presentation pdf - Solomon Systech Limited
presentation pdf - Solomon Systech Limited
presentation pdf - Solomon Systech Limited
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18 August 2009<br />
Hong Kong<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 1
Table of contents<br />
<br />
<br />
<br />
<br />
Summary<br />
Financial Review<br />
Business Review<br />
Outlook<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 2
Summary<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 3
Results summary<br />
<br />
<br />
<br />
<br />
<br />
Unit shipment 41mu<br />
Sales US$26.7 million<br />
Net loss US$2.3 million<br />
Basic loss per share 0.75 HK cents<br />
No interim dividend was declared by the Board<br />
Book to bill ratio @ 30 Jun-09 was 1.07<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 4
Financial Review<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 5
Profit and loss<br />
(US$ million) 1H09 1H08 2H08 YoY HoH<br />
Sales 26.7 50.8 42.0 (47%) (36%)<br />
Gross profit 7.4 11.0 5.9<br />
Gross profit margin 27.9% 21.7%<br />
14.1%<br />
(33%)<br />
25%<br />
Net loss 2.3 6.0 17.4 62% 87%<br />
Net margin (8.7%) (11.8%)<br />
(41.4%)<br />
(HK cents)<br />
Loss per share 0.75 1.95 5.55 62% 86%<br />
Dividends per share Nil Nil<br />
Book to Bill ratio 1.07 0.90<br />
3.00<br />
0.74<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 6
Profit and loss delta analysis 1H09 vs 1H08<br />
US$5.96m<br />
<br />
1H08 Net Loss<br />
US$3.57m<br />
US$4.05m<br />
US$3.32m<br />
US$1.18m<br />
US$1.22m<br />
US$0.21m<br />
• Gross Profit Decrease with Lower Sales<br />
• Operating Expense Reduction<br />
• Financial Assets Gain<br />
• Interest Income Decrease<br />
• Tax Refund<br />
• Miscellaneous<br />
US$2.33m<br />
<br />
1H09 Net Loss<br />
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18Aug2009<br />
P. 7
Balance sheet<br />
(US$ million)<br />
As at 30<br />
Jun 2009<br />
As at 31<br />
Dec 2008<br />
HoH<br />
Change<br />
Total assets 146.5 162.3 (9.7%)<br />
Total borrowings 0.8 Nil N/A<br />
Shareholders’ funds 132.5 143.8 (7.9%)<br />
Net cash 93.1 110.9 (16.1%)<br />
(HK cents)<br />
Shareholders’ funds per share 42 46 (8.7%)<br />
Net cash per share 30 35 (14.3%)<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 8
Net cash delta analysis Jun 09 vs Dec 08<br />
Net Cash @ :<br />
US$93.1m (30 Jun 09) vs $110.9m (31 Dec 08)<br />
<br />
Major Cash Outflow<br />
Business Operating Loss - US$ 2.3m<br />
Working Capital Change - US$ 5.4m<br />
Strategic Investment / Capex - US$ 0.9m<br />
Financial Assets - US$ 2.3m<br />
Dividend Payout - US$ 9.5m<br />
<br />
Major Cash Inflow<br />
Interest Received + US$ 1.7m<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 9
Business Review<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 10
Blended average selling price<br />
<br />
1H09 blended ASP = US$0.66, down 21% YoY<br />
Blended Unit ASP (US$)<br />
2.00<br />
1.50<br />
1.00<br />
0.50<br />
1.71<br />
1.20<br />
1.05<br />
0.83<br />
0.66<br />
Blended ASP Change<br />
50%<br />
0%<br />
HoH<br />
YoY<br />
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09<br />
0.00<br />
1H05 1H06 1H07 1H08 1H09<br />
-50%<br />
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P. 11
Unit shipment by product line<br />
<br />
Total unit shipment 41 million units<br />
STN m-TFT OLED New Display<br />
Display System Green Power Miscellaneous<br />
STN m-TFT OLED New Display<br />
Display System Green Power Miscellaneous<br />
IC unit shipment (mu)<br />
140<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
108<br />
125<br />
99<br />
61<br />
41<br />
Unit shipment distribution<br />
100%<br />
80%<br />
60%<br />
40%<br />
20%<br />
0%<br />
1H05 1H06 1H07 1H08 1H09<br />
1H05 1H06 1H07 1H08 1H09<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 12
Examples of 1H09 design-wins<br />
New Customers, New Products, New Applications<br />
Mobile Display<br />
OLED & New Display<br />
Messaging Phones<br />
Photo Printer<br />
MP3<br />
Digital Meter<br />
USB Thumb Drive<br />
Display System<br />
Green Power<br />
Mobile Phone<br />
MDTV<br />
Mini-projector<br />
LED Street Lamp<br />
LED Indoor Lighting<br />
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18Aug2009<br />
P. 13
Outlook<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 14
2H 2009 Outlook<br />
<br />
<br />
<br />
<br />
Sales<br />
<br />
<br />
Potential improvement based on the book to bill ratio<br />
Demand for mobile electronics is improving, particular from China and<br />
global brands<br />
Gross profit margin<br />
<br />
Stay inline with industry range<br />
Operating expenses<br />
<br />
<br />
Maintain control<br />
Invest in focused R&D projects<br />
New businesses or customers<br />
<br />
<br />
<br />
Leverage China Electronics Corporation (CEC) relationships<br />
Green Power business will benefit from China and global initiatives in<br />
energy-saving and environmental protection<br />
Expand business based on Display System Solution platforms<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 15
Continuous Development<br />
Customer, Product and Application Diversification<br />
<br />
Display IC<br />
Mobile Display<br />
<br />
Mobile phone, applications with<br />
multi-touch technology, AV<br />
Products, GPS, e-book, MDTV<br />
Mobile Phone<br />
-TFT<br />
Multi-touch<br />
applications<br />
AV<br />
Products<br />
e-book<br />
OLED Display<br />
<br />
Mobile phone, MP3, health<br />
care products, office equipment<br />
and industrial applications<br />
Mobile Phone<br />
-OLED<br />
MP3<br />
Keyboard<br />
Traffic<br />
Payment<br />
New Display<br />
<br />
Electronic shelf label, IC card,<br />
storage devices<br />
Electronic<br />
Shelf Label<br />
IC Card<br />
Storage<br />
Device<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 16
Continuous Development<br />
Customer, Product and Application Diversification<br />
<br />
System Solutions<br />
Display System<br />
<br />
Mobile phone, MDTV,<br />
mini-projector, GPS, WiFi<br />
and 3.5G mobile internet<br />
device<br />
Mobile Phone<br />
MDTV<br />
Mini-projector<br />
Green Power<br />
<br />
Indoor lighting, LED street<br />
lamp, architectural lighting<br />
Indoor Lighting<br />
Street Lamp<br />
Architectural Lighting<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 17
Thank You<br />
<strong>Solomon</strong> <strong>Systech</strong> (International) <strong>Limited</strong><br />
Stock code: 2878<br />
www.solomon-systech.com<br />
SSIL 2009 Interim Results Announcement<br />
18Aug2009<br />
P. 18
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