Winbond Electronics Corp. · TWSE:2344
Winbond Electronics — H1 2016 Earnings Presentation
22 slides from Winbond Electronics's earnings presentation, Jul 28, 2016
Slide 1: Winbond Electronics Corporation
Winbond Electronics Corporation
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: Financial Results
Financial Results
Slide 4: 1H16 Statement of Comprehensive Income - Consolidated
1H16 Statement of Comprehensive Income - Consolidated 2Q’16 1Q’16 1H’16 1H’15 YoY Unit: NT$ M Amount % Amount % Amount % Amount % Amount % Net Sales 10,497 100 10,087 100 20,584 100 18,976 100 1,608 8 Gross Profit 2,965 28 3,038 30 6,003 29 6,086 32 (83) (1) Operating Income 887 8 1,006 10 1,893 9 2
Slide 5: 1H16 Balance Sheet - Consolidated
1H16 Balance Sheet - Consolidated Jun 30’16 Jun. 30 ’16 Mar. 31 ’16 Dec. 31 ’15 vs Dec 31’15 Unit: NT$ M Amount % Amount % Amount % Amount % Current Assets 26,409 42 26,374 41 24,713 39 1,696 7 Net Fixed Assets 30,608 49 31,280 49 31,915 51 (1,307) (4) Total Assets 63,053 100 63,610 100 62,598 100 4
Slide 6: 1H16 Statement of Cash Flows - Consolidated
1H16 Statement of Cash Flows - Consolidated 2Q’16 1Q’16 1H’16 1H’15 YoY Unit: NT$ M Amount Amount Amount Amount Amount Operating Cash Flow 2,499 1,723 4,222 3,594 628 Investing Cash Flow (707) (995) (1,702) (2,554) 852 Financing Cash Flow (1,591) (2) (1,593) (1,055) (538) Cash & Equivalents 7,325 7,
Slide 7: 1H16 Statement of Comprehensive Income - Memory
1H16 Statement of Comprehensive Income - Memory 2Q’16 1Q’16 1H’16 1H’15 YoY Unit: NT$ M Amount % Amount % Amount % Amount % Amount % Net Sales 8,231 100 8,173 100 16,404 100 15,342 100 1,062 7 Gross Profit 1,943 24 2,195 27 4,138 25 4,423 29 (285) (6) Operating Income 640 8 867 11 1,507 9 1,949 13 (
Slide 8: 1H16 Balance Sheet - Memory
1H16 Balance Sheet - Memory Jun 30’16 Jun. 30 ’16 Mar. 31 ’16 Dec. 31 ’15 vs Dec 31’15 Unit: NT$ M Amount % Amount % Amount % Amount % Current Assets 20,630 35 20,838 34 19,345 33 1,285 7 Net Fixed Assets 29,910 50 30,569 51 31,195 52 (1,285) (4) Total Assets 59,534 100 60,407 100 59,496 100 38 0 L/
Slide 9: 1H16 Statement of Cash Flows - Memory
1H16 Statement of Cash Flows-Memory 2Q’16 1Q’16 1H’16 1H’15 YoY Unit: NT$ M Amount Amount Amount Amount Amount Operating Cash Flow 2,201 1,457 3,658 3,303 355 Investing Cash Flow (645) (872) (1,517) (2,446) 929 Financing Cash Flow (1,586) 0 (1,586) (1,048) (538) Cash & Equivalents 4,190 4,220 4,190
Slide 10: Revenue and GM Trend - Consolidated
Revenue and GM Trend- Consolidated Revenue (NT$B) Gross Margin 24 32% 35% 30% 30% 29% 27% 30% 20 22% 25% 16 20% 20% 12 21 15% 19 19 18 19 8 10% 17 17 4 5% 0 0% 1H'13 2H'13 1H'14 2H'14 1H'15 2H'15 1H'16 Revenue Gross Profit GM% 10
Slide 11: Revenue and GM Trend - Memory
Revenue and GM Trend- Memory Revenue (NT$B) Gross Margin 18 16 35% 29% 14 26% 30% 26% 25% 12 23% 25% 10 16% 20% 14% 16 8 16 16 15 15 15% 6 13 13 10% 4 2 5% 0 0% 1H'13 2H'13 1H'14 2H'14 1H'15 2H'15 1H'16 Revenue Gross Profit GM% 11
Slide 12: Y2016 Memory CAPEX
Y2016 Memory CAPEX (NT$ B) 13.0 14.0 12.0 8.5 10.0 8.0 6.0 6.0 3.9 3.0 4.0 2.1 2.0 0.0 2011 2012 2013 2014 2015 2016 (E) CAPEX(Cash Basis) as of 06/30/2016
Slide 13: Winbond Business Update & Outlook
Winbond Business Update & Outlook
Slide 14: 1H16 Memory Business Recap
1H16 Memory Business Recap HoH YoY Revenue +6% +8% Gross Profit +3% -7% Revenue increased due to improving product mix and customer mix Gross margin dropped YoY, mainly due to capacity loss. 14
Slide 15: 1H16 Revenue Breakdown by Application
1H16 Revenue Breakdown by Application Car & Industrial 16% Communication Consumer 34% 25% Computer 25% Note: Revenue excluded foundry and others Car & Industrial Consumer Computer Communication HoH + 3% HoH + 8% HoH - 7% HoH + 16% YoY + 23% YoY + 7% YoY - 5% YoY + 9% NT$M NT$M NT$M NT$M 3,000 3,000
Slide 16: 1H16 Revenue Breakdown by Product
1H16 Revenue Breakdown by Product Revenue (NT$B) 18.0 16.0 14.0 35% 36% HoH YoY 35% 37% 12.0 36% Flash +4% +9% 42% 40% 10.0 Specialty +2% +5% 8.0 54% 51% Mobile +32% +15% 6.0 52% 52% 53% 45% 50% 4.0 2.0 13% 13% 11% 12% 11% 12% 11% 0.0 1H'13 2H'13 1H'14 2H'14 1H'15 2H'15 1H'16 16
Slide 17: 1H16 Revenue Breakdown by Geometry
1H16 Revenue Breakdown by Geometry Specialty DRAM Mobile DRAM Flash Memory Mobile DRAM 100% 100% 100% 8% 13% 80% 80% 80% 61% 67% 55% 52% 60% 86% 90% 60% 60% 40% 40% 40% 20% 20% 37% 31% 20% 37% 35% 14% 10% 0% 0% 2% 2% 0% 2015H2 2016H1 2015H2 2016H1 2015H2 2016H1 65nm 46nm 90nm 65nm 46nm 90nm 58nm 46n
Slide 18: 1H16 Specialty DRAM Business
1H16 Specialty DRAM Business HoH YoY Revenue +2% +5% Revenue from TV and NTWK remained strong Automotive and industrial applications contributed higher growth of revenue
Slide 19: 1H16 Mobile DRAM Business
1H16 Mobile DRAM Business HoH YoY Revenue +32% +15% Design-win from tier-1 customer Demand from ASIC products increased
Slide 20: 1H16 Flash Memory Business
1H16 Flash Memory Business HoH YoY Revenue +4% +9% Business in NTWK application continued expanding Demand for high-density products (1Gb above Code Storage Flash) increased
Slide 21: DRAM Maker Benchmark
DRAM Maker Benchmark GM % Change Vendor 2Q16 1Q16 2Q15 QoQ YoY A company 32% 36% 46% -4% -14% B Company 17% 20% 31% -2% -14% C company 28% 33% 42% -4% -14% Winbond 24% 27% 29% -3% -5% GM% of Winbond Specialty DRAM business maintains stable even without any technology migration in last 6 years * Se
Slide 22: Winbond Business Outlook
Winbond Business Outlook Maintain stable business in 2H, with continuous focus on KGD, Automotive, Industrial and MCP. Competitiveness and Profitability in DRAM business will be enhanced from 2017, after self-developed 3x nm DRAM technology is released in Q4/2016. Increasing business in tier-1