2010Q4_华硕法说会

ASUSTeK 1 4Q 2010 Investor Conference Disclaimer ASUSTeKs presentation contains forward-looking statements subject to significant risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. The forward looking statements in this release reflect 2 The forward-looking statements in this release reflect the current belief of ASUS as of the date of this release, we undertake no obligation to update these forward-looking statements for new information, future events, or otherwise. Agenda 4Q 2010 Financial Result Business Highlights Strategy & Outlook Q & A 3 Q & A 4Q 2010 Financial Result 4 4Q 2010 Brand I/S (QoQ) (unaudited brand consolidated financials) in NT$ Mn2010 4Q%2010 3Q%QoQ Net Revenue83,687100.0%82,303100.0%2% COGS & Royalty cost(71,041)(84.9%)(70,903)(86.1%)0% Gross Profit12,64615.1%11,40013.9%11% Operating Expenses(8,790)(10.5%)(7,937)(9.6%)11% Operating Income3,8564.6%3,4634.2%11% Non-OP Items5310.6%1,2981.6%-59% 5 Non-OP Items5310.6%1,2981.6%-59% Pre-Tax Income4,3875.2%4,7615.8%-8% Tax (366)(0.4%)(553)(0.7%)-34% Net Income4,0214.8%4,2085.1%-4% in NT$ Mn2010 4Q%2009 4Q%YoY Net Revenue83,687100.0%84,750100.0%-1% COGS & Royalty cost(71,041)(84.9%)(73,451)(86.7%)-3% Gross Profit after OS12,64615.1%11,29913.3%12% Operating Expenses(8,790)(10.5%)(7,738)(9.1%)14% Operating Income3,8564.6%3,5614.2%8% Non-OP Items5310.6%1,5901.9%-67% 4Q 2010 Brand I/S (YoY) (unaudited brand consolidated financials) 6 Non-OP Items5310.6%1,5901.9%-67% Pre-Tax Income4,3875.2%5,1516.1%-15% Tax (366)(0.4%)5080.6%-172% Net Income4,0214.8%5,6596.7%-29% Pro-Forma Data * Pro-Forma Net Income4,0213,9093% * Assuming 24% investment income on Pegatron in NT$ Mn2010%2009%YoY Net Revenue321,297100.0%248,178100.0%29% COGS & Royalty cost(277,546)(86.4%)(219,347)(88.4%)27% Gross Profit43,75113.6%28,83111.6%52% Operating Expenses(30,110)(9.4%)(24,326)(9.8%)24% Operating Income13,6414.2%4,5051.8%203% Non-OP Items5,1051.6%8,3393.4%-39% 2010 Brand I/S (YoY) (unaudited brand consolidated financials) 7 Non-OP Items5,1051.6%8,3393.4%-39% Pre-Tax Income18,7465.8%12,8455.2%46% Tax (2,257)(0.7%)(366)(0.1%)518% Net Income16,4885.1%12,4795.0%32% Pro-Forma Data * Pro-Forma Net Income14,7517,317102% * Assuming 24% investment income on Pegatron in NT$ MnDec 31, 2010Sep 30, 2010QoQDec 31, 2009YoY Cash & cash equivalents41,39530,34936%39,7594% Accounts receivable39,86136,08010%33,14820% Inventories41,84742,309-1%38,2319% Current Assets140,411124,80913%119,81217% Long-term investments44,42644,569116,429 Fixed assets4,4994,5544,536 Other assets1,4451,3293,942 Total Assets190,781175,2619%244,718-22% 4Q 2010 Brand B/S 8 Accounts payable44,57233,64132%36,49922% Current Liabilities82,00669,64318%69,85917% Total Liabilities84,73873,46115%71,53418% Paid-in capital6,2706,270 Stockholders' equity106,044101,8004%173,184-39% Days of Inventory59 59 52 Days of AR43 40 36 Days of AP63 47 50 CCC Days40 52 38 *CCC calculation based on ending balance and quarterly unaudited consolidated brand financials Share Repurchase Update 3Q 20101Q 2011Total Share Repurchased10mn10mn20mn % Of Shares1.57%1.59%3.16% Total Considerations (NT$mn)2,318 2,609 4,927 9 Total outstanding number of shares become 617m shares after the share repurchase (cancellation). Average Price Per Share (NT$)231.8 260.9 246.4 Business Highlights 10 4Q 2010 Revenue Mix MB & card 16% EPC 15% Others 10% Handheld 1% Others 15% Product MixRegion Mix 11 NB 58% EURP 51% APAC 34% 2010 Revenue Mix MB & card 16% EPC 16% Others 11% Handheld 1% Others 17% Product MixRegion Mix 12 NB 56% EURP 43% APAC 40% 1Q 2011 Shipment Outlook Shipment 3Q 2010 Actual 4Q 2010 Actual 1Q 2011 Targets MB5.7M5.6M5.4M NB2.9M3.1M2.8M 13 Eee PC1.4M1.5M1.4M 2011 Shipment Outlook Shipment 20092010 2011 Targets MB21.4M21.6M+5% YoY NB6.8M10.9M14.0M 14 To achieve double digit market share of the Non-Apple platform tablets in 2011. Eee PC5.4M6.0M6.0M NB & Netbook Shipment in million units 15 “05“06“07“08“09“10“11 1.7 - 1.7 2.7 - 2.7 4.2 0.3 4.5 5.8 4.9 10.7 6.8 5.4 12.2 NB EPC Total 10.9 6.0 16.9 14.0 6.0 20.0 Strategy & Outlook 16 The worlds most admired leading ASUS VISION 17 admired leading enterprise in the new digital era. Growth Strategy (NB/EeePC) Aggressive 3M Share Growth 1818 (NB/EeePC) Aggressive 3M Share Growth (MB/VGA) Stable 3M Share Growth (Pad) Leading in Open (non iPad) Market Mind Share Good sales of G/U/N/NX/VX6/KR series Inspiring innovation of ID, Audio, Green, SHE, Gaming Product award & Quality achievement Investment in product & brand(IIPP) promotion Market Share To grab commercial business opportunity Product & sales team & channel To penetrate BRIC & MI market Pursue No.1 position and market share in Russia 5.7% 6.2% 7.6% 8.2% 8.5% 8.4% 8.3% 8.5% 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 Worldwide Mobile PC 7.1% 8.4% GR 4