CLSA Taiwan Forum Nov2007 Taiwan... · 2017. 3. 15. · CLSA Taiwan Forum November 5, 2007, Taipei. 2 All numbers are brand consolidated and pro forma, except otherwise specified

1

CLSA Taiwan Forum

November 5, 2007, Taipei

2

All numbers are brand consolidated and pro forma, except otherwise specified.Historic brand consolidated financials for 05 and 06can be downloaded from D-Link’s IR website.

3Q07 Financial Review &

Corporate Updates

Q&A

Agenda

A.P. Chen

A.P. Chen & J.C. Liao

3

3Q07 Pro Forma Financial Review & Corporate Updates

1

4

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07 Income Statement& QoQ Comparison

Net SalesCost of Goods SoldGross ProfitOperating ExpensesOperating IncomeTotal Non-Op. Inc. (Loss)Income Before TaxTax (Exp.) / IncomeNet IncomeMinority InterestConsolidated IncomeEPS (NT$)

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

59878

676105781(10)771

1.13

2Q07

2

AMT AMT% %

* Calculated by fully diluted basis of 683.8mln shares* The numbers are pro forma

100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8.9

3Q07

5

North America Europe Emerging Markets & Asia Pacific

26%

27%

47% 45%

32%

23%

42%

32%

26%

50%

28%

22%

NT$ mln

Quarterly Revenue by RegionsBrand Only

24%

28%

48%

3Q07 revenue up 15% QoQN.A. jumped 22%

Europe increased 15%

Emerging markets & AsiaPac rose 12%

3

10,000

7,500

5,000

03Q06 4Q06 1Q07 2Q07 3Q07

2,500

6

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17



Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

59878

676105781(10)771

1.13

2Q07

4

AMT AMT% %


100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8.9

3Q07

7

Switch WLAN Broadband Digital Home NIC & Others

NT$ mln

Quarterly Revenue by ProductsBrand Only

3Q/07 revenue QoQ comparison:

Switch went up 17%

WLAN increased 17%

Broadband rose 13%

Digital Home up 6%

5

26%

4%

38%

11%21%

5%11%21%

36%

27%

3%12%

20%

39%

26%

4%11%

21%

39%

25% 25%

40%

20%

11%4%

3Q06 4Q06 1Q07 2Q07 3Q07

10,000

8,000

6,000

4,000

0

2,000

8

14811434

39

(170)

61

78

12.224.6

(29.4)

61.5

(60.6)

83.6

251.3

Investment IncomeSub./Aff.Capital Gain

FX Gain/(Loss)

Inventory Loss

Fin. Income/(Exp.) & Oth.

Total

16614224

63

(67)

112

274

3Q07Unit : NT$ mln

6

2Q07 QoQ % Change

3Q07 Non-op Income/Loss& QoQ Comparison

9

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17



Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

59878

676105781(10)771

1.13

2Q07

7

AMT AMT% %


100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8.9

3Q07

10

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07 Income Statement& YoY Comparison


Unit: NT$ million

100.067.532.525.27.33.5

10.8(1.6)

9.2(0.2)

9.0

YoY %Change

13.49.3

22.023.317.7(0.4)11.921.910.1

(76.5)12.212.2

7,9335,3522,5811,997

584275859

(128)731(17)714

1.04

3Q06

8

AMT AMT% %


100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8.9

3Q07

11

21,65014,6447,0065,6621,345

6822,026(292)1,734

(34)1,7002.49

YT3Q07 Income Statement& YoY Comparison


Unit: NT$ million

100.065.134.927.27.74.0

11.7(0.4)11.3(0.1)11.2

YoY %Change

12.58.3

21.216.739.842.540.7

(65.8)58.7

(32.4)60.560.5

24,34515,8568,4896,6091,880

9722,852(100)2,752

(23)2,7293.99

YT3Q06

9

AMT AMT% % 100.067.632.426.26.23.19.3

(1.3)8.0

(0.2)7.8

YT3Q07


12

QoQ % Change

3.1(46.6)

10.720.3(0.4)

4.020.85.70.00.02.5

175

222224

10023390

2460

09/30/2007 Balance Sheet & QoQ Comparison

Cash S-T InvestmentAccount ReceivableInventoryLong-term InvestmentsTotal AssetsAccounts PayableCurrent LiabilitiesLong-term LoansCommon StockStockholders’ Equity

Unit: NT$ mln

173

232523

10027390

2459

09/30/07

4,729759

6,6177,2016,531

28,4777,602

11,2266

6,83816,714

10

AMT AMT% % 06/30/07

4,5851,4215,9775,9876,556

27,3836,294

10,6186

6,83816,303

13

9/30/0767

112119

611.800.710.38

22

06/30/0768

103107

641.790.690.32

25

Days A/RDays InventoryDays A/PCash CycleCurrent RatioDebt/Equity RatioAdjusted Debt/Equity RatioROE

* Annualized * *Adjust for Cash & S-T investment

Unit: % , days

Key Financial Ratios

11

12/31/0659969560

1.990.600.34

19

*****

*****

*****

**********

9/30/0664949860

1.730.760.51

18

03/31/0769

102100

712.150.52 0.20

29*****

14

#1 in SOHO/SMB Market

Linksys18.1%

Netgear16.4%

3Com13.8%

Others14.3%

Nortel1.6%

HP Procurve3.9%

Zyxel1.0%

Siemens

1.1%

Buffalo0.8%

Allied Telesyn2.7%

Linksys 18.1%

23.8%

Source: Compiled from

In-Stat 2Q 2007 Wireless LAN Equipment Market Share Report

In-Stat 2Q 2007 Ethernet LAN Switch Market Share Report

In-Stat 2Q 2007 Broadband Equipment Market Share Report

Netgear 16.4%

12

2Q/07

Belken1.2%

SMC1.3%

15

4Q07 Outlook Brand Only

4Q GuidanceRevenue flat or low single digit up sequentiallyGross margin stable

Regional Updates U.S.: Gaining marketshare for 11-nEurope: Expanding switch business in Central Europe Emerging markets: More competition in ANZ

Product DriversMetro Ethernet switch solution growing Pre-n wireless embedded products initiatingIP Camera adoption increasing

13

16

All numbers are consolidated. Except for statements in respect of historical matters, the statements contained in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of D-Link Corporation to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements.

Safe Harbor Statement

17

For complete financial andpress releases, please visit

http://ir.dlink.com

Q & A

1

里昂證券

台灣投資人論壇

2007年11月5日, 台北

2

2007年第三季自結財務數字

及公司近況

1

3

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07 損益表–第三季與第二季比較

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益

總營業外費用&損失

稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

59878

676105781(10)771

1.13

2Q07

2

AMT AMT% %


100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8.9

3Q07

4

North America Europe Emerging Markets & Asia Pacific

26%

27%

47% 45%

32%

23%

42%

32%

26%

50%

28%

22%

NT$ mln

各區域每季營收概況品牌營收

24%

28%

48%

第三季營收季成長15%

北美成長22%

歐洲成長15%

新興市場及亞太區成長12%

3

10,000

7,500

5,000

03Q06 4Q06 1Q07 2Q07 3Q07

2,500

5

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07損益表–第三季與第二季比較

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

59878

676105781(10)771

1.13

2Q07

4

AMT AMT% %


100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8.9

3Q07

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益


稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

6

Switch WLAN Broadband Digital Home NIC & Others

NT$ mln

每季營收概況—產品別區分品牌營收

第三季營收與上一季比較:

交換器成長17%

無線產品成長17%

寬頻產品成長13%

數位家庭產品成長6%

5

26%

4%

38%

11%21%

5%11%21%

36%

27%

3%12%

20%

39%

26%

4%11%

21%

39%

25% 25%

40%

20%

11%4%

3Q06 4Q06 1Q07 2Q07 3Q07

10,000

8,000

6,000

4,000

0

2,000

7

14811434

39

(170)

61

78

12.224.6

(29.4)

61.5

(60.6)

83.6

251.3

投資收益

轉投資/子公司資本營利

外匯收益/(損失)

存貨損失

財務收益/(支出) & 其它

總計

16614224

63

(67)

112

274

3Q07Unit : NT$ mln

6

2Q07 QoQ % Change

3Q07 本季與上一季比較-營業外費用&損失

8

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07損益表–第三季與第二季比較

Unit: NT$ million

100.065.334.627.07.61.08.61.39.9

(0.1)9.8

QoQ %Change

14.914.316.016.215.0

251.342.2

248.63.1

(60.0)3.93.9

7,8335,1172,7162,118

59878

676105781(10)771

1.13

2Q07

7

AMT AMT% %


100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8.9

3Q07

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益


稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

9

8,9995,8503,1492,462

687274961

(156)805(4)

8011.17

3Q07損益表–第三季與去年同期比較

Unit: NT$ million

100.067.532.525.27.33.5

10.8(1.6)

9.2(0.2)

9.0

YoY %Change

13.49.3

22.023.317.7(0.4)11.921.910.1

(76.5)12.212.2

7,9335,3522,5811,997

584275859

(128)731(17)714

1.04

3Q06

8

AMT AMT% %


100.065.035.027.47.63.1

10.7(1.7)

9.0(0.1)

8.9

3Q07

銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益


稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

10

21,65014,6447,0065,6621,345

6822,026(292)1,734

(34)1,7002.49

YT3Q07損益表-至第三季為止與去年同期比較

Unit: NT$ million

100.065.134.927.27.74.0

11.7(0.4)11.3(0.1)11.2

YoY %Change

12.58.3

21.216.739.842.540.7

(65.8)58.7

(32.4)60.560.5

24,34515,8568,4896,6091,880

9722,852(100)2,752

(23)2,7293.99

YT3Q06

9

AMT AMT% % 100.067.632.426.26.23.19.3

(1.3)8.0

(0.2)7.8

YT3Q07


銷貨收入淨額

銷貨成本

營業毛利

營業費用

營業收益


稅前淨利

所得稅費用

淨利

少數股權

合併淨利

每股紅利 (NT$)

11

QoQ % Change

3.1(46.6)

10.720.3(0.4)

4.020.85.70.00.02.5

175

222224

10023390

2460

09/30/2007 合併資產負債表-本季與上一季比較

現金

短期投資

應收帳款

存貨

長期投資

資產總計

應付帳款

流動負債

長期借貸

普通股

股東權益

Unit: NT$ mln

173

232523

10027390

2459

09/30/07

4,729759

6,6177,2016,531

28,4777,602

11,2266

6,83816,714

10

AMT AMT% % 06/30/07

4,5851,4215,9775,9876,556

27,3836,294

10,6186

6,83816,303

12

9/30/0767

112119

611.800.710.38

22

06/30/0768

103107

641.790.690.32

25

應收帳款 (天) 庫存 (天)應付帳款 (天)現金週轉

流動比率

負債/資產比率

調整後負債

/資產比率

權益報酬率

* Annualized * *Adjust for Cash & S-T investment

Unit: % , days

合併報表之重要財務比例概況-流動比例/槓桿比例

11

12/31/0659969560

1.990.600.34

19

*****

*****

*****

**********

9/30/0664949860

1.730.760.51

18

03/31/0769

102100

712.150.52 0.20

29*****

13

SOHO/中小型企業市場的領導品牌

Linksys18.1%

Netgear16.4%

3Com13.8%

Others14.3%

Nortel1.6%

HP Procurve3.9%

Zyxel1.0%

Siemens

1.1%

Buffalo0.8%

Allied Telesyn2.7%

Linksys 18.1%

23.8%

Source: Compiled from

In-Stat 2Q 2007 Wireless LAN Equipment Market Share Report

In-Stat 2Q 2007 Ethernet LAN Switch Market Share Report

In-Stat 2Q 2007 Broadband Equipment Market Share Report

Netgear 16.4%

12

2Q/07

Belken1.2%

SMC1.3%

14

2007年第四季展望品牌部份

第四季展望營收持續保持個位數的成長

毛利維持平穩

區域市場發展美國市場: 11-n產品擴大市佔率

歐洲市場: 拓展中歐交換器業務

新興市場: 在紐澳市場更具競爭力

產品發展都會區乙太網路交換器將持續成長

內建Pre-n技術之無線產品上市

網路攝影機市場接受度增加

13

15

All numbers are consolidated. Except for statements in respect of historical matters, the statements contained in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of D-Link Corporation to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements.

Safe Harbor Statement

16

關於友訊科技完整的財務與公開資訊，請參考下方網址http://ir.dlink.com

問題與建議

Documents

CLSA Taiwan Forum Nov2007 Taiwan... · 2017. 3. 15. · CLSA Taiwan Forum November 5, 2007, Taipei. 2 All numbers are brand consolidated and pro forma, except otherwise specified