1
CLSA Taiwan Forum
November 5, 2007, Taipei
2
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
Q&A
Agenda
A.P. Chen
A.P. Chen & J.C. Liao
3
3Q07 Pro Forma Financial Review & Corporate Updates
1
4
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
59878
676105781(10)771
1.13
2Q07
2
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)
8.9
3Q07
5
North America Europe Emerging Markets & Asia Pacific
26%
27%
47% 45%
32%
23%
42%
32%
26%
50%
28%
22%
NT$ mln
Quarterly Revenue by RegionsBrand Only
24%
28%
48%
3Q07 revenue up 15% QoQN.A. jumped 22%
Europe increased 15%
Emerging markets & AsiaPac rose 12%
3
10,000
7,500
5,000
03Q06 4Q06 1Q07 2Q07 3Q07
2,500
6
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
59878
676105781(10)771
1.13
2Q07
4
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)
8.9
3Q07
7
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%
5
26%
4%
38%
11%21%
5%11%21%
36%
27%
3%12%
20%
39%
26%
4%11%
21%
39%
25% 25%
40%
20%
11%4%
3Q06 4Q06 1Q07 2Q07 3Q07
10,000
8,000
6,000
4,000
0
2,000
8
14811434
39
(170)
61
78
12.224.6
(29.4)
61.5
(60.6)
83.6
251.3
Investment IncomeSub./Aff.Capital Gain
FX Gain/(Loss)
Inventory Loss
Fin. Income/(Exp.) & Oth.
Total
16614224
63
(67)
112
274
3Q07Unit : NT$ mln
6
2Q07 QoQ % Change
3Q07 Non-op Income/Loss& QoQ Comparison
9
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
59878
676105781(10)771
1.13
2Q07
7
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)
8.9
3Q07
10
8,9995,8503,1492,462
687274961
(156)805(4)
8011.17
3Q07 Income Statement& YoY 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
100.067.532.525.27.33.5
10.8(1.6)
9.2(0.2)
9.0
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
1.04
3Q06
8
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)
8.9
3Q07
11
21,65014,6447,0065,6621,345
6822,026(292)1,734
(34)1,7002.49
YT3Q07 Income Statement& YoY 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
100.065.134.927.27.74.0
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
9
AMT AMT% % 100.067.632.426.26.23.19.3
(1.3)8.0
(0.2)7.8
YT3Q07
* Calculated by fully diluted basis of 683.8mln shares* The numbers are pro forma
12
QoQ % Change
3.1(46.6)
10.720.3(0.4)
4.020.85.70.00.02.5
175
222224
10023390
2460
09/30/2007 Balance Sheet & QoQ Comparison
Cash S-T InvestmentAccount ReceivableInventoryLong-term InvestmentsTotal AssetsAccounts PayableCurrent LiabilitiesLong-term LoansCommon StockStockholders’ Equity
Unit: NT$ mln
173
232523
10027390
2459
09/30/07
4,729759
6,6177,2016,531
28,4777,602
11,2266
6,83816,714
10
AMT AMT% % 06/30/07
4,5851,4215,9775,9876,556
27,3836,294
10,6186
6,83816,303
13
9/30/0767
112119
611.800.710.38
22
06/30/0768
103107
641.790.690.32
25
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
11
12/31/0659969560
1.990.600.34
19
*****
*****
*****
**********
9/30/0664949860
1.730.760.51
18
03/31/0769
102100
712.150.52 0.20
29*****
14
#1 in SOHO/SMB Market
Linksys18.1%
Netgear16.4%
3Com13.8%
Others14.3%
Nortel1.6%
HP Procurve3.9%
Zyxel1.0%
Siemens
1.1%
Buffalo0.8%
Allied Telesyn2.7%
Linksys 18.1%
23.8%
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%
12
2Q/07
Belken1.2%
SMC1.3%
15
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
13
16
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
17
For complete financial andpress releases, please visit
http://ir.dlink.com
Q & A
1
里昂證券
台灣投資人論壇
2007年11月5日, 台北
2
2007年第三季自結財務數字
及公司近況
1
3
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
59878
676105781(10)771
1.13
2Q07
2
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)
8.9
3Q07
4
North America Europe Emerging Markets & Asia Pacific
26%
27%
47% 45%
32%
23%
42%
32%
26%
50%
28%
22%
NT$ mln
各區域每季營收概況品牌營收
24%
28%
48%
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%
3
10,000
7,500
5,000
03Q06 4Q06 1Q07 2Q07 3Q07
2,500
5
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
59878
676105781(10)771
1.13
2Q07
4
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)
8.9
3Q07
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$)
6
Switch WLAN Broadband Digital Home NIC & Others
NT$ 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%
5
26%
4%
38%
11%21%
5%11%21%
36%
27%
3%12%
20%
39%
26%
4%11%
21%
39%
25% 25%
40%
20%
11%4%
3Q06 4Q06 1Q07 2Q07 3Q07
10,000
8,000
6,000
4,000
0
2,000
7
14811434
39
(170)
61
78
12.224.6
(29.4)
61.5
(60.6)
83.6
251.3
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
63
(67)
112
274
3Q07Unit : NT$ mln
6
2Q07 QoQ % Change
3Q07 本季與上一季比較-營業外費用&損失
8
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
59878
676105781(10)771
1.13
2Q07
7
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)
8.9
3Q07
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$)
9
8,9995,8503,1492,462
687274961
(156)805(4)
8011.17
3Q07損益表–第三季與去年同期比較
Unit: NT$ million
100.067.532.525.27.33.5
10.8(1.6)
9.2(0.2)
9.0
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
1.04
3Q06
8
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)
8.9
3Q07
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$)
10
21,65014,6447,0065,6621,345
6822,026(292)1,734
(34)1,7002.49
YT3Q07損益表-至第三季為止與去年同期比較
Unit: NT$ 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
9
AMT AMT% % 100.067.632.426.26.23.19.3
(1.3)8.0
(0.2)7.8
YT3Q07
* Calculated by fully diluted basis of 683.8mln shares* The numbers are pro forma
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$)
11
QoQ % Change
3.1(46.6)
10.720.3(0.4)
4.020.85.70.00.02.5
175
222224
10023390
2460
09/30/2007 合併資產負債表-本季與上一季比較
現金
短期投資
應收帳款
存貨
長期投資
資產總計
應付帳款
流動負債
長期借貸
普通股
股東權益
Unit: NT$ mln
173
232523
10027390
2459
09/30/07
4,729759
6,6177,2016,531
28,4777,602
11,2266
6,83816,714
10
AMT AMT% % 06/30/07
4,5851,4215,9775,9876,556
27,3836,294
10,6186
6,83816,303
12
9/30/0767
112119
611.800.710.38
22
06/30/0768
103107
641.790.690.32
25
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
11
12/31/0659969560
1.990.600.34
19
*****
*****
*****
**********
9/30/0664949860
1.730.760.51
18
03/31/0769
102100
712.150.52 0.20
29*****
13
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
1.1%
Buffalo0.8%
Allied Telesyn2.7%
Linksys 18.1%
23.8%
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%
12
2Q/07
Belken1.2%
SMC1.3%
14
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
13
15
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
16
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