5F, 19-9, San Chong Road, Nan-Kang, Taipei 115, Taiwan
Tel: (8862) 2655-3333 | Fax: (8862) 2655-2259 | http://www.teco.com.tw
TECO Announces 1Q 2015 ResultsTaipei, Taiwan, May 15th 2015 - TECO Electric and Machinery Co., Ltd., a leading manufacturer and service provider of motors, home appliances and information technology, today announced its financial results for 1Q 2015.
Consolidated Basis Unit: NT$1,000Period Item | 1Q 2015 | vs. 1Q 2014 (+/-%) | vs. 4Q 2014 (+/-%) |
Operating Revenue | 11,716,314 | -13.4% | -7.0% |
Gross Profit, net | 3,057,061 | -7.1% | -1.5% |
Operating Profit | 986,683 | -17.0% | 26.5% |
Income Tax Expense | 287,384 | -22.8% | 46.7% |
Net Income(1) | 737,106 | -14.4% | 5.1% |
EPS(NT$) | 0.37 |
(1) Excluding non-controlling interests.
Please find the details in the following pages.1
For the first quarter of 2015, net revenue totaled NT$11,716 million and gross profit was NT$3,057 million. Operating profit came in at NT$987 million and net income was NT$737 million. Earnings per share was reported as NT$0.37.
Recurring operating revenue decreased by 13.5% as opposed to 1Q'14. Gross profit and operating profit decreased by 7.1% and 17.0% respectively. Net income decreased by 14.4%. The decrease in non-operating income was mainly due to the increase in "Net currency exchange losses" in 1Q15. (See table 1)
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 1Q ' 15 (3) 1Q ' 14 (3) YoY % Amount % Amount % |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 11,716,314 100.0% 13,524,627 100.0% -13.4% 11,611,465 99.1% 13,429,014 99.3% -13.5% 104,849 0.9% 95,613 0.7% 9.7% (8,665,295) -74.0% (10,233,565) -75.7% -15.3% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 3,057,061 26.1% 3,291,593 24.3% -7.1% (2,070,378) -17.7% (2,103,424) -15.6% -1.6% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 986,683 8.4% 1,188,169 8.8% -17.0% 122,264 1.0% 135,470 1.0% -9.7% 182,502 1.6% 111,856 0.8% 63.2% (59,340) -0.5% 5,479 0.0% - (47,709) -0.4% (60,598) -0.4% -21.3% 46,811 0.4% 78,733 0.6% -40.5% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 1,108,947 9.5% 1,323,639 9.8% -16.2% (287,384) -2.5% (372,495) -2.8% -22.8% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 737,106 6.3%861,255 6.4% -14.4% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 0.37 0.44 |
Note:
(1) Unrealized / realized gain on inter-affiliate accounts included. (2) Excluding non-controlling interests.
(3) Comply with IFRS.
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Recurring operating revenue for 1Q'15 decreased 7.4% over 4Q'14. Gross profit decreased by 1.5% while operating profit increased by 26.5%. Net income increased by 5.1%. The main reason results in decreasing Non- operating Income is the decrease of "Other Non-Operate Income" from Other Income.
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 1Q ' 15 (3) 4Q ' 14 (3) Amount % Amount % 11,716,314 100.0% 12,596,314 100.0% 11,611,465 99.1% 12,537,886 99.5% 104,849 0.9% 58,428 0.5% (8,665,295) -74.0% (9,492,627) -75.4% 3,057,061 26.1% 3,102,880 24.6% (2,070,378) -17.7% (2,322,863) -18.4% 986,683 8.4% 780,017 6.2% 122,264 1.0% 176,949 1.4% 182,502 1.6% 418,791 3.3% (59,340) -0.5% (152,294) -1.2% (47,709) -0.4% (55,116) -0.4% 46,811 0.4% (34,432) -0.3% 1,108,947 9.5% 956,966 7.6% (287,384) -2.8% (195,929) -1.6% | YoY % |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 1Q ' 15 (3) 4Q ' 14 (3) Amount % Amount % 11,716,314 100.0% 12,596,314 100.0% 11,611,465 99.1% 12,537,886 99.5% 104,849 0.9% 58,428 0.5% (8,665,295) -74.0% (9,492,627) -75.4% 3,057,061 26.1% 3,102,880 24.6% (2,070,378) -17.7% (2,322,863) -18.4% 986,683 8.4% 780,017 6.2% 122,264 1.0% 176,949 1.4% 182,502 1.6% 418,791 3.3% (59,340) -0.5% (152,294) -1.2% (47,709) -0.4% (55,116) -0.4% 46,811 0.4% (34,432) -0.3% 1,108,947 9.5% 956,966 7.6% (287,384) -2.8% (195,929) -1.6% | -7.0% -7.4% 79.4% -8.7% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 1Q ' 15 (3) 4Q ' 14 (3) Amount % Amount % 11,716,314 100.0% 12,596,314 100.0% 11,611,465 99.1% 12,537,886 99.5% 104,849 0.9% 58,428 0.5% (8,665,295) -74.0% (9,492,627) -75.4% 3,057,061 26.1% 3,102,880 24.6% (2,070,378) -17.7% (2,322,863) -18.4% 986,683 8.4% 780,017 6.2% 122,264 1.0% 176,949 1.4% 182,502 1.6% 418,791 3.3% (59,340) -0.5% (152,294) -1.2% (47,709) -0.4% (55,116) -0.4% 46,811 0.4% (34,432) -0.3% 1,108,947 9.5% 956,966 7.6% (287,384) -2.8% (195,929) -1.6% | -1.5% -10.9% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 1Q ' 15 (3) 4Q ' 14 (3) Amount % Amount % 11,716,314 100.0% 12,596,314 100.0% 11,611,465 99.1% 12,537,886 99.5% 104,849 0.9% 58,428 0.5% (8,665,295) -74.0% (9,492,627) -75.4% 3,057,061 26.1% 3,102,880 24.6% (2,070,378) -17.7% (2,322,863) -18.4% 986,683 8.4% 780,017 6.2% 122,264 1.0% 176,949 1.4% 182,502 1.6% 418,791 3.3% (59,340) -0.5% (152,294) -1.2% (47,709) -0.4% (55,116) -0.4% 46,811 0.4% (34,432) -0.3% 1,108,947 9.5% 956,966 7.6% (287,384) -2.8% (195,929) -1.6% | 26.5% -30.9% -56.4% -61.0% -13.4% -236.0% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 1Q ' 15 (3) 4Q ' 14 (3) Amount % Amount % 11,716,314 100.0% 12,596,314 100.0% 11,611,465 99.1% 12,537,886 99.5% 104,849 0.9% 58,428 0.5% (8,665,295) -74.0% (9,492,627) -75.4% 3,057,061 26.1% 3,102,880 24.6% (2,070,378) -17.7% (2,322,863) -18.4% 986,683 8.4% 780,017 6.2% 122,264 1.0% 176,949 1.4% 182,502 1.6% 418,791 3.3% (59,340) -0.5% (152,294) -1.2% (47,709) -0.4% (55,116) -0.4% 46,811 0.4% (34,432) -0.3% 1,108,947 9.5% 956,966 7.6% (287,384) -2.8% (195,929) -1.6% | 15.9% 46.7% |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 737,106 6.4%701,312 5.6% 5.1% | |
(In NT$1,000, except EPS) Operating Revenue Recurring Operating Revenue Gain on Sales of Financial Assets Operating Costs Gross Profit, net (1) Operating expenses Operating Profit Non-operating Income (Expense) Other Income Other Gains and Losses Financial Costs Share of Profit (Loss) of Associates and Joint Ventures Accounted for Using Equity Method Income before Tax Income Tax Expense Net Income (2) EPS | 0.37 0.35 |
Note:
(1) Unrealized / realized gain on inter-affiliate accounts included. (2) Excluding non-controlling interests.
(3) Comply with IFRS.
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Table 3Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | Mar 31, 2014 |
Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | 14,511,064 12,345,072 11,111,906 2,820,210 |
Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | 40,788,252 11,699,901 5,262,188 20,395,913 |
Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | 37,358,002 |
Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | 78,146,254 |
Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | 19,097,444 1,470,000 4,431,884 4,093,033 |
Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | 9,994,917 |
Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | 29,092,361 |
Mar 31, 2015 Dec 31, 2014 (In NT$1,000) Cash & Cash Equivalents 15,089,115 17,201,690 Receivables 11,695,759 11,817,073 Inventories 11,346,602 11,539,306 Other Current Assets 3,276,139 2,717,265 Total Current Assets 41,407,615 43,275,334 Financial Assets Available for sale - Non Current 12,796,759 14,155,901 Long-Term Investments Under Equity Method 5,244,017 5,352,012 Other Non-Current Assets 19,666,389 19,929,798 Total Non-Current Assets 37,707,165 39,437,711 Total Assets 79,114,780 82,713,045 Current Liabilities 16,267,582 18,075,827 Bonds Payable 1,513,200 1,527,600 Long-Term Borrowings 4,333,160 5,474,646 Other Non-Current Liabilities 4,276,025 4,346,250 Total Non-Current Liabilities 10,122,385 11,348,496 Total Liabilities 26,389,967 29,424,323 Total Shareholders' Equity(1) 52,724,813 53,288,722 | 49,053,893 |
(1) Including non-controlling interests.
About TECO Electric & Machinery Co., Ltd.TECO Electric & Machinery Co., Ltd. (TSE 1504) was founded in 1956 and has since been well known as one of world's leading motor-manufacturers. For 50 years and running, TECO has now engaged in various business sectors ranging from Industrial Products, Home Appliances, Mechanical and Electrical Construction, Key Components Manufacturing and Information Technology. Teco's consolidated revenue was NT$53.8 Billion for the 2014 fiscal year. More information is available at http://www.teco.com.tw
Investor Relations Contact PR ContactAndy Chien Karen Lee
IR Manager PR Manager
Phone : 886-2-2655-3333 Ext. 3542 Phone : 886-2-2655-3333 Ext. 3579
Fax : 886-2-26552239 Fax : 886-2-2655-2261
Email : andy.chien@teco.com.twEmail : karen.lee@teco.com.tw
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