CLSA Taiwan Forum Nov2007 Taiwan... · 2017. 3. 15. · CLSA Taiwan Forum November 5, 2007, Taipei....

transcript

CLSA Taiwan Forum

November 5, 2007, Taipei

All numbers are brand consolidated and pro forma, except otherwise specified.Historic brand consolidated financials for 05 and 06can be downloaded from D-Link’s IR website.

3Q07 Financial Review &

Corporate Updates

Agenda

A.P. Chen

A.P. Chen & J.C. Liao

3Q07 Pro Forma Financial Review & Corporate Updates

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07 Income Statement& QoQ Comparison

Net SalesCost of Goods SoldGross ProfitOperating ExpensesOperating IncomeTotal Non-Op. Inc. (Loss)Income Before TaxTax (Exp.) / IncomeNet IncomeMinority InterestConsolidated IncomeEPS (NT$)

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

676105781(10)771

AMT AMT% %

* Calculated by fully diluted basis of 683.8mln shares* The numbers are pro forma

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

North America Europe Emerging Markets & Asia Pacific

47% 45%

NT$ mln

Quarterly Revenue by RegionsBrand Only

3Q07 revenue up 15% QoQN.A. jumped 22%

Europe increased 15%

Emerging markets & AsiaPac rose 12%

10,000

03Q06 4Q06 1Q07 2Q07 3Q07

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

676105781(10)771

AMT AMT% %

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

Switch WLAN Broadband Digital Home NIC & Others

NT$ mln

Quarterly Revenue by ProductsBrand Only

3Q/07 revenue QoQ comparison:

Switch went up 17%

WLAN increased 17%

Broadband rose 13%

Digital Home up 6%

11%21%

5%11%21%

25% 25%

3Q06 4Q06 1Q07 2Q07 3Q07

10,000

14811434

12.224.6

(29.4)

(60.6)

Investment IncomeSub./Aff.Capital Gain

FX Gain/(Loss)

Inventory Loss

Fin. Income/(Exp.) & Oth.

16614224

3Q07Unit : NT$ mln

2Q07 QoQ % Change

3Q07 Non-op Income/Loss& QoQ Comparison

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

676105781(10)771

AMT AMT% %

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07 Income Statement& YoY Comparison

Unit: NT$ million

100.067.532.525.27.33.5

10.8(1.6)

9.2(0.2)

YoY %Change

13.49.3

22.023.317.7(0.4)11.921.910.1

(76.5)12.212.2

7,9335,3522,5811,997

584275859

(128)731(17)714

AMT AMT% %

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

21,65014,6447,0065,6621,345

6822,026(292)1,734

(34)1,7002.49

YT3Q07 Income Statement& YoY Comparison

Unit: NT$ million

100.065.134.927.27.74.0

11.7(0.4)11.3(0.1)11.2

YoY %Change

12.58.3

21.216.739.842.540.7

(65.8)58.7

(32.4)60.560.5

24,34515,8568,4896,6091,880

9722,852(100)2,752

(23)2,7293.99

YT3Q06

AMT AMT% % 100.067.632.426.26.23.19.3

(1.3)8.0

(0.2)7.8

YT3Q07

QoQ % Change

3.1(46.6)

10.720.3(0.4)

4.020.85.70.00.02.5

222224

10023390

09/30/2007 Balance Sheet & QoQ Comparison

Cash S-T InvestmentAccount ReceivableInventoryLong-term InvestmentsTotal AssetsAccounts PayableCurrent LiabilitiesLong-term LoansCommon StockStockholders’ Equity

Unit: NT$ mln

232523

10027390

09/30/07

4,729759

6,6177,2016,531

28,4777,602

11,2266

6,83816,714

AMT AMT% % 06/30/07

4,5851,4215,9775,9876,556

27,3836,294

10,6186

6,83816,303

9/30/0767

112119

611.800.710.38

06/30/0768

103107

641.790.690.32

Days A/RDays InventoryDays A/PCash CycleCurrent RatioDebt/Equity RatioAdjusted Debt/Equity RatioROE

* Annualized * *Adjust for Cash & S-T investment

Unit: % , days

Key Financial Ratios

12/31/0659969560

1.990.600.34

**********

9/30/0664949860

1.730.760.51

03/31/0769

102100

712.150.52 0.20

29*****

#1 in SOHO/SMB Market

Linksys18.1%

Netgear16.4%

3Com13.8%

Others14.3%

Nortel1.6%

HP Procurve3.9%

Zyxel1.0%

Siemens

Buffalo0.8%

Allied Telesyn2.7%

Linksys 18.1%

Source: Compiled from

In-Stat 2Q 2007 Wireless LAN Equipment Market Share Report

In-Stat 2Q 2007 Ethernet LAN Switch Market Share Report

In-Stat 2Q 2007 Broadband Equipment Market Share Report

Netgear 16.4%

Belken1.2%

SMC1.3%

4Q07 Outlook Brand Only

4Q GuidanceRevenue flat or low single digit up sequentiallyGross margin stable

Regional Updates U.S.: Gaining marketshare for 11-nEurope: Expanding switch business in Central Europe Emerging markets: More competition in ANZ

Product DriversMetro Ethernet switch solution growing Pre-n wireless embedded products initiatingIP Camera adoption increasing

All numbers are consolidated. Except for statements in respect of historical matters, the statements contained in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of D-Link Corporation to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements.

Safe Harbor Statement

For complete financial andpress releases, please visit

http://ir.dlink.com

里昂證券

台灣投資人論壇

2007年11月5日, 台北

2007年第三季自結財務數字

及公司近況

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07 損益表–第三季與第二季比較

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益

總營業外費用&損失

稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

676105781(10)771

AMT AMT% %

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

North America Europe Emerging Markets & Asia Pacific

47% 45%

NT$ mln

各區域每季營收概況品牌營收

第三季營收季成長15%

北美成長22%

歐洲成長15%

新興市場及亞太區成長12%

10,000

03Q06 4Q06 1Q07 2Q07 3Q07

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07損益表–第三季與第二季比較

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

676105781(10)771

AMT AMT% %

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益

稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

Switch WLAN Broadband Digital Home NIC & Others

NT$ mln

每季營收概況—產品別區分品牌營收

第三季營收與上一季比較:

交換器成長17%

無線產品成長17%

寬頻產品成長13%

數位家庭產品成長6%

11%21%

5%11%21%

25% 25%

3Q06 4Q06 1Q07 2Q07 3Q07

10,000

14811434

12.224.6

(29.4)

(60.6)

投資收益

轉投資/子公司資本營利

外匯收益/(損失)

存貨損失

財務收益/(支出) & 其它

總計

16614224

3Q07Unit : NT$ mln

2Q07 QoQ % Change

3Q07 本季與上一季比較-營業外費用&損失

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07損益表–第三季與第二季比較

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

676105781(10)771

AMT AMT% %

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益

稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07損益表–第三季與去年同期比較

Unit: NT$ million

100.067.532.525.27.33.5

10.8(1.6)

9.2(0.2)

YoY %Change

13.49.3

22.023.317.7(0.4)11.921.910.1

(76.5)12.212.2

7,9335,3522,5811,997

584275859

(128)731(17)714

AMT AMT% %

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益

稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

21,65014,6447,0065,6621,345

6822,026(292)1,734

(34)1,7002.49

YT3Q07損益表-至第三季為止與去年同期比較

Unit: NT$ million

100.065.134.927.27.74.0

11.7(0.4)11.3(0.1)11.2

YoY %Change

12.58.3

21.216.739.842.540.7

(65.8)58.7

(32.4)60.560.5

24,34515,8568,4896,6091,880

9722,852(100)2,752

(23)2,7293.99

YT3Q06

AMT AMT% % 100.067.632.426.26.23.19.3

(1.3)8.0

(0.2)7.8

YT3Q07

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益

稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

QoQ % Change

3.1(46.6)

10.720.3(0.4)

4.020.85.70.00.02.5

222224

10023390

09/30/2007 合併資產負債表-本季與上一季比較

現金

短期投資

應收帳款

存貨

長期投資

資產總計

應付帳款

流動負債

長期借貸

普通股

股東權益

Unit: NT$ mln

232523

10027390

09/30/07

4,729759

6,6177,2016,531

28,4777,602

11,2266

6,83816,714

AMT AMT% % 06/30/07

4,5851,4215,9775,9876,556

27,3836,294

10,6186

6,83816,303

9/30/0767

112119

611.800.710.38

06/30/0768

103107

641.790.690.32

應收帳款 (天) 庫存 (天)應付帳款 (天)現金週轉

流動比率

負債/資產比率

調整後負債

/資產比率

權益報酬率

* Annualized * *Adjust for Cash & S-T investment

Unit: % , days

合併報表之重要財務比例概況-流動比例/槓桿比例

12/31/0659969560

1.990.600.34

**********

9/30/0664949860

1.730.760.51

03/31/0769

102100

712.150.52 0.20

29*****

SOHO/中小型企業市場的領導品牌

Linksys18.1%

Netgear16.4%

3Com13.8%

Others14.3%

Nortel1.6%

HP Procurve3.9%

Zyxel1.0%

Siemens

Buffalo0.8%

Allied Telesyn2.7%

Linksys 18.1%

Source: Compiled from

In-Stat 2Q 2007 Wireless LAN Equipment Market Share Report

In-Stat 2Q 2007 Ethernet LAN Switch Market Share Report

In-Stat 2Q 2007 Broadband Equipment Market Share Report

Netgear 16.4%

Belken1.2%

SMC1.3%

2007年第四季展望品牌部份

第四季展望營收持續保持個位數的成長

毛利維持平穩

區域市場發展美國市場: 11-n產品擴大市佔率

歐洲市場: 拓展中歐交換器業務

新興市場: 在紐澳市場更具競爭力

產品發展都會區乙太網路交換器將持續成長

內建Pre-n技術之無線產品上市

網路攝影機市場接受度增加

All numbers are consolidated. Except for statements in respect of historical matters, the statements contained in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of D-Link Corporation to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements.

Safe Harbor Statement

關於友訊科技完整的財務與公開資訊，請參考下方網址http://ir.dlink.com

問題與建議

CLSA Taiwan Forum Nov2007 Taiwan... · 2017. 3. 15. · CLSA Taiwan Forum November 5, 2007, Taipei....

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