Taiwan Mobile Co., Ltd. · TWSE:3045
Taiwan Mobile — Q1 2009 Earnings Presentation
14 slides from Taiwan Mobile's earnings presentation, Apr 30, 2009
Slide 1: Taiwan Mobile Co., Ltd. 1Q09 Results Summary
Taiwan Mobile Co., Ltd. 1Q09 Results Summary Harvey Chang - CEO April 30, 2009
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. (the “Company”) undertakes no obligation to update or revise the
Slide 3: Outline
Outline 1Q results summary –1Q P&L – 1Q Divisional performance – 1Q Mobile operational analysis – Balance sheet and cash flow analysis 2Q09 forecast Event update Key message 3
Slide 4: Result Summary
Result Summary Unit: NT$m 1Q Actual 1Q Forecast Execution % Operating revenue 16,885 16,865 100% Cost (8,351) (7,991) 104% Marketing expense (2,539) (2,724) 93% G&A expense (1,136) (1,289) 88% Operating income 4,860 4,860 100% Net non-oper. items (516) (406) 127% Income before tax 4,344 4,454 98% Ne
Slide 5: 1Q Divisional Performance
1Q Divisional Performance YoY YoY YoY Conso- YoY NT$bn CBG EBG HBG Chg. Chg. Chg. lidated Chg. Revenue 13.48 -3% 2.29 1% 1.10 7% 16.89 -2% EBITDA 5.98 -9% 0.44 -8% 0.57 6% 7.04 -8% D&A 1.91 8% 0.10 98% 0.12 -1% 2.18 9% EBIT 4.07 -16% 0.34 -20% 0.45 7% 4.86 -14% EBITDA % 44.4% -3.2pps 19.3% -1.9pps 5
Slide 6: Wireless Peer Comparison
Wireless Peer Comparison Subs CHT FET TWM Total (K) 1Q09 8,978 6,229 6,345 21,552 1Q08 8,724 6,226 6,228 21,178 1Q YoY 2.9% 0.1% 1.9% 1.8% 50.0% Mobile EBITDA Margin TWM 45.0% 45.5% 45.5% 45.2% 42.6% 42.0% 42.4% 42.2% 40.0% 41.6% 40.0% 40.5% FET 35.0% 1Q08 2Q08 3Q08 4Q08 1Q09 6
Slide 7: VAS and 3G
VAS and 3G CHT FET TWM NT$m % of % of % of VAS VAS VAS service rev. service rev. service rev. 1Q09 2,027 11.5% 1,935 14.2% 1,649 12.1% 1Q08 1,715 9.5% 1,790 12.5% 1,353 9.3% 1Q YoY 19% 8% 22% 4Q YoY 28% 12% 20% 3G post-paid Main VAS drivers 1Q09 3G Service 1Q09 YoY Growth 2,528K 3G SIM number* Mobil
Slide 8: Balance Sheet Analysis
Balance Sheet Analysis NT$bn 1Q09 4Q08 1Q09 4Q08 Total Assets 90.99 91.94 Liabilities 36.51 41.00 Current Assets 13.11 12.88 Current Liabilities 27.56 26.74 - Cash & Cash Equivalents 4.73 3.87 - ST Debts 8.00 7.50 - Available-for-Sale Financial Assets 0.22 0.24 - Other Current Liabilities 19.56 19.2
Slide 9: Cash Flow Analysis
Cash Flow Analysis NT$bn 1Q09 4Q08 1Q08 Operating Cash Flow1 6.92 7.86 7.47 Investing Cash Flow (1.66) (2.11) (0.37) Financing Cash Flow (4.41) (5.62) (5.35) Cash CAPEX (1.50) (1.81) 1.28 Free Cash Flow 5.42 6.05 6.19 Note 1: Inclusive of cashflow for cash managements. 9
Slide 10: 2Q09 Forecast
2Q09 Forecast NT$bn 2Q09 QoQ YoY Revenue 17.30 2% -1% EBITDA 7.27 3% -6% EBITDA Margin 42.00% 0.32pps -2.12pps Operating Income 5.15 6% -9% Assets Write-off (0.44) -10% 17% Pre-Tax Income 4.73 9% -11% Tax Expense (1.18) 8% -11% Net Income 3.54 9% -11% EPS (NT$)1 1.19 8% -10% Note: EPS is based on 2.
Slide 11: Event update
Event update 2008 Earnings distribution – On March 5, 2009, TWM’s board meeting approved the proposal to distribute NT$14bn out of our retained earnings as dividends to shareholders. Dividend per share is NT$4.7 based on share count of 2.97bn, net of treasury shares held by subsidiaries and shares b
Slide 12: Event update – Cont'd
Event update – Cont’d Award and recognition – Awarded “5th Corporate Governance Asia Recognition Awards” in Asia Pacific region by Corporate Governance Asia the third year in a row. – Received “IT Best Choice” awards from Institute for Information Industry in three categories. – Awarded for “Excelle
Slide 13: Key message
Key message The worldwide financial turmoil has affected every economy. Taiwan is no exception. Reflective of the weakness in domestic economy, Taiwan Mobile inevitably posted a decline in EBITDA in 1Q, but was able to meet the guidance. Looking ahead, the economic outlook remains bleak. Taiwan Mobi
Slide 14: Q&A
Q&A 14