Taiwan Mobile Co., Ltd. · TWSE:3045
Taiwan Mobile — Q2 2024 Earnings Presentation
18 slides from Taiwan Mobile's earnings presentation, Aug 6, 2024
Slide 1: 2Q24 Results Summary
Taiwan Mobile Co., Ltd. 2Q24 Results Summary Aug 6, 2024 1
Slide 2: Disclaimer
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. (or hereafter the “Company”) undertakes no obligation to update o
Slide 3: Business Overview
Business Overview 3
Slide 4: 2Q24 Highlights
2Q24 Highlights Solid growth across 3 core sectors Mobile Service Revenue momo Revenue Home Broadband Subs +26% YoY* +2% YoY +4% YoY Consolidated EBITDA +19% YoY Consolidated Operating Income +11% YoY to 7-year high *YoY comparison reflects T Star’s contribution as the merger took place on Dec 1, 20
Slide 5: Significant Merger Synergies
Significant Merger Synergies 1H23 1H24 (NT$bn) (NT$bn) Pro forma telecom EBIT increased by 53% 2,578 5.43 2,895 6.23 0 0 (1.36) Taiwan Mobile T Star combined Consolidated FY24 Guidance +11~13% YoY EBITDA 1H24 Actual +20% YoY 5
Slide 6: Mobile – Growth Engine #1
Mobile – Growth Engine #1 2Q24 results Smartphone ARPU Mobile Service Revenue Monthly fee uplift (non-bundle) from renewals TWM +6% NT$16.02 bn 715 Alone YoY +47% 700 700 4G to 5G 653 655 Overall +8% 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 2Q24 5G Penetration of Smartphone User Base 1
Slide 7: momo – Growth Engine #2
momo – Growth Engine #2 Revenue EBITDA (NT$mn) (NT$mn) YoY YoY 26,212 26,657 +2% -2% 1,290 1,261 2Q23 2Q24 2Q23 2Q24 Active Users EBITDA Margin 15.00% +8% 10.00% 4.9% 4.7% YoY 5.00% 2Q24 0.00% -5.00% 2Q23 2Q24 Note: Financial numbers on this page include preliminary unaudited numbers and management
Slide 8: Broadband – Growth Engine #3
Broadband – Growth Engine #3 Cable Broadband Subscriber 2Q24 Penetration Rate (TFNM+Double Play) YoY 71.9% 59.2% 62.7% ≥300Mbps +46% 52.0% <300Mbps Top 4 Top 4 TFNM MSO TFNM MSO 2Q23 2Q24 DTV Broadband Source: Market intelligence Source: Market intelligence CATV Revenue CATV EBITDA (NT$mn) (NT$mn) 1
Slide 9: Financial Overview
Financial Overview 9
Slide 10: Performance by Business
Performance by Business Revenue EBITDA NT$bn Telecom momo CATV Total1 Telecom momo CATV Total1 2Q24 20.43 26.66 1.48 47.74 8.35 1.26 0.79 10.59 % of 43% 56% 3% 100% 79% 12% 7% 100% total 2Q24 25% 2% -6% 10% 24% -2% 4% 19% YoY 1Q24 20% 7% -6% 12% 27% 6% 5% 22% YoY 1. The sum of each account of teleco
Slide 11: Results Summary
Results Summary 2Q24 1H24 NT$bn Amount QoQ YoY Amount YoY Revenues 47.74 -1% 10% 96.02 11% Cash Cost & Expense (37.16) -1% 7% (74.85) 9% Operating Income 4.95 6% 11% 9.61 10% Non-op. Income (Exp.) (0.39) 18% 189% (0.73) 99% Pre-tax Income 4.56 5% 5% 8.88 6% Net Income 3.23 9% 7% 6.20 8% EPS (NT$) 1.
Slide 12: Balance Sheet Analysis
Balance Sheet Analysis NT$bn 2Q24 1Q24 2Q23 NT$bn 2Q24 1Q24 2Q23 Total Assets 240.52 239.02 186.39 Liabilities 154.88 142.03 120.51 Current Assets 44.71 42.98 36.29 Current Liabilities 96.84 72.32 63.15 - Cash & Cash Equivalents 15.24 13.96 11.23 - ST Debts 42.81 33.80 18.55 - Receivable & Contract
Slide 13: Cash Flow Analysis
Cash Flow Analysis NT$bn 2Q24 1Q24 2Q23 Operating 8.43 10.32 8.71 Investing (3.16) (2.85) (2.06) Financing (3.99) (6.75) (9.67) NT$bn 2Q24 1Q24 2Q23 Pre-IFRS 16 Operating1 7.11 8.73 7.65 Cash CAPEX (2.63) (2.77) (2.12) Free Cash Flow 4.49 5.96 5.52 1. “Lease expenses” previously under operating acti
Slide 14: Event Updates
Event Updates 14
Slide 15: Awards and ESG Recognitions
Awards and ESG Recognitions Overall Asia *ex-Japan Rest of Asia (ex-China) *ex-Japan The only Taiwan telecom company #1 in telecom sector & Most Honored recognized as “Most Honored Company” Company for 3 years in a row for 3 years in a row #1 in Best CEO, Best CFO for 3 years in a row #1 in Best CEO
Slide 16: Key Message
Key Message Taiwan Mobile delivered exceptional top-line and EBITDA performance in our core telecom business during the first half of 2024, driven by robust organic growth and seamless post-merger integration. Building on this success, we are confident in our ability to unlock the full potential of
Slide 17: SIBASAK
SIBASAK Taiwan Mobile
Slide 18: Appendix: TWM – TST Merger
Appendix: TWM – TST Merger • The merger with T Star was effective on December 1, 2023. • Approximately 204mn new shares were issued, bringing total outstanding shares to 3,723mn (including 699mn treasury shares which are excluded from EPS calculation and dividend distribution). Combined Sub 6GHz Spe