TCL COMMUNICATION TECHNOLOGY HOLDINGS …tclcom.tcl.com/admin/documents/rannouncement/2012 Q3...

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1 TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED (02618.HK) Q3 2012 Results Presentation Hong Kong 26 October 2012

Transcript of TCL COMMUNICATION TECHNOLOGY HOLDINGS …tclcom.tcl.com/admin/documents/rannouncement/2012 Q3...

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TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED (02618.HK)

Q3 2012 Results Presentation

Hong Kong – 26 October 2012

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Disclaimer

The information contained herein should not be utilized for any legal purposes in regards to any investor's

investment decision or results. In particular, this document does not constitute any recommendation or

invitation for subscribing for or sale and purchase of any securities of TCL Communication Technology

Holdings Limited (the "Company"). The Company hereby expressly disclaims any liability for any loss or

damage resulting from or in connection with any reliance by any investor on the information contained herein.

A number of forward-looking statements may be made during this presentation. Forward-looking statements are

any statements that are not historical facts. These forward-looking statements are based on the current

expectations of the Company and there can be no assurance that such expectations will prove to be correct.

Because forward-looking statements involve risks and uncertainties, the Company‟s actual results could differ

materially from these statements.

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Agenda

• Business Review & Outlook • Financial Highlights • Q&A Session • Appendix: Company Overview

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Q3 2012 Business Review

• Sales Volume: 29.2 million units, down 4% YoY (including smartphone of 4.2 million units, surged 5 times YoY)

• Revenue: HK$ 8.1 billion, up 9% YoY

• Net Profit: HK$ 9 million, down 99% YoY

• Basic EPS: Decreased to 1.59 HK cents from 54.84 HK cents YoY

Result for the Period of Q1-Q3 2012

• Sales of smartphone and other smart devices accounted for 14% of total volume for Q1-Q3 2012, as compared to 2% for Q1-Q3

2011, and overall ASP increased from US$ 31.4 to US$ 35.8 accordingly

• In Q3 2012, revenue of smartphone (HK$1.6 billion) surpassed that of feature phone (HK$1.5 billion) for the first time

• Made good progress in increasing the smartphone volume in the first nine months of 2012, but still need to enhance R&D

capability to improve new product TTM and to achieve economies of scale

• Year of Consolidation – Transition from feature phones to smartphones. As several smartphones were selected by global 1st –

tier operators, the Company has become a real global smartphone supplier

•Year of Consolidation - Transition from feature phone to smartphone

Right Direction: Focus on Developing Android Smartphone

• Sluggish handset market and substantial decrease on feature phone demand, resulting in a lowered gross profit

• Smartphone market grew rapidly, but competition was intense

• Maintain steady investment on R&D and speed up the product time-to-market

• Starting from the stage of product design, focus on standardization, optimize supply chain so as to enhance product

competitiveness

• Unceasing to innovate, create quality products and make star models

Coping with challenges: Quick Establishment of Core Competitiveness on Smartphones

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Sustainable Revenue Growth Quarterly Revenue of Handsets & Other Products

In Q3 2012, revenue of smartphone surpassed

feature phone for the first time.

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Volume of Smartphone & Other Smart Devices

(„000 units) Proportion of Smartphone & Other Smart Devices (%)

Smartphone Sales Upward Trend

Quarterly Volume & Proportion of Smartphone & Other Smart Devices

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Industry Ranking

#7 Global Handset Manufacturer

Top-10 Cell Phone Brands in the Second Quarter of 2012 (Ranking by Unit Shipments in Millions)

Q2 2012

Rank Company

Q2 2012

Shipments

(M units)

Q2 2012

Market Share

(%)

QoQ

Growth rate

(%)

1 Samsung 90.4 21.6% 1.3%

2 Nokia 83.4 19.9% 0.3%

3 Apple 28.9 6.9% -12.6%

4 ZTE 17.9 4.3% 2.9%

5 LG Electronics 14.3 3.4% -2.5%

6 Huawei 10.9 2.6% 0.9%

7 TCL-Alcatel* 9.4 2.2% 50.7% 8 HTC 9.3 2.2% 20.7%

9 Motorola 9.2 2.2% 9.5%

10 RIM 8.0 1.9% -19.6%

Others 137.3 32.8% -2.7%

TOTAL 419.0 100.0% -0.7%

* Source: Gartner Report (August 2012), presenting handset only, excluding TCL-Alcatel ODM product.

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36%

8%

20%

36%

EMEA

China

APAC

Americas

Americas

APAC

China EMEA

Feature Phone and Other Products Smartphone and Other Smart Devices

Q1-Q3 2012 Sales Volume Geographical Breakdown

12%

6%

50%

32%

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Business Review

• Shipment in Q1-Q3 2012 totaled 13.2M units, down 7% YoY, while revenue

down 8% YoY

• Drop in shipment affected by the delay in homologation inspections, fierce

competition and gloomy economy

• Started its FIRST direct shipments to 1st tier operator, AT&T, in the US

• ALCATEL ONE TOUCH is the No. 1 handset brand in Central America and the

Caribbean area, and ranks No. 2 in Colombia

-8%

Revenue

HK$ Billion Americas

Europe, Middle East and Africa (“EMEA”)

• Shipment in Q1-Q3 2012 totaled 9.8M units, down 15% YoY, while revenue up 7%

YoY, benefited from optimized product portfolio

• Though weakened market demand as a result of political instability in Middle East

and euro zone debt crisis, we continued to further penetrate smartphone market

• Smartphone shipment ramp-up was on track; several models like ONE TOUCH

995, ONE TOUCH 991 and VF860 received great responses from the market

• Shipment to Russia and France remained strong despite weaker handset demand

in EMEA

• Expanded market penetration into Angola, Kenya and Romania

+7%

Revenue

HK$ Billion

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• Shipment in Q1-Q3 2012 was 1.8M units, increased by 6%, while revenue

significantly grew by 26% YoY

• Several smartphone models like ONE TOUCH 918 received great responses

from the market and ranked No. 5 in the Philippines smartphone market

• Strengthened sales in existing markets such as the Philippines (627% YoY)

and India (324% YoY)

• Expanded its operator and distribution channels in Malaysia, Vietnam and

Myanmar

• Being the Group‟s fastest-growing market, shipment was 4.4M units, increased

by 48% YoY, while revenue increased by 104% YoY

• Introduced several competitive products in the market, including two dual-core

products, TCL S800 and S600, featuring liquid-repellent nano-coating

technology, which receive rapturous market response

• Partnering with Baidu to launch customized smartphone, S710, which creates a

comprehensive cloud services portal for mobile internet cloud users

• TCL S500 and TCL D662 were selected by China Unicom and China Telecom

respectively

• Successfully expanded distribution network to 8,400 point-of-sales

+26%

Revenue

HK$ Billion

Revenue

HK$ Billion

+104%

Business Review

China

Asia Pacific (“APAC”)

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“Step-up” Product Strategy

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USA

LATAM

China

APAC

Western

Europe

Eastern

Europe

Africa

3G Android Products Selected by Global Mainstream Operators and Distributors

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TCL S810 / ONE TOUCH X‟ POP

New Products TCL S606 / ONE TOUCH View

3G+ 4.5” 5.0 mpxl Wi-Fi Capacitive 1Ghz ICS 4.0

High performance entertainment: HD video, SRS, HDMI, DLNA

Voice unlock

Improved Android experience with ICS

4.5” capacitive display

Upgradeable to Jelly Bean 4.1

High performance entertainment: HD video, SRS, HDMI, DLNA

Voice unlock

Win7.5 OS, bringing brand-new feeling

5.0 megapixel camera

3G+ 4.08” 5.0 mpxl Wi-Fi

Capacitive 1Ghz

Dual Core 32GB

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New Products TCL S710

High performance entertainment: HD video, SRS, HDMI, DLNA

Voice unlock

Improved Android experience with ICS

P2i (Nano) liquid repellent coating

Upgradeable to Jelly Bean 4.1

3G+ 4.3” 8.0 mpxl Dual SIM 32GB Wi-Fi

Capacitive 1Ghz

ICS 4.0 Dual Core

TCL S500

WCDMA & GSM/GPRS/EDGE Dual Mode

4.0” capacitive display

5.0 megapixel camera

Cloud-service & Cloud-backup

P2i (Nano) liquid repellent coating

Upgradeable to Jelly Bean 4.1

7.2 Mbps 4.0” 5.0 mpxl Dual SIM Wi-Fi Capacitive 1Ghz ICS 4.0 Dual Core

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Brand Building in EMEA & Americas

ALCATEL ONE TOUCH billboard

at Times Square NYC

Donated school bags to Dominican schoolchildren

Promotion event with Operators in US

Sponsored a British Girl Band, STOOSHE

The caravan and mascot of ALCATEL ONE TOUCH

at La Vuelta 2012 in Spain

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Brand Building in APAC & China

Sales Booth in Myanmar

Banner Advertisement in Chengdu, China

Product Launch in China

Promotion Event in Thailand

Promotion Event in Guangzhou, China

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Outlook

• The popularity of the smartphone market and the launch of more affordable priced smartphones put enormous pressure

on selling prices and profit margins of feature phones

• Demand for smartphone is growing, but our smartphones has not yet achieved economies of scale

• Changes in smartphone platforms and technology during smartphone era will continue, demand for R&D resources will

increase, and our R&D investment is expected to grow

Challenges

• Step up our product from „‟mid-to-low end „‟ to „‟mid-to-high end‟‟ smartphones

• More smartphone models for various market segments will be added to the product portfolio, targeting both

entry-level products for emerging markets and upgrades for mature markets

• Besides Android, the company will launch smartphones with other operating systems, such as Windows

Steady Smartphone Growth

• A new wave of more competitive products to be launched in Q1 and Q2 2013

• Satisfy operators with the optimized product portfolio, better TTM and faster responses

• Optimize the R&D process and strengthen the collaborations with the key component suppliers to speed up the new product TTM

Continuing Operation Improvement

• 2012 is the Year of Consolidation, paving the way to a prosperous future

• In spite of the challenges, we maintain 2012 full year revenue growth target as

15% increase YoY

Revenue Growth Target

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Q1-Q3 2012 YoY Q1-Q3 2011

29,169 -4% 30,457

35.8 +14% 31.4

8,146 +9% 7,462

18.3% -3.3% 21.6%

9 -99% 606

0.1% -8.0% 8.1%

Revenue & Net Profit

(HK$ Million)

Financial Highlights

Total ASP (US$)

Net Profit

Revenue

GP%

Net Profit%

Sales Volume („000 units)

Revenue

(HK$ Million)

Q1-Q3 2011 Q1-Q3 2012

7,462

8,146

+9%

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Better Sales Product Mix and Upward ASP Trend

Smartphone & Other Smart Devices Proportion / ASP Growth

Smartphone & Other Smart

Devices Proportion (%) ASP (USD)

0.3%

1.3%

4.4%

5.5%

9.5%

13.5%

18.8%

31.3

29.6

33.4

31.2

34.6

35.6

37.1

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

15

20

25

30

35

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012

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Gross Margin Trend

Gross Margin

Product Competitiveness

Economies

of Scale

Pricing and Currency Strategy

Brand Value and

Customer Relationship

Continuous Cost Down Effort

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(HK$ Million)

30 September 2012

31 December 2011

Change(%)

Non-current assets 2,125 1,773 +20%

Current assets

-Inventories 1,552 981 +58%

-Trade & factored receivables 2,654 2,895 -8%

-Other current assets 1,342 1,099 +22%

-Pledged deposits 4,492 6,092 -26%

-Cash and cash equivalents 1,150 1,187 -3%

Total current assets 11,190 12,254 -9%

Current liabilities

-Interest bearing bank and other borrowings (5,917) (7,222) -18%

-Other current liabilities (2,092) (2,141) -2%

-Trade and notes payables (2,485) (1,952) +27%

Total current liabilities (10,494) (11,315) -7%

Net current assets 696 939 -26%

Total assets less current liabilities 2,821 2,712 +4%

Non-current liabilities (367) (39) +841%

Net assets 2,454 2,673 -8%

Statement of Financial Position

Financial Position Highlights

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Gearing Ratio * 23% 22%

Current Ratio ** 1.13 1.12

Trade Receivables Turnover Days *** 78 80

Inventories Turnover Days **** 48 52

NAV per share HK$ 2.18 HK$ 2.33

Basic EPS (Q1-Q3 2012 / Q1-Q3 2011) 1.59 HK cents 54.84 HK cents

Key Financial Ratios

30 September 2012 30 September 2011

* Calculated based on the Group‟s total interest-bearing borrowings over total assets, excluding RMB foreign exchange program

** Excluding RMB foreign exchange program

*** Excluding factored trade receivables

**** Only inventories in factory

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Principal

Business

• Research & Development, manufacturing and global sales of mobile phones and

accessories of two key brands: - “TCL” (in China)

- “ALCATEL ONE TOUCH” (in Europe, Middle East, Africa, Americas, Asia-Pacific and China)

Background

• A member of TCL Corporation (stock code: 000100.SZ)

• Listed on the Hong Kong Stock Exchange in Sep 2004 (stock code: 02618.HK)

TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED

(02618.HK)

Public Shareholders

45%

TCL Corporation

51%

Huizhou City

Investment Holdings

TCL Employee

Committee Public Shareholders Mr. LI Dongsheng

Directors

4%

* As at 18 October 2012

Company Overview

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Shenzhen:

- Headquarter

- R&D Center

Huizhou:

- Global factory

- R&D Center

Shanghai:

- R&D Center Paris:

- Sales Center

Mexico City:

- Sales Center

Ningbo:

- R&D Center

California:

- Sales Center

Chengdu:

- R&D Center

Production

Facilities,

R&D Centres,

Sales Offices

• Headquartered in Shenzhen, China

• Global research facilities located in Shanghai, Ningbo, Huizhou, Shenzhen and Chengdu

• Global factory located in Huizhou, China

• Global presence across over 120 countries and regions

• 115 repair centers, over 50 offices, over 12,000 employees around the world

Global Presence

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• A globally-oriented China-based provider of mobile and internet products

• A multi-cultural workforce over 12,000 employees

• Two strong brands: ALCATEL ONE TOUCH internationally and TCL in China

• A growing range of products: mobile phones, convergence mobile devices, tablets and fixed-line phones

One Company Multiple Businesses

TCL

COMMUNICATION

TECHNOLOGY

HOLDINGS

LIMITED

ODM Worldwide Customers

The China Market

Worldwide Market

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Strong R&D capability

• About 3,000 highly skilled

and experienced

research engineers

• Ownership of GSM core

technological patents

obtained through

acquisition of ALCATEL

mobile phone business

• Continue efforts in the

development of 3G

products, OMS-based

handsets, data cards and

multifunctional phones

• Focus on innovation as

well as the high quality of

the products

• One of the few companies

who own 2G, 2.5G, 2.75G,

3G patents in the world,

excellent tradition of

research and development

• Able to provide solutions to

GSM, GPRS, EDGE,

CDMA, WCDMA, TD-

SCDMA independently

Strong R&D capability

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◆ Production capacity of approximately

65 million units annually

◆ World-class SMT production lines and

supporting facilities

◆ Experience of efficient global logistics

◆ Strict tests by key telecommunication

operators in the world

◆ ISO9001 and ISO14001 qualified

◆ Testing & manufacturing capability for

platform MTK , QUALCOMM,

BROADCOM and TI

Highly Efficient Production Facilities

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• Android

• Windows

• Firefox

Platform

• Premium Finishing

• T-Cloud

• Customized Apps

Hardware/Software

• TCL (China)

• Alcatel (Overseas)

Brand

• Global Operators

• Powerful

Distributors

• Strategic Partners

Global Partners

Platform

Hardware/

Software

Global

Partners

Brand

Business Information

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Board of Directors

Mr. GUO Aiping

CEO and

Executive Director

Extensive experience in overall

management of multinational

company, strategic planning

and development

Graduated from Stanford

University with Doctor‟s degree

in Management Science

Mr. BO Lianming

Non-executive

Director

Over 11 years of

experience in

consumer

electronics products

industry

With Doctor‟s

degree in Business

Administration Mr. HUANG Xubin

Non-executive

Director

Rich experience

in finance area

With Master‟s

degree in

Economics and

EMBA degree

Fellow member

of both HKICPA

and ACCA

With profound

financial and

accounting

expertise Mr. LAU Siu Ki

Independent

Non-executive

Director

Mr. LOOK Andrew

Independent

Non-executive

Director

Over 20 years'

experience in

equity investment

analysis

Best Hong Kong

Strategist and Best

Analyst by

Asiamoney

Magazine

Ms. XU Fang

Non-executive

Director

Vice President and

Human Resource

Director of TCL

Corporation

Distinguished

professor at

Shantou University

Mr. LI Dongsheng

Chairman and

Executive Director

Founder of the Company

“Business Leader of the

Decade” by CCTV in 2009

Over 30 years in various

aspects of electronics

industry

Over 20 years experience of

research, development and

management in electronics

industry

With PhD major in

Electrocircuit & System and

MBA degree Mr. WANG Jiyang

COO and

Executive Director

Prof. Kwok Hoi Sing

Independent

Non-executive

Director

Chair Professor

Dept. of Electronic &

Computer Engineering,

HKUST

Fellow of the Optical

Society of America,

IEEE and Society for

Information Display

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Mr. GUO Aiping, George

CEO & Executive Director

• Extensive experience in overall management of multinational company, strategic planning

and development

• Graduated from Stanford University with a Doctor‟s degree in Management Science

Mr. WONG Kwok Chung, Albert

Executive Vice President

& General Manager of (APAC)

• 14 years of experience in computers and electronics industry in Hong Kong, Canada and the China

• With Bachelor‟s degree in Science and Master‟s degree in Electrical and Electronics Engineering

Mr. Nicolas ZIBELL

Senior Vice President

& General Manager of Americas

• Over 21 years of experience in sales, marketing, product strategy and management in automotive and telecommunications industries in Europe and the Americas

• Graduated from École Superieure de Commerce de Lyon and ESADE Business School with MBA degree

Mr. LIU Yuk Tung, Thomas

CFO & Senior Vice President of Business Strategy

• About 26 years of experience in areas of audit, international finance and trading business

• CPA of HKICPA, Charted Accountant of ICAEW and fellow member of ACCA

• With Bachelor‟s degree major in Economics, MBA and Master‟s degree in Accounting

Mr. WANG Jiyang

COO & Executive Director

• Over 20 years experience of research, development and

management in electronics industry

• With PhD major in Electrocircuit & System and MBA degree

Mr. Yves MOREL

Senior Vice President

& General Manager of EMEA

• 27 years experience of sales and marketing mainly in telecommunication industries

• Contributed to develop sales area such as Russia, Central Europe, Middle East, Africa and Western Europe

Executive Committee

Mr. Lv Xiaobin

Senior Vice President

& General Manager of Global Manufacturing Center

• About 18 years of experience in communication terminal manufacturing industry.

• Graduated from University of Electronic Science and Technology of China with Bachelor degree in Science, and also holds an EMBA Degree from China Europe international Business School

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