Winbond Electronics Corp. · TWSE:2344
Winbond Electronics — Q3 2011 Earnings Presentation
21 slides from Winbond Electronics's earnings presentation, Oct 28, 2011
Slide 1: 3Q11 Investor Conference
A Global Supplier of Advanced Memory Solutions 3Q11 Investor Conference Oct 28, 2011
Slide 2: Safe Harbor Notice
Safe Harbor Notice • We have made forward-looking statements in this presentation. Our forward-looking statements contain information regarding, among other things, our financial condition, future expansion plans and business strategies. We have based these forward- looking statements on our current
Slide 3: Agenda
Agenda • 3Q11 Financial Results • Business Update & Outlook • Q&A
Slide 4: 3Q11 Financial Results
3Q11 Financial Results
Slide 5: 3Q11 Income Statement (QoQ)
3Q11 Income Statement(QoQ) 3Q’11 2Q’11 QoQ change Unit: NT$ mil Amount % Amount % Amount % Net Sales 6,918 100 7,420 100 (502) (7) Gross Profit 897 13 1,234 17 (337) (27) Operating Income (22) (0) 339 5 (361) (106) Pretax Income (79) (1) 324 4 (403) (124) Net Income (41) (1) 269 4 (310) (115) EPS (N
Slide 6: 3Q11 Income Statement (YoY)
3Q11 Income Statement(YoY) 3Q’11 3Q’10 YoY change Unit: NT$ mil Amount % Amount % Amount % Net Sales 6,918 100 8,574 100 (1,656) (19) Gross Profit 897 13 2,026 24 (1,129) (56) Operating Income (22) (0) 1,263 15 (1,285) (102) Pretax Income (79) (1) 1,901 22 (1,980) (104) Net Income (41) (1) 1,901 22
Slide 7: Balance Sheet as of Sep. 30, 2011
Balance Sheet as of Sep. 30, 2011 Sep 30 ’11 Jun 30 ’11 QoQ change Unit: NT$ mil Amount % Amount % Amount % Cash & Equivalents 5,013 8 4,250 7 763 18 Net Fixed Assets 36,110 58 36,686 59 (576) (2) Total Assets 62,250 100 62,311 100 (61) (0) L-T Liabilities 7,867 13 8,792 14 (925) (11) SH Equity 36,7
Slide 8: 3Q11 Statement of Cash Flow
3Q11 Statement of Cash Flow 3Q’11 2Q’11 QoQ change Unit: NT$ mil Amount Amount Amount Operating Cash Flow 2,105 2,605 (500) Investing Cash Flow (1,495) (1,842) 347 Financing Cash Flow 153 (1,425) 1,578 Cash & Equivalents 5,013 4,250 763 Depreciation and Amortization 2,449 2,502 (53) CAPEX 1,410 1,72
Slide 9: Revenue and GM Trend - Winbond alone
Revenue and GM Trend Revenue (NT$ bil) - Winbond alone Gross Margin 10.0 40% 8.0 25% 6.0 24% 4.0 8.5 8.6 20% 7.0 7.7 7.2 7.4 6.5 6.9 2.0 17% 17% 13% 16% 12% 14% 0.0 -2.0 0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Revenue Gross Profit GM% Note: All financial figures are unconsolidated 9
Slide 10: Revenue and GM Trend - Consolidated
Revenue and GM Trend Revenue (NT$ bil) - Consolidated Gross Margin 12.0 40% 29% 28% 10.0 21% 22% 22% 17% 19% 19% 20% 8.0 10.8 10.7 6.0 8.3 9.6 8.9 8.9 9.5 8.9 0% 4.0 2.0 -20% 0.0 -2.0 -40% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 Revenue Gross Profit GM% Note: 1. Entities in the consolidated statemen
Slide 11: Geometry Breakdown
Geometry Breakdown 120 Thousand Wafers per Quarter 100 65nm 80 75nm 80nm 60 40 90nm 20 110nm - 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 • Memory Geometry in 3Q11 : 1% in 110nm, 51% in 90nm and 48% in 65nm. 11
Slide 12: Y2011 CAPEX
Y2011 CAPEX NT$ Billion 16 14.1 14 12 10 8 7.35 6.25 Purposes of Y2011 CAPEX : 6 4.2 • 90nm & 58nm Flash capacity 4 to 14K WPM 2 • 65 & 46nm DRAM capacity to 0 20K WPM. Y2008 Y2009 Y2010 Y2011 Cash Basis CAPEX as of 10/28/2011 12
Slide 13: Business Update and Outlook
Business Update and Outlook
Slide 14: Revenue Breakdown by Product
Revenue Breakdown by Product Revenue (NT$ bil) 9.0 8.5 8.6 8.0 7.7 7.4 7.0 28% 7.2 6.9 28% 7.0 6.5 21% 27% 34% 6.0 18% QoQ YoY 31% 39% 18% % % 5.0 24% 16% 18% 29% Flash 9% 12% 4.0 25% 28% 16% Mobile -40% -47% 3.0 40% 41% 38% 39% Specialty -2% -9% 2.0 35% 36% 44% 8% 13% 42% 1.0 12% 16% 10% 9% 9% 4% 1
Slide 15: 12” Fab Output by Product
12” Fab Output by Product Wafer out (K pcs) 40 37K 36K 36K 36K 36K 35K 35 33K 33K 33K 6 7 2 3 6 8 30 4 11 13 25 23K 1 20 15 31 30 30 29 29 29 28 25 24 10 22 5 - 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 DRAM FLASH 15
Slide 16: Flash Memory Business
Flash Memory Business +9% QoQ / +12% YoY Mobile phone application accounted for 21% revenue in Q3, increasing from 10% in Q2 Provide the most complete SF product portfolio for mobile phone new SiP platform ─ Continue business growth in Q4, but expect fierce price pressure ─ Will introduce 58nm
Slide 17: Specialty DRAM Business
Specialty DRAM Business -2% QoQ / -9% YoY 65nm products accounted for 86% revenue in September Continuous improvement in product mix and customer mix 46 nm product introduction ─ Samples of 1st 46nm product have been released ─ Samples of 2nd 46nm product to be released in December ─ Mass pr
Slide 18: Mobile RAM Business
Mobile RAM Business - 40% QoQ/ - 47% YoY Pseudo RAM ─ Q3 shipment quantity drops by 30%, while price relatively stable ─ 65nm products accounted for 62% revenue in September ─ Business in high density Pseudo RAM will pick up in 2012 1H ASIC RAM ─ Weak demand due to end application in TV Low
Slide 19: Impact of Thai Flood on Business
Impact of Thai Flood on Business Winbond is a supplier of DRAM and Flash to all HDD makers Impact on worldwide HDD manufacturing will be in December and 2012 Q1 Industry believes that the reduced output in HDD & PC (due to HDD shortage) will be recovered by extra demand in subsequent quarters
Slide 20: Business Outlook
Business Outlook 大環境驚濤駭浪 準備好的公司 乘風破浪 迎接燕群 20
Slide 21: Questions & Answers
Q uestions & A nswers Website: www.winbond.com 21