27% 24% 39%
----- End of picture text -----
- Based on IFRS – Residual Value Method, i.e. excluding revenue adjustments under the current bundle sales accounting policy.
4
Smartphone as % of total handsets sold
| Current Exclusive Models | Current Exclusive Models | Current Exclusive Models |
|---|---|---|
| TWM Amazing A1~A7, A3S, A5C, A6S |
10 | |
| Grand Duos, Mini, Ace II, Core, Grand Duos 2 |
6 | |
| One SV, Desire 200, Desire 500, Desire 300 |
4 | |
| Xperia P, Xperia sola, Xperia ZR |
3 | |
| Z10, Q5 | 2 | |
| Lumia 520, Lumia 720 | 2 | |
| L4 II | 1 | |
| Ascend P6 | 1 | |
| Total | 29 |
==> picture [355 x 181] intentionally omitted <==
Mobile data adoption rate
5
| 4Q13 | Sub base YoY growth |
ARPU |
|---|---|---|
| Analogue TV | 1% | $493 |
| Cable internet | 6% | $539 |
| DTV | 65% | $138 |
| Blended ARPU $792 +2% YoY* |
- Calculation based on total cable TV revenue excluding content agency revenue
6
==> picture [13 x 14] intentionally omitted <==
2GB data pack
Introduced new post-paid data pack for 2GB usage at NT$299 with 90 days usage period, and the ability to reload back up to 2GB at any time.
==> picture [13 x 14] intentionally omitted <==
Cloud IDC
TWM’s green cloud IDC (Internet Data Center) received the ISO 50001 Certification as well as the Uptime Institute Tier III Certification in both the design and construction categories for its stable and efficient energy management.
==> picture [13 x 14] intentionally omitted <==
High speed cable broadband
Launched 120Mbps cable internet services for only NT$888 a month, which includes complete HD channel selections, “Home Play” multi-screen convergence service and “Super MOD” (Multi-media on Demand) service, all for free.
7
Financial Overview
8
| NT$bn | Revenue | Revenue | Revenue | Revenue | Revenue | EBITDA | EBITDA | EBITDA | EBITDA | EBITDA |
|---|---|---|---|---|---|---|---|---|---|---|
| CBG | EBG | HBG | momo | Total | CBG | EBG | HBG | momo | Total | |
| 2013 | 71.20 | 10.73 | 6.24 | 21.28 | 109.14 | 22.95 | 3.75 | 3.28 | 0.83 | 30.80 |
| % of total |
65% | 10% | 6% | 19% | 100% | 75% | 12% | 11% | 3% | 100% |
| YoY | 8% | 3% | 2% | 20% | 9% | 0% | 9% | 1% | 2% | 1% |
Note: The combined total of CBG, EBG, HBG and momo does not equal the consolidated total of each account due to minor adjustments and eliminations.
9
| NT$mn | 2013 | 2013 | 2013 |
|---|---|---|---|
| Amount | YoY | % of Forecast |
|
| Revenue Cost Operating expenses Operating income Net non-oper. items Income before tax Net income EPS (NT$) |
109,143 9% 97% (70,033) 14% 96% (18,315) 6% 97% 20,795 0% 102% (1,676) 99% 118% 19,119 -4% 101% 15,583 -5% 101% 5.79 -5% 101% |
||
| EBITDA EBITDA margin |
30,797 1% 101% 28.22% |
10
| NT$bn | 4Q13 IFRS |
3Q13 IFRS |
4Q12 IFRS |
4Q13 IFRS |
3Q13 IFRS |
4Q12 IFRS |
|---|---|---|---|---|---|---|
| Total Assets | 138.35 | 109.35 | 100.39 Liabilities |
79.83 | 54.49 | 42.75 |
| Current Assets | 29.49 | 28.86 | 23.77 Current Liabilities |
58.61 | 35.41 | 29.93 |
| - Cash & Cash Equivalents | 7.95 | 7.79 | 6.19 - ST Debts |
34.00 | 12.73 | 7.16 |
| - Accounts Receivable | 14.63 | 14.20 | 12.13 - Other Current Liabilities |
24.60 | 22.69 | 22.77 |
| - Inventories | 3.78 | 3.15 | 2.57 Non-Current Liabilities |
21.23 | 19.08 | 12.82 |
| - Other Current Assets | 3.12 | 3.72 | 2.88 - Long-Term Borrowings |
16.79 | 14.79 | 9.00 |
| Non-current Assets | 108.86 | 80.49 | 76.62 - Deferred Income Tax Liability |
2.60 | 2.49 | 2.12 |
| - Long-term Investment | 4.19 | 4.20 | 3.06 - Other Non-current Liabilities |
1.83 | 1.80 | 1.70 |
| - Property and Equipment | 42.99 | 42.52 | 40.74 | |||
| - Other Non-current Assets | 61.69 | 33.77 | 32.82 Shareholders' Equity |
58.52 | 54.86 | 57.64 |
| 4Q12 IFRS - Paid-in Capital - Capital Surplus |
34.21 | 34.21 | 34.21 | |||
| 4Q13 IFRS |
3Q13 IFRS |
|||||
| 12.46 | 12.43 | 12.43 | ||||
| Current Ratio | 50% | 81% | 79% - Legal Reserve |
19.26 | 19.26 | 18.06 |
| Net Debt to Equity | 73% | 36% | 17% - Un-appropriated Earnings |
6.61 | 6.61 | 7.91 |
| Net Debt to EBITDA (x) | 1.39 | 0.65 | 0.33 - Treasury Shares |
(31.08) | (31.08) | (31.08) |
| ROE (annualized) | 25% | 32% | 28% - Retained Earnings & Others* |
17.06 | 13.42 | 16.10 |
- Including accumulated profits, minority interests and other equity items
11
| NT$bn | 4Q13 | 3Q13 | 2013 | 2012 |
|---|---|---|---|---|
| Operating Cash Flow | 7.58 | 5.93 | 24.83 | 25.98 |
| Investing Cash Flow | (30.40) | (2.57) | (42.35) | (10.23) |
| Financing Cash Flow | 22.98 | (6.86) | 19.27 | (16.13) |
| NT$bn | 4Q13 | 3Q13 | 2013 | 2012 |
| Cash CAPEX | (2.67) | (2.67) | (11.98) | (8.29) |
| Free Cash Flow | 4.91 | 3.26 | 12.85 | 17.69 |
12
Business Outlook & Event Updates
13
| NT$bn | 1Q14 | 1Q13 | YoY |
|---|---|---|---|
| Revenue | 27.98 | 26.56 | 5% |
| EBITDA | 7.46 | 7.46 | 0% |
| Operating Income | 4.82 | 4.99 | -3% |
| Non-operating expense | 0.07 | 0.28 | -74% |
| Net Income | 3.91 | 3.81 | 3% |
| EPS (NT$) | 1.45 | 1.42 | 3% |
14
Maintaining EBITDA stability for our telecom operations will be management’s top focus this year. Separately, we expect profit additions from momo and much less non-operating expenses in 2014. Nonetheless, a D&A rise in the wake of the LTE service launch would affect short-term earnings.
15
==> picture [19 x 20] intentionally omitted <==
Capex Guidance
The board today (January 28, 2014) approved a NT$12.8bn capex for 2014, lower than the NT$15.1bn expenditure budget in 2013, due to reductions in 3G expenditure expected to be larger than rises in 4G capex.
==> picture [19 x 20] intentionally omitted <==
Regulatory Update
TWM is one of the first two operators to have received approval from the NCC to apply for the 4G network roll-out.
16
==> picture [19 x 20] intentionally omitted <==
Awards and Recognition
− Received “2013 Taiwan Corporate Sustainability Awards - Excellence in Telecom Sector” as well as “Role Model Award for Community Service and Outreach” from the Taiwan Institute for Sustainable Energy Research. − The Company (comprising of its office buildings, internet data centers, base stations and company stores) achieved the ISO 14064-1 standard for greenhouse gas (GHG) emissions and removals as well as received the ISO 50001 certification for energy management.
− Awarded "2013 Most Prestigious Company in Taiwan" by CommonWealth magazine, ranking No.1 in the telecom sector.
17
==> picture [48 x 46] intentionally omitted <==
==> picture [132 x 137] intentionally omitted <==
Q & A
==> picture [132 x 142] intentionally omitted <==
==> picture [132 x 137] intentionally omitted <==
18