Chunghwa Picture Tubes, Ltd. 2Q10 Investor Conference · 2010. 7. 30. · 2Q10 Consolidated Balance...

Chunghwa Picture Tubes, Ltd.

2Q10 Investor Conference

Safe Harbor StatementSafe Harbor StatementThe statements included in this presentation that a re not historical in nature are forward-looking statements. These forward-looking statements which may include statements regarding CPT’s future results of operati ons, financial condition, and investment plan are subject to significant risks an d uncertainties and are based on CPT current expectations.

Actual results may differ materially from those exp ressed or implied in these forward-looking statements for a variety of reasons, includ ing, among other things: the cyclical fluctuation and our gross margin affected by downward price pressures; our dependence on growth in the demand for our products ; dependence on access to raw materials and components; general economic and pol itical conditions, including those related to the TFT-LCD industry; possible dis ruptions in commercial activities caused by natural and human-induced disasters; and fluctuations in foreign currency exchange.

Additional information as to these and other factor s that may cause actual results to differ materially from CPT forward-looking statemen ts can be found in CPT annual report on Market Observe Post System in Security an d Future Commission website.

AgendaAgenda

�� OpeningOpening

�� CPT FinancialsCPT Financials

�� Market & CPTMarket & CPT

�� Q&AQ&A

OpeningOpening


Mr. S.C. LinMr. S.C. LinPresidentPresident



�� Q&AQ&A

CPT FinancialsCPT Financials



Mr. Wilbur ChienMr. Wilbur Chien

Chief Director of Finance DivisionChief Director of Finance Division


�� Q&AQ&A

2Q10 Sales Results2Q10 Sales Results

YoY%2Q092Q10Revenue

101.7%11,88923,982Group

9.8%21,83623,982Group

QoQ%1Q102Q10Unit: NT$ M.Revenue

1,770

2,809

7,309

10,118

2,471

4,128

15,236

19,364

3.3%15,732L

12.1%21,705TFT-LCD

112.6%5,973S&M

28.6%2,276CRT & Other

115.2%15,732L

114.5%21,705TFT-LCD

(7.9%)2,276CRT & Other

44.7%5,973S&M

2Q10 1Q10

TFT-L TFT-S&M CRT

Source: Unaudited company data

TFT-L

66%

CRT 9%

TFT-S&M

25%

TFT-L

70%

TFT-S&M19%

CRT 11%

QoQ Revenue Breakdown

2Q10 Consolidated Income Statement2Q10 Consolidated Income Statement

(0.46)(0.23)EPS after Capital Reduction 2

(18.5)17.819.9EBITDA Margin

(73.8)(11.3)(4.8)Operating Margin

(54.9)(1.3)5.2Gross Margin

Margin (%)

77.7%(1.03)(27.8%)(0.18)(0.09)EPS before Capital Reduction

316.8%(2,201)22.6%3,8924,772Adjusted EBITDA 1

84.7%(9,740)50.2%(2,989)(1,488)Net Income

87.4%(9,688)55.0%(2,708)(1,219)Pre-tax Income

86.8%(8,773)53.2%(2,472)(1,156)Operating Income

119.0%(6,535)536.6%(284)1,240Gross Profit

101.7%11,8899.8%21,83623,982Net Sales

YoY Chg (%)2Q09QoQ Chg (%)1Q102Q10Unit: NT$ M.

Source: Unaudited company dataNote 1: Adjusted EBITDA is defined as operating inc ome plus depreciation and amortization.Note 2: CPT implemented capital reduction at the en d of 2Q’10.

2Q10 Consolidated Balance Sheet2Q10 Consolidated Balance Sheet

Source: Unaudited company dataNote 1: CPT implemented capital reduction at the en d of 2Q’10.Note 2: Average period of the designated period div ided by annualized and multiplied by 365 days.

9.469.15Book Value per Share 1

after Capital Reduction

433237Inventory Turnover (days) 2754545Net Debt / Equity

1018279Debt / Equity

Ratios (%)

6.723.743.61Book Value per Share 1

before Capital Reduction

62,00461,41259,463Stockholders’ Equity

(27%)32,9566.9%22,51024,068Long-term Debt

(17%)29,810(11.1%)27,90124,800Short-term Debt

7.2%8,44515.2%7,8589,050Inventory

31%16,069(7.4%)22,75621,073Cash & ST Investment


2Q10 TFT BU Income Statement2Q10 TFT BU Income Statement



(60.8)(2.3)4.9Gross Margin

Margin (%)

227.5%(559)15.4%618713EBITDA per Panel 3

329.6%(2,098)24.9%3,8574,818Adjusted EBITDA

86.1%(8,752)55.2%(2,712)(1,216)Pre-tax Income

86.5%(8,213)54.4%(2,440)(1,112)Operating Income

117.2%(6,156)343.3%(436)1,061Gross Profit

114.5%10,11812.1%19,36421,705Net Sales



Note3: The unit for EBITDA per “large-sized” panel i s NT$ .

2Q10 CRT BU Income Statement2Q10 CRT BU Income Statement



(21.8)6.27.0Gross Margin

Margin (%)

107.8%(102)(77.1%)358Adjusted EBITDA

99.8%(517)66.7%(3)(1)Pre-tax Income

89.5%(545)(90.0%)(30)(57)Operating Income

141.6%(385)3.9%154160Gross Profit

28.6%1,770(7.9%)2,4712,276Net Sales


Source; Unaudited company data

TFTTFT--LCD Panel Shipment LCD Panel Shipment –– (L)(L)

6,237

6,949

7,6967,396

6,8726,758

6,237

4,7745,175

5,592

3,069

3,7523,488

6,829

140

69.277 70 7461.762

79

93

131

152149

134

120

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Unit: K pcs

0

20

40

60

80

100

120

140

160

Unit: USDShipment ASP

� In 2Q10, TFT-LCD large-sized panel shipments were a round 6.76M., up 8.4% QoQ.

� In 2Q10, blended ASP approximated US$ 69.2, down 6. 5% QoQ.


TFTTFT--LCD Panel Shipment LCD Panel Shipment –– (S&M)(S&M)

� In 2Q10, TFT-LCD S&M-sized panel shipments were aro und 84.7 M., up 43.8% QoQ.

� In 2Q10, the revenue generated from this sector was NT$ 5,973 M., up 44.7% QoQ.

14,079 17,62718,694

13,460 9,58517,312

43,793

84,706

58,901

10,415 11,24215,893

37,277

53,456

3,689

4,128

5,973

3,677

3,211

4,470

4,984

4,764

3,502

1,458

2,809

4,947

3,871

1,951

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Unit: K

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000Unit: NT$ M

Shipment Revenue


Product Mix by Application Product Mix by Application ShipmentsShipments

1Q10 TFT-LCD Product Mix

Monitor NB+NNB

TV


45%45%45%45%

26%26%26%26%

29%29%29%29%

2Q10 TFT-LCD Product Mix

47%47%47%47%

26%26%26%26%

27%27%27%27%

Monitor NB+NNB

TV

CPT 2Q10 HighlightCPT 2Q10 Highlight

80,0001500*1850Y2(CF)

75,000

220,000

110,000

90,000

90,000

72,600

Capacity

680*880 / 730*920H2 (CF)

730*920Y1 (CF)

1500*1850L2

730*920 L1B

730*920L1A

680*880T2

Substrate Size (mm)

2010: NT$ 5.7 B.

CAPEX (NT$ B.)

84.7 M.

Small & Medium-sized Panel Shipment:

6.76 M.

Large-sized Panel Shipments :

Sales: NT$ 23.98 B.

2Q10

Market & CPTMarket & CPT




Mr. Ryan ChungMr. Ryan Chung Mr. H.T. YuMr. H.T. Yu

Chief DirectorChief Director VP VP

VDBU SmallVDBU Small--MediumMedium

TFT BUTFT BU

�� Q&AQ&A

Q & AQ & A




�� Q & AQ & A

Displaying Your Vision!Displaying Your Vision!Displaying Your Vision!Displaying Your Vision!

Thank you.Thank you.

Chunghwa Picture Tubes, Ltd. 2Q10 Investor Conference · 2010. 7. 30. · 2Q10 Consolidated Balance...

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