Q2 2005 Investor Briefing BenQ Corporation

Transcription

BenQ C orp ora tion
Q2 2005 Investor Briefing
BenQ: Br i n
g in g
En
j o y m e n t ‘N Qu a l i t y t o
Li f e
August 18, 2005
Meeting Overview
Q 2 F in a n c ia l H ig h lig h ts
B u s in e s s U p d a te
Ne w P r o d u c t L a u n c h e s
Q 3 G u id a n c e
S ie m e n s M o b ile D e v ic e s In te g r a tio n B r ie fin g
BenQ C o nf i d ent i a l ( 2 0 0 5 / 8 / 1 8 ) 2 0 0 5 , BenQ C o r p o r a t i o n
1
S a f e H a rb o r N o tic e
We have made forward-l ook i n g s t at emen t s i n t he p res en t at i on . O u r forward-l ook i n g
s t at emen t s c on t ai n i n format i on reg ardi n g , amon g ot her t hi n g s , ou r fi n an c i al
c on di t i on s , fu t u re ex p an s i on p l an s an d b u s i n es s s t rat eg i es . We have b as ed t hes e
forward-l ook i n g s t at emen t s on ou r c u rren t ex p ec t at i on s an d p roj ec t i on s ab ou t fu t u re
even t s . A l t hou g h we b el i eve t hat t hes e ex p ec t at i on s an d p roj ec t i on s are reas on ab l e,
s u c h forward-l ook i n g s t at emen t s are i n heren t l y s u b j ec t t o ri s k s , u n c ert ai n t i es , an d
as s u mp t i on s ab ou t u s .
We u n dert ak e n o ob l i g at i on t o p u b l i c l y u p dat e or revi s e an y forward-l ook i n g
s t at emen t s whet her as a res u l t of n ew i n format i on , fu t u re even t s or ot herwi s e. I n l i g ht
of t hes e ri s k s , u n c ert ai n t i es an d as s u mp t i on s , t he forward-l ook i n g even t s i n t he
c on feren c e mi g ht n ot oc c u r an d ou r ac t u al res u l t s c ou l d di ffer mat eri al l y from t hos e
an t i c i p at ed i n t hes e forward-l ook i n g s t at emen t s .
Q2 Financial Highlights
2
Q 2 2 0 0 5 I nc o m e S ta tem ent – Q o Q A na l y s is
QoQ
Q 1 2 0 0 5
Amount : NT $ Billion Except EPS Data
Net Sales
Cost of Goods Sold
G r o ss P r o f i t
O p e r a ti n g E x p e n se s
O p er ati n g I n c o m e
N e t N on - op I te m s
I n c o m e b ef o r e T ax
I n c om e T a x
Net I n c o m e
F u lly D i lu ted E P S ( NT $ )
••
••
••
Q 2 2 0 0 5
C h a n g e %
3 2 .3 3
1 0 0 .0 %
2 9 .6 7
1 0 0 .0 %
( 2 8 .6 7 )
( 8 8 .7 % )
( 2 6 .8 9 )
( 9 0 .6 % )
3 .6 6
1 1 .3 %
2 .7 8
( 3 .6 1 )
( 1 1 .2 % )
( 3 .4 2 )
- 8 %
- 6 %
9 .4 %
- 2 4 %
( 1 1 .5 % )
- 5 %
0 .0 5
0 .2 %
( 0 .6 4 )
( 2 .2 % )
- 1 4 0 6 %
0 .2 9
0 .9 %
0 .8 9
3 .0 %
0 .3 4
1 .0 %
0 .2 5
0 .8 %
- 2 5 %
( 0 .0 3 )
( 0 .1 % )
0 .2 3
0 .8 %
8 6 6 %
0 .3 0
0 .9 %
0 .4 8
1 .6 %
5 8 %
0 .1 3
2 1 1 %
0 .1 9
Changing
Changing product
product mix—highe
mix—highe rr pepe rce
rce ntage
ntage ofof l l owow e e rr margin
margin products
products . .
P P roj
e
ctors
coming
unde
r
A
S
P
pre
s
s
ure
in
Q
2
;
improv
ing
in
Q
roj e ctors coming unde r A S P pre s s ure in Q 2 ; improv ing in Q 3 3 . .
I I ncre
ncre asas e e dd compe
compe tition
tition in
in O O D D D D s s pace
pace l l e e ading
ading to
to A A S S P P e e ros
ros ion.
ion.
Core business, Unaudited, Prepared by BenQ Corp. on a consolidated basis.
Q 2 2 0 0 5 B a l a nc e S h eet H igh l igh ts
Amount: NT $ Billion
QoQ
Q1 2 0 0 5
Q2 2 0 0 5
C h a n g e %
C a s h & E q u iv a le n t
1 1 .9 3
14.1%
1 4 .9 2
16 .8 %
2 5 %
A c c ou n t s R e c e i v a b l e
1 6 .7 0
19 .7 %
1 6 .7 8
18 .9 %
0 %
I n v e n t or i e s
1 3 .3 4
15 .7 %
1 4 .7 2
16 .6 %
1 0 %
L -T In v e stm e n ts
2 6 .1 0
3 0 .8 %
2 4 .8 4
2 8 .0 %
-5 %
T ot a l A s s e t s
8 4 .7 3
10 0 .0 %
8 8 .6 9
10 0 .0 %
5 %
L ia b ilitie s
3 5 .4 0
41.8 %
4 2 .7 3
48 .2 %
2 1 %
( D e b t)
6 .7 5
8 .0 %
1 1 .0 4
12 .4%
0 .3 %
4 9 .3 3
5 8 .2 %
4 5 .9 6
5 1.8 %
-7 %
E q u it ie s
•• I I nvnv e e ntorie
ntorie s s gre
gre w w on
on changing
changing product
product mix
mix and
and incre
incre asas e e dd pane
pane l l hol
hol dings
dings . .
•• L L iab
iab ilil itie
itie s s incre
incre asas e e dd b b e e caus
caus e e ofof additions
additions ofof N N T T $ $ 4 4 . . 0 0 b b ilil l l ion
ion in
in dome
dome s s tic
tic
N N T T $ $ b b ond
ond & & N N T T $ $ 3 3 . . 6 6 b b ilil l l ion
ion in
in div
div ide
ide nd
nd pay
pay abab l l e e . .
3
K ey F ina nc ia l R a tio s
A / R
T u r n o v e r
I n v e n t o r y T u r n o v e r
Q4 2004
Q 1 2005
Q2 2005
45
d a y s
46
d a y s
48
d a y s
41
d a y s
47 d a y s
3 9
d a y s
R O A *
0. 9 %
1 . 4%
2. 2%
R O E *
1 .6 %
2. 4%
4. 2%
T o t a l D e b t / T o t a l A s s e t s
7 .7 %
7 .9 %
1 2. 4%
* Annualized
2003
R O E
1 7 .3 %
2004
1 5 .5 %
•• Cons
Cons isis tete nt,
nt, b b e e s s t-in-cl
t-in-cl asas s s w w ork
ork ing
ing capital
capital manage
manage me
me nt.
nt.
•• Cas
Cas hh conv
conv e e rsrs ion
ion cycy clcl e e at
at 2 2 0 0 day
day s s asas ofof Q Q 2 2 . .
B u sine ss U p d ate
4
S a l es B rea k d o wn b y B u s ines s
D is p la y
1 00%
Im a g in g &
8 %
1 4 %
S to r a g e
1 5%
C o m m u n ic a tio n s
1 3 %
1 3 %
1 5%
D ig ita l M e d ia
1 5%
1 3 %
1 6%
8 0%
1 6%
1 7 %
1 5%
1 5%
2 2 %
8 %
1 1 %
2 3 %
2 1 %
6 0%
2 1 %
1 7 %
4 9 %
51 %
4 Q ' 03
1 Q ' 04
2 2 %
2 4 %
2 2 %
1 8 %
4 0%
56%
4 7 %
4 8 %
4 8 %
56%
52 %
2 0%
0%
••
••
••
3 Q ' 03
2 Q ' 04
3 Q ' 04
4 Q ' 04
1 Q ' 05
2 Q ' 05
M M ome
ome ntum
ntum f f or
or L L CD
CD monitor
monitor carry
carry ing
ing into
into Q Q 2 2 dede s s pite
pite s s e e asas onal
onal ityity . .
J J oyoy b b ook
ook pos
pos ting
ting s s trong
trong Q Q oQoQ grow
grow th;
th; G G rere ate
ate rr China
China s s tre
tre ngths
ngths continue
continue s s . .
L L CD
CD T T V V e e xpe
xpe rie
rie ncing
ncing aa s s ofof tt patch.
patch.
S a l es B rea k d o wn b y G eo gra p h y
t h e A m e r ic a s
(a)
C h in a
E u r o p e
(b )
A P A M
1 00%
2 3%
2 5%
2 7 %
2 7 %
2 2 %
1 6 %
1 7 %
1 5%
2 6 %
2 8 %
2 2 %
2 0 %
2 4 %
2 3%
1 2 %
1 4 %
34 %
34 %
30 %
2 9 %
8 0%
1 4 %
1 4 %
31 %
36 %
6 0%
2 4 %
2 0 %
4 0%
2 0%
0%
35%
35%
30 %
30 %
33%
3 Q ' 03
4 Q ' 03
1 Q ' 04
2 Q ' 04
3 Q ' 04
30 %
4 Q ' 04
1 Q ' 05
2 Q ' 05
China
China s s alal e e s s improv
improv ing
ing Q Q oQoQ . .
(a)
(b )
In c lu d in g H K
A s i a P ac i f i c , A f r i c a, an d M i d d l e E as t
5
New,
Streamlined
Organization
3C Product
Portfolio
Effective Q3, BenQ is re-o rg a niz ing its b u siness into th ree
b u siness g ro u p s:
Communications:
Comp uting :
Mobile phones, wireless
net work ing
persona l c om pu t er,
c om pu t er d ispla y ,
c om pu t er periphera ls
Communic a tions
Cr y sta l
Computing
Consume r
E l e c tr onic s
Cool B r a nd
Consume r E l e ctr onics:
D ig it a l P roj ec t ors, L C D T V , P ersona l
A V , D ig it a l C a m era s
New Product Launches
6
DC E51 0
The DC E51 0 features P entax S uper-M ulti-Coating lens
technology, a large 2.0" L TP S L CD touch screen and creativ e
functions such as the screw l, frame and stamp function and
P ictB ridge.
DC E520
The DC E520 digital camera is aimed at young professionals
on-the-go. The feature-pack ed DC E520 incorporates a P entax
S uper-M ulti-Coating lens technology, 5 mega pix el CCD, 3 x
optical z oom, high-resolution, large-ov ersiz ed 2.5" L TP S L CD
screen, V G A mov ie recording and ex tra long b attery life all in a
thin 21 mm pack age.
S 8 0
The B enQ S 8 0 is the smallest 3 G phone. Eq uipped w ith a 3 8 4
k b ps transmit rate, as w ell as a dual camera for the v ideo
telephony, users can speak face-to-face w ith family and friends.
The S 8 0 w as recently aw arded for the 2005 CES Design &
Engineering S how case H onors.
7
F P 9 1 V
The new 1 9 -inch F P 9 1 V is eq uipped w ith A M A technology and
offers ultra-fast 4 ms gray to gray response time for applications
that req uire superior display performance. The F P 9 1 V features
b uilt-in speak ers w ith S R S surround sound and comes standard
w ith D-S ub and DV I -D inputs.
F P 7 2V
The new 1 7 -inch L CD monitor F P 7 2V is specifically designed for
family use, accommodating ev eryday activ ities such as music,
v ideos, learning, instant messaging and communicating w ith
friends. The F P 7 2V prov ides sev eral features that address the
needs of the w hole family, including usage time controller,
automatic b rightness adj ustment, and protectiv e film, detachab le
w eb camera for flex ib le placement, flex ib le height settings, and
w ide v iew ing angles for sharing content.
P B 8 26 0
B enQ ’s P B 8 26 0 w ireless proj ector b rings calib erperformance and v ersatility to any b oardroom tab le.
W ireless flex ib ility and a user friendly set-up mak es it the
presentation tool-of-choice for corporate b oardrooms,
conference halls, class rooms and large open v enues.
Effortlessly sw ap presenters and noteb ook s w irelessly
through an 8 02.1 1 b netw ork – you’ll nev er touch another
cab le again!
P B 6 24 0
B enQ P B 6 24 0 w eighs 2.9 k g. This compact proj ector
achiev es b est b rightness in this w eight class w ith 2, 7 00
A N S I -lumens. The B enQ P B 6 24 0 also prov ides b est color
performance w ith uniq ue Color M atching Technology and
easy-to-use functions, including passw ord protection and
high altitude mode.
8
J o y b o o k S 53 / S 53 W
The new J oyb ook S 53 / S 53 W is a 1 3 ” w ide-screen laptop w ith
200 nits b rightness that prov ides the most ideal v isual enj oyment.
The S 53 / S 53 W is also eq uipped w ith a specially-designed
k eyb oard for additional user comfort and an emb edded S R S
audio chip to prov ide an optimal 3 6 0 degree listening ex perience.
The J oyb ook S 53 / S 53 W is av ailab le in tw o colors: b lack and
w hite.
EW 1 6 4 B
Eq uipped w ith B enQ ’s proprietary S olidB urn Technology,
the EW 1 6 4 B DV D R eW riter prov ides users w ith superior
optical w riting that enab les a faster b urning speed w hile
maintaining an ex cellent b urning q uality. The EW 1 6 4 B
DV D R eW riter not only prov ides faster b urning speeds,
ov er-speed b urning is also made possib le. U sers can choose
to activ ate or deactiv ate the S olidB urn Technology and
O v er S peed B urning feature through the Q S uite 2.0
application interface.
9
Q 3 G ui dance
2 0 0 5 Q 3 G u idanc e
Mobile Business Group
guidance unchanging quarter-o n-quarter. S iem ens M o b il e D ev ices
integratio n p l anning o n track .
C om put ing P rod uc t s
L C D m o nito r unit s hip m ent trending up Q o Q w ith A S P s trengthening.
O p tical D is k D riv e p ro ducts to s ee s eas o nal gro w th.
J o y b o o k m o m entum co ntinuing in Q 3 .
D ig it a l Med ia
L C D T V b etter p o s itio ned w ith intro ductio n o f indus try -l eading 3 7 ” and 4 6 ”
m o del s equip p ed w ith B enQ ’s S ens ey eT M techno l o gy .
P ro j ecto r to s ee s tro ng gro w th driv en b y new p ro duct intro ductio n.
Q 3 rev enue t o see g row t h a bov e 1 0 % Q oQ ; bet t er ec onom ies of
sc a le seen a c ross a num ber of prod uc t lines.
1 0
S i em ens M ob i l e D ev i ces
I nteg rati on B ri ef i ng
Siemens M ob ile D ev ic es - I ntegration B rief ing
Status/Timing
B enQ E G M
C ompleted w ith all resolutions approv ed
Integration
T as k F orc e
A steering committee ov erseeing integration formed
W ork sh op sessions ensuring smooth transition
in progress
P rod u c t
D ev el op m ent &
R & D
Joint product roadmaps in final stages of discussions
in progress
O rganiz ation /
H R
F iv e 3 G h andset models b y y ear-end, 2 0 0 6
P roducts targeting different geograph y confirmed
A u gu st 3 1
N ew corporate entities b eing incorporated glob ally
S ept em b er 1 5
R egional h eads already appointed; country managers
appointed for th e most part
R etention program implemented w / k ey personnel
P rod u c tion
J u ly 2 8
F ul l y l e v e r aging in-h o use c ap ac ity
by closing
1 1
1 2
BenQ Corporation.
Unaudited Core business Consolidated Balance Sheet
JUN. 30, 2005
UNIT : NT$K
Assets
Liabilities & stockholders' equity
Current assets :
Liabilities
Cash & cash equivalent
14,216,055
16.0%
Short term investment
705,986
0.8%
14,535,402
16.4%
2,242,651
2.5%
14,724,276
16.6%
2,907,811
3.3%
49,332,181
55.6%
Net notes and accounts receivable
N/R & A/R from related parties
Net inventories
Prepaid expenses & other current assets
Total current assets
Long term investments
Fixed assets :
Less : Accumulated depreciation
Total fixed assets
Other assets
Short term borrowings
2,798,238
N/P & A/P
19,688,228 22.2%
N/P & A/P to related partie
Bond payable
Acurred exp. & other current liab.
Total current liabilities
24,837,013
28.0%
Bond payable
21.0%
Other liabilities
(6,490,423)
7.3%
12,121,217
13.7%
2,397,342
2.7%
Total liabilities
100.0%
Stockholder' equities
Net sales
$
Cost of goods sold
62,014,623
100.0%
(55,572,616) -89.6%
Gross profit
6,442,007
Operating expense :
10.4%
0
S&M
(4,312,354)
-7.0%
G&A
(997,287)
-1.6%
R&D
(1,729,296)
-2.8%
Total Operating expense
(7,038,937) -11.4%
Operating income (loss)
(596,930)
Non-operating in net income(loss)
-1.0%
1,181,098
1.9%
Earning Before income tax
584,168
0.9%
Income tax
199,632
0.3%
0
0.0%
783,799
1.3%
Minority interest in net income (loss)
Profit after tax
$
0.0%
8,238,641
9.3%
270,878
0.3%
0
Treasury stock
Capital surplus
Legal reserve
(77,125) -0.1%
14,509,617 16.4%
4,016,353 4.5%
Total Liabilities & stockholders' equity
Unaudited Core business Consolidated Income Statement
UNIT : NT$K
5.9%
24,679,983 27.8%
BenQ Corporation.
JUN. 30, 2005
5,224,133
Common stock
Total stockholder' equities
88,687,753
0.0%
42,725,321 48.2%
Translation adjustment
$
7.3%
0
6,051
Retained earnings
Total Assets
6,499,151
34,209,750 38.6%
Long term loan
18,611,640
3.2%
2,890,831
3.3%
-57,226
-0.1%
45,962,432 51.8%
$
88,687,753 100.0%
BenQ Corporation
Non-consolidated Balance Sheets (Parent Company Only)
June 30, 2004 and 2005
(expressed in thousands of New Taiwan dollars)
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Notes and accounts receivable, net
Receivables from related parties
Other financial assets－current
Inventories, net
Prepaid expenses and other current assets
Deferred income tax assets-current
Long-term equity investments:
Equity method
Cost or lower-of-cost-or-market method
Property, plant and equipment:
Land
Buildings
Machinery and equipment
Furniture and fixtures
Miscellaneous equipment
Prepayments for plant and equipment
Less: accumulated depreciation
Net property, plant and equipment
Other assets：
Assets for lease
Refundable deposits
Deferred assets
Deferred income tax assets-noncurrent
Total other assets
Total assets
2005.6.30
NT$
2004.6.30
NT$
10,103,885
682,790
3,926,770
20,440,859
427,994
3,869,257
236,535
624,290
40,312,380
564,047
307,774
9,259,179
21,046,007
302,623
5,739,783
364,776
1,173,493
38,757,682
28,759,501
1,436,243
30,195,744
30,740,813
2,144,978
32,885,791
2,136,213
3,552,462
2,531,045
143,406
69,941
228,674
8,661,741
(2,721,589)
5,940,152
2,356,164
3,926,269
2,350,245
139,995
67,262
230,468
9,070,403
(2,338,412)
6,731,991
1,004,201
8,142
277,811
992,910
2,283,064
512,463
7,093
95,537
56,499
671,592
78,731,340
79,047,056
2005.6.30
NT$
2004.6.30
NT$
Current liabilities:
Short-term borrowings
Notes and accounts payable
Payables to related parties
Bonds payable
Accrued expenses and other current liabilities
Income tax payable
Deferred inter-company profit
3,752,560
14,098,322
6,104,979
229,799
24,185,660
151,988
7,750,340
15,535,440
1,400
4,318,224
468,563
331,462
28,557,417
Bonds payable
Other liabilities
Total liabilities
8,238,641
344,606
32,768,907
2,258,891
462,156
31,278,464
24,679,983
23,148,990
5,152,848
5,152,848
7,134,246
7,104,453
12,432
2,128,336
14,427,862
4,016,353
2,890,831
81,754
(57,225)
(77,125)
45,962,433
78,731,340
134
2,194,672
14,452,107
3,254,424
6,569,397
422,693
(79,019)
47,768,592
79,047,056
Liabilities and Stockholders’ Equity
Stockholders’ equity:
Common stock:
Common stock
Capital surplus:
Additional paid-in capital in excess of the common
stock’s par value
Convertible bonds converted in excess of the common
stock’s par value
Capital surplus from treasury stock transactions
Capital surplus from long-term equity investments
Legal reserves
Retained earnings
Special reserves
Treasury stock
Total stockholders’ equity
Total liabilities and stockholders’ equity
BenQ Corporation
Non-consolidated Statements of Income (Parent Company Only)
For the six-month periods ended June 30, 2004 and 2005
(expressed in thousands of New Taiwan dollars, expect earnings per share)
Net sales
Cost of goods sold
Change in unrealized inter-company profits
Gross profit
Operating expenses:
Selling
Administrative
Research and development
Operating income (loss)
Non-operating income:
Interest income
Investment income
Dividend income
Gain on disposal of property, plant and equipment
Gain on disposal of investments, net
Foreign exchange gain, net
Others
Non-operating expenses:
Interest expense
Investment loss
Permanent decline in the long-term equity
investment’s value
Loss on disposal of property, plant and equipment
Impairment loss
Others
2005
NT$
2004
NT$
53,536,906
78,700,901
(50,162,510)
(71,497,121)
3,274,396
7,203,780
(224,421)
(163,902)
3,149,975
7,039,878
(1,201,922)
(455,964)
(1,632,112)
(3,289,998)
(140,023)
(1,874,435)
(494,163)
(1,819,336)
(4,187,934)
2,851,944
6,101
82,681
1,049
1,745,781
93,067
162,796
2,091,475
2,644
3,375,682
170,711
1,149
57,945
132,536
84,374
3,825,041
(186,725)
(1,051,510)
(65,749)
-
(149,307)
(98)
(18,598)
(22,841)
(1,429,079)
(250,000)
(2,867)
(2,937)
(321,553)
Net income before income tax expense
522,373
Income tax benefit (expense)
261,426
Net income
783,799
6,355,432
(310,855)
6,044,577
Earnings per share:
Basic earnings per share
0.32
2.46
Diluted earnings per share
0.32
2.44
BenQ Corporation
Non-consolidated Statements of Changes in Stockholders’ Equity
Common
Stock
NT$
Convertible
Bonds Applied
for Conversion
Capital
Surplus
Legal
Reserves
Special
Reserves
Retained
Earnings
NT$
NT$
NT$
NT$
NT$
20,838,612
-
Balance at January 1, 2004
Net income for the six-month period ended June 30, 2004
Appropriation of earnings and capital surplus:
Legal reserves
13,436
-
2,517,592
Retained earnings transferred to common stock
Cash dividends
Employee bonus in cash
Directors’ and supervisors’ remuneration
Convertible bonds converted to common stock and capital
surplus
Treasury stock acquired by the Company
Treasury stock retired
Change in treasury stock held by subsidiaries
Cash dividends paid to subsidiaries which hold the
Company’s share
-
137,356
23,148,990
23,150,141
Net income for six-month period ended June 30, 2005
-
-
2,504,415 -
-
8,931,983
6,044,577
750,009
-
-
(750,009)
(2,517,592)
-
-
298,926
-
-
(4,123,924)
(50,626)
(67,501)
-
-
-
(211,698) -
-
-
(13,436)
(344,570) -
Adjustments of net equity of investee companies
Change in foreign currency translation adjustment
Balance at June 30, 2004
13,578,276
-
Foreign
Currency Treasury
Translation
Stock
Adjustment
NT$
NT$
-
-
(897,511) -
-
476,861
-
-
(881,619)
-
Total
NT$
45,461,964
6,044,577
(4,123,924)
(50,626)
(67,501)
422,846
(651,354)
1,453,779
175
(651,354)
175
-
134
786,469
14,452,107
3,254,424 -
6,569,397
(54,168)
422,693
(79,019)
134
786,469
(54,168)
47,768,592
-
14,688,280
3,254,424 -
8,144,108
(81,754)
(77,336)
49,077,863
-
-
-
-
783,799
-
-
783,799
761,929
-
(761,929)
-
-
-
-
81,754
(81,754)
-
-
-
Appropriation of earnings and capital surplus:
Legal reserves
Special reserves
Retained earnings transferred to common stock
-
-
-
-
-
1,513,755
-
-
-
-
Cash dividends
-
-
-
-
-
(3,473,263)
-
-
(3,473,263)
-
-
-
-
-
(152,170)
-
-
(152,170)
-
-
-
-
-
(54,205)
-
-
(54,205)
Convertible bonds converted to common stock and capital
surplus
16,087
-
27,382
(1,513,755)
-
-
-
-
-
43,469
Change in treasury stock held by subsidiaries
-
-
-
-
-
-
-
211
Cash dividends paid to subsidiaries which hold the
Company’s shares
-
-
5,620
-
-
-
-
-
Adjustments of net equity of investee companies
-
-
-
-
-
-
-
(293,420)
Change in foreign currency translation adjustment
-
-
-
-
-
-
24,529
-
24,529
24,679,983
-
14,427,862
4,016,353
2,890,831
(57,225)
(77,125)
(293,420)
81,754
211
5,620
45,962,433
BenQ Corporation
Non-consolidated Statements of Cash Flows (Parent Company Only)
2005
NT$
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
Depreciation
Amortization
Change in provision for bad debt
Change in provision for inventory obsolescence
Investment loss (income) on long-term equity investments, net
Cash dividends received from investees accounted for by equity method
Gain on disposal of short-term investments
Loss on disposal of long-term investments
Impairment loss on long-term investment
Loss (gain) on disposal of property, plant and equipment
Unrealized foreign exchange gain on overseas convertible bonds
Reversal for redemption of overseas convertible bonds
Impairment loss
Amortization of bond issuance cost
Differences in accounts in the accompanying balance sheets:
Notes and accounts receivable
Inventories
Other financial assets-current
Deferred inter-company profit
Income tax payables
Deferred income tax assets
Other liabilities
Net cash provided by operating activities
Cash flows from investing activities:
Additions to long-term investments
Decrease in short-term investments
Additions to property, plant and equipment
Proceeds from disposal of property, plant and equipment
Increase in refundable deposits and deferred assets
Receipt from investees’ capital reduction
Net cash provided by investing activities
Cash flows from financing activities:
Increase in short-term borrowings
Redemption of convertible bonds
Acquisition of treasury stock
Issuance of bonds
Payment of cash dividends
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Additional disclosure of cash flow information:
Cash paid during the period for:
Interest, excluding capitalized interest
Income taxes
Supplemental disclosure of non-cash investing and financial activities:
Unpaid cash dividends reported as accrued expenses
Unpaid employee bonus reported as accrued expenses
Increase (decrease) in capital surplus from long-term equity investments
Increase (decrease) in translation adjustment
Convertible bonds converted to common stock and capital surplus
Unreceivable cash dividends reported as receivables from related parties
2004
NT$
783,799
6,044,577
249,252
68,379
(32,507)
(46,949)
1,051,510
24,400
(1,745,781)
149,307
(951)
(2,134)
(3,612)
18,598
633
289,037
39,169
22,616
(15,942)
(3,375,682)
(69,920)
11,975
250,000
1,718
(9,279)
(6,334)
533
1,569,100
1,231,074
37,587
(311,975)
70,169
(2,123,097)
758,994
224,421
(1,151,408)
(251,707)
(277,634)
(9,552)
279,916
(979,206)
(296,027)
(259,336)
(203,003)
(65,625)
786,884
(591,472)
163,902
(356,830)
407,199
(224,759)
(9,552)
1,554,643
(953,052)
6,494,025
(112,092)
2,238
(214,635)
9,428
5,225,912
(296,131)
3,242,667
(214,364)
7,850
(5,247)
26,147
2,760,922
(1,400)
3,998,600
151,988
(200,300)
(651,354)
(67,501)
(4,123,924)
(4,891,091)
9,504,428
(575,526)
599,457
1,139,573
10,103,885
564,047
147,024
269,619
49,372
128,416
3,473,263
152,170
(293,420)
24,529
43,469
1,143,379
50,626
786,469
(54,168)
422,846
-
4,000,000
BenQ Corporation and Subsidiaries
Consolidated Balance Sheets
June 30, 2005
Unaudited
Assets
Current assets:
Cash and cash equivalents
Short-term investments
Other financial assets－current
Inventories
Deferred income tax assets-current
Long-term equity investments:
Equity method
Cost or lower-of-cost-or-market method
Property, plant and equipment:
Land
Buildings
Machinery and equipment
Furniture and fixtures
Miscellaneous equipment
Leasehold improvements
Prepayments for plant and equipment
Less: accumulated depreciation
Net property, plant and equipment
Other assets：
Refundable deposits
Deferred expense and other assets
Deferred income tax assets-noncurrent
Total other assets
Total assets
2005.6.30
NT$
%
Liabilities and Stockholders’ Equity
15,513,950
1,574,844
16,372,396
2,397,096
1,685,477
17,661,421
1,640,187
756,345
57,601,716
15
2
16
2
2
17
1
55
17,802,246
2,103,608
19,905,854
17
2
19
3,325,793
8,894,542
16,085,790
926,700
994,529
558,783
3,340,095
34,126,232
(10,805,322)
23,320,910
3
9
15
1
1
1
3
33
(10)
23
118,644
1,913,950
1,505,494
3,538,088
2
1
3
104,366,568
100
2005.6.30
NT$
%
Current liabilities:
Short-term borrowings
Current portion of long-term debt
Accounts payable
Bonds payable
4,047,484
606,995
19,309,359
6,576,706
100,000
10,867,031
41,507,575
4
19
6
11
40
Bonds payable
Long-term debt
Long-term liabilities
Other liabilities
Total liabilities
8,438,641
5,451,614
13,890,255
107,706
55,505,536
8
5
13
53
24,679,983
23
5,152,848
5
7,134,246
7
Stockholders’ equity:
Common stock:
Common stock
Capital surplus:
Additional paid-in capital in excess of the common
stock’s par value
Convertible bonds converted in excess of the common
stock’s par value
Capital surplus from treasury stock transactions
Capital surplus from long-term equity investments
Legal reserves
Retained earnings
Special Reserve
Treasury stock
Special reserves
Minority interest
Total stockholders’ equity
Total liabilities and stockholders’ equity
12,432
2,128,336
14,427,862
4,016,353
2,890,831
81,754
(57,225)
(77,125)
45,962,433
2,898,599
48,861,032
104,366,568
-
2
14
4
3
44
3
47
100
Consolidated Statements of Income
For the six-month periods ended June 30, 2005
Unaudited
2005
NT$
Net sales
Cost of goods sold
Gross profit
Operating expenses:
Selling
Administrative
Research and development
Operating income
Non-operating income:
Interest income
Dividend income
Gain on disposal of investments, net
Foreign currency exchange gain, net
Others
Non-operating expense:
Interest expense
Impairment loss on long-term equity investment
Investment loss recorded under the equity method,
net
Loss on disposal of Property, plant and equipment
Impairment loss on deferred expenses
Others
Net income before income tax expense
Income tax benefit
Net income before minority interest
Minority interesting in net loss of subsidiaries
Net income
67,734,146
(60,679,233)
7,054,913
(4,644,886)
(1,484,296)
(2,072,988)
(8,202,170)
(1,147,257)
36,763
119,755
1,839,384
29,303
221,546
2,246,751
(347,704)
(149,307)
(259,471)
(18,598)
(39,480)
(814,560)
284,934
260,070
%
100
(90)
10
(7)
(2)
(3)
(12)
(2)
3
3
1
1
545,004
238,795
-
783,799
1
Earnings per share:
Basic earnings per share
0.32
Diluted earnings per share
0.32
Consolidated Statements of Changes in Stockholders’ Equity
Years ended June 30, 2005
Unaudited
Net income for the six-month period
ended June 30,2005
Common
Stock
Capital
Surplus
Legal
Reserves
NT$
NT$
NT$
23,150,141
14,688,280
3,254,424
-
-
Minority
interest
Special
Reserve
Retained
Earnings
Translation
Adjustment
Treasury
Stock
NT$
NT$
NT$
NT$
(81,754)
(77,336) 2,532,751
-
8,144,108
Total
NT$
(238,795)
NT$
51,610,614
-
783,799
-
-
545,004
761,929-
(761,929)-
-
-
-
Appropriation of earnings and capital
surplus:
Legal reserves
-
-
Sepecial reserves
Retained earnings transferred to
common stock
-
81,754
(81,754)
1,513,755
-
-
(1,513,755)
-
-
-
Cash dividends
-
-
-
(3,473,263)
-
-
(3,473,263)
-
-
-
(152,170)
-
-
(152,170)
Directors’ and supervisors’
remuneration
-
-
-
(54,205)
-
-
Convertible bonds converted to common
stock and capital surplus
16,087
27,382
-
-
-
211
-
-
-
-
-
Cash dividends paid to subsidiaries which
hold the Company’s shares
-
5,620
-
-
-
-
Adjustments of net equity of investee
companies
-
-
-
-
-
Change in foreign currency translation
adjustment
-
-
-
24,529
-
-
(5)
Effect of newly consolidated
subsidiaries
24,679,983
14,427,862
4,016,353
81,754
2,890,831
(57,225)
(55,472)
43,469
Change in treasury stock held by
subsidiaries
(293,420)
(1,267)
(77,125)
206
5,620
11,475
(10,948)
(281,945)
13,581
605,388
605,388
2,898,599
48,861,032
Consolidated Statements of Cash Flows
For the six-month periods ended June 30, 2005
Unaudited
2005
NT$
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Minority interest in net loss of subsidiaries
Depreciation
Amortization
Impairment loss
Loss on disposal of property, plant and equipment
Fixed assets transferred to expenses
Gain on disposal of short-term investment
Gain on disposal of long-term investments
Impairment loss on long-term equity investment
Investment income on long-term equity investments, net
Cash dividends received from investees accounted for by equity method
Unrealized foreign exchange gain on overseas convertible bonds
Reversal for redemption of overseas convertible bonds
Amortization of bond issuance cost
Differences in accounts in the accompanying balance sheets:
Inventories
Other financial assets-current
Deferred income tax assets
Other liabilities
Deferred income tax liabilities
Net cash provided by operating activities
2,778,865
557,378
(185,688)
(126,266)
(411,830)
(343,086)
(1,333,712)
327,667
(683,533)
(29,651)
(341)
2,527,498
Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment
Additions to property, plant and equipment
Increase in refundable deposits and deferred assets
Proceeds from disposal of long-term equity investments
Additions to long-term investments
Receipt from investees’ capital reduction
Decrease in short-term investments
Net cash provided by investing activities
338,395
(3,135,167)
(920,452)
135,407
(30,558)
9,428
6,532,531
2,929,584
783,799
(238,795)
1,582,575
114,505
18,598
296
9,058
(1,752,238)
(87,146)
149,307
259,471
1,143,378
(2,134)
(3,612)
633
Cash flows from financing activities:
Increase in short-term borrowings
Increase in long-term debt
Issuance of bonds
Redemption of convertible bonds
Decrease in minority interest
Net cash provided by financing activities
637,167
787,765
4,000,000
(1,400)
(1,232)
5,422,300
Effect of newly consolidated subsidiaries
1,244,386
Effect of exchange rate changes on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Additional disclosure of cash flow information:
Cash paid during the period for:
Interest, excluding capitalized interest
Income taxes
Supplemental disclosure of noncash investing and financial activities:
Unpaid cash dividends reported as accrued expenses
Unpaid employee bonus reported as accrued expenses
Increase in translation adjustment
Convertible bonds transferred to common stock and capital surplus
172,041
12,295,809
3,218,141
15,513,950
270,025
298,255
3,473,263
152,170
24,529
43,469

Q2 2005 Investor Briefing BenQ Corporation

Transcription

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