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Taiwan Mobile Co., Ltd. Interim / Quarterly Report 2018

Dec 3, 2018

52277_rns_2018-12-03_a652bbb9-6ac5-4d20-8cb2-fdcbfd1abe64.pdf

Interim / Quarterly Report

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Taiwan Mobile Co., Ltd. 3Q18 Results Summary November 1, 2018

1

Disclaimer

The information contained in this presentation, including all forward-looking 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.

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Business Overview

3

Steady Increase in Cash Flows

1-3Q18 Telecom Service Revenue 1-3Q18 Telecom EBITDA

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-7% YoY
-7% YoY
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Pre-IFRS

Reported

-5% YoY Reported

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+3% YoY
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Pre-IFRS

Operating Cash Flow (NT$bn)

Free Cash Flow (NT$bn)

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+1% YoY
22.3 22.5
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+7% YoY
15.8
14.8
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1-3Q17
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1-3Q17

1-3Q18

1-3Q18

4

Cross-Selling Supporting Growth

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Fixed Broadband Subs (K) MAU [1] of myVideo (K)
+6% YoY
+182% YoY
225
2000
212
1000
0
3Q17 3Q18
3Q17 3Q18
1. MAU : monthly active users.
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Enterprise Business – The Bright Spot
3Q18 Revenue Growth
+52% +24% +6%
YoY YoY YoY
Cloud IoT ICT
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5

momo E-commerce – Crown Jewel

Total Revenue (NT$bn) Total EBITDA (NT$bn)

+27% YoY

+15% YoY

E-commerce as % of Total Revenue

Mobile Commerce[1] as % E-commerce Revenue

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85.0%
82.6% 82.6%
82.2%
80.6%
3Q17 4Q17 1Q18 2Q18 3Q18
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59.8% 60.4%
58.3%
55.2%
52.3%
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3Q17

4Q17 1Q18 2Q18 3Q18

6

  1. Mobile commerce : online retail sales made through mobile devices.

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Financial Overview

7

Performance by Business

NT$bn Revenue EBITDA
Telecom
CATV
momo
**Total1 **		 Telecom
CATV
momo
**Total1 **
3Q18 16.84
1.58
9.81
28.32		 6.30
0.80
0.33
7.59
% of
total		 59%
6%
35%
100%		 83%
11%
4%
100%
3Q18
YoY		 -12%
-3%
22%
-2%		 -10%
-5%
7%
-8%
2Q18
YoY		 -7%
-1%
25%
3%		 0%
-3%
3%
1%
3Q18 YoY (Pre-IFRS 15) -3%
-3%
  1. The sum of each account of telecom, CATV and momo does not equal to the consolidated total number due to other revenue and minor adjustments / eliminations.

8

Results Summary

NT$bn
3Q18
3Q18
3Q18
1-3Q18
1-3Q18
1-3Q18
Amount YoY % of 3Q
guidance		 Amount YoY % of Full
year
guidance
Revenues
28.32
-2%
91%
87.17
2%
71%
Operating Costs
(20.18)
2%
91%
(61.15)
5%
70%
Operating
Expenses
(3.93)
-5%
90%
(12.12)
-1%
69%
Operating Income
4.21
-13%
90%
13.90
-6%
77%
Non-op. Income
(Exp.)
(0.08)
-16%
54%
(0.37)
9%
64%
Pre-tax Income
4.13
-13%
91%
13.53
-6%
78%
Net Income
3.27
-17%
93%
10.55
-10%
78%
EPS1 (NT$)
1.21
-17%
93%
3.88
-10%
78%
EBITDA
7.59
-8%
93%
24.10
-4%
75%
  1. EPS is based on share count of 2.722bn.

9

Balance Sheet Analysis

NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17
Total Assets 147.45 151.41 146.41
Liabilities		 82.97 90.77 83.36
Current Assets 26.97
29.48
30.50
Current Liabilities		 40.48 48.18 44.54
- Cash & Cash Equivalents 5.94
7.62
5.97
- ST Debts		 17.59 9.77 21.86
- Receivable & Contract Assets 15.24
14.89
15.93
- Other Current Liabilities		 22.89 38.42 22.68
- Inventories 3.27
3.58
3.15
Non-current Liabilities		 42.49 42.59 38.82
- Other Current Assets 2.53
3.39
5.44
- Long-term Borrowings		 38.14 38.27 34.77
Non-current Assets 120.47 121.93 115.92



- Other Non-current Liabilities
Shareholders' Equity		 4.35
64.48		 4.31

60.64		 4.05

63.06
- Long-term Investment 6.22
5.87
6.22
- Property and Equipment 42.47
43.12
45.06
- Concession 41.29
42.04
35.82
- Other Non-current & Contract
Assets		 30.50
30.90
28.82
Paid-in Capital		 34.21
34.21
34.21

Capital Surplus		 12.30
12.31
13.92
3Q18
2Q18
3Q17		 Legal Reserve 27.56
27.56
26.14
Treasury Shares (29.72) (29.72) (29.72)
Current Ratio 67% 61% 68%
Un-appropriated Earnings 3.39
3.39
0.63
Net Debt to Equity 77% 67% 80%
Non-controlling Interest 5.87
5.68
5.67
Net Debt to EBITDA (x) 1.55 1.23 1.54
Retained Earnings & Others2
10.87
7.22
12.21
ROE1 (annualized) 22% 22% 26%

  1. ROE = Accumulated Net Income (Annualized) /Average Shareholders' Equity

  2. Including accumulated profits and other equity items.

10

Cash Flow Analysis

NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17		 NT$bn
3Q18
2Q18
3Q17
Operating Cash Flow 7.00 7.51 6.98
Investing Cash Flow (1.08) (0.28) (3.43)
Financing Cash Flow (7.60) (7.28) (3.75)
NT$bn
3Q18
2Q18
3Q17
**Cash CAPEX1 ** (2.18) (1.69) (2.46)
**Free Cash Flow1 ** 4.82 5.82 4.51
  1. Excluding 4G License Fees

11

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Event Updates

12

Awards and Recognition

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Selected for 2018 Dow Jones Sustainability World Indices (DJSI World) and ranked Top 1 in global telecommunications.

Recognized for the “Best Customer Service Center” of the CSEA (Customer Service Excellence Awards) by Taiwan Contact Center Development Association in 2018.

Won Excellence in Corporate Social Responsibility Award 2018 from CommonWealth Magazine.

13

Key Message

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Growing e-commerce business as well as cross-selling among telecom, content, and internet services to stimulate higher spending per customer is our focus. The fast growing momentum of the enterprise segment, including the IoT, cloud, and ICT businesses, bring additional promise for future telecom revenues. Rationalizing costs and optimizing efficiency to ensure steady streams of cash flows remain our commitment.

14

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Q & A

15

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