公司簡介 (8454 TT/TW)

2019年11月

本簡報資料所提供之資訊，包含所有前瞻性的看法，將不會因 任何

新的資訊、未來事件、或任何狀況的產生而更新相關資訊。富邦媒

體科技股份有限公司（本公司）並不負有更新或修正本 簡報資料內

容之責任。

本簡報資料中所提供之資訊並未明示或暗示的表達或保證其具有正

確性、完整性、或可靠性，亦不代 表本公司、產業狀況或後續重大

發展的完整論述。

2

免責聲明

議程

3Q19 財務資訊

營運近況

-電子商務

-電視及型錄

-倉儲及物流

Q&A

3

Leadership status in

Taiwan B2C e-commerce

since Oct. 2017

(by GMV, Net sales, and # of transactions)

4

0.0

10.0

20.0

30.0

40.0

50.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

公司簡介

International Taiwan

FY2005

• Sell TV

products online

FY2009-2010

• 12 hr delivery

• Website optimization

• Increased Bargaining

power with suppliers

FY2014

• Launched:

－ 1st TV ad

－ Mobile APP

－ momomall

FY2007

• Expend

product selection

• Cross platforms

migration

FY2016

SCM enhancement․

New categories․

1st 1111 & 1212․

(NT$bn)

Catalogue Shopping

TV Shopping

Fubon Gehua

(Beijing)

TVD momo

(Thailand)

Global Home

Shopping

Online Shopping

FY2017

• Automated

warehouse

• Mobile GMV

exceeded

50% of B2C

net sales in

2Q17

FY2018

• Brand strategy

• O&O

promotions

• Short-chain

delivery

• Past 5 year

CAGR 15.2%

+26% YoY

+18% YoY

+9.5% YoY

Nearly 10mn members with purchase history

5

3Q19 損益表

6

P&L (NT$ mn) 3Q19A 3Q18A diff % chg 1Q-3Q19A 1Q-3Q18A diff % chg

Revenue 12,371.5 9,811.1 2,560.4 26.1% 35,922.6 29,625.3 6,297.3 21.3%

Gross product profit 1,993.8 1,675.0 318.8 19.0% 5,919.0 5,205.9 713.1 13.7%

Operating costs (803.6) (732.6) (71.0) (9.7%) (2,360.6) (2,193.2) (167.4) (7.6%)

Gross profit from operations 1,190.2 942.4 247.8 26.3% 3,558.5 3,012.7 545.7 18.1%

EBITDA 512.4 334.9 177.5 53.0% 1,622.7 1,204.0 418.7 34.8%

OPEX (858.5) (691.7) (166.8) (24.1%) (2,421.8) (2,041.3) (380.5) (18.6%)

Operating profit 331.7 250.7 81.0 32.3% 1,136.7 971.5 165.3 17.0%

Income from LT inv. 5.9 4.7 1.2 24.5% 31.6 3.4 28.2 823.2%

Other non operating income 3.5 4.4 (0.9) (20.6%) 27.3 2.0 25.3 1271.4%

Pretax profit 341.1 259.8 81.3 31.3% 1,195.6 976.9 218.7 22.4%

Tax 74.1 (50.8) 124.9 (245.9%) 221.1 (60.1) 281.2 (467.9%)

Net income 267.0 310.6 (43.6) (14.0%) 974.5 1,037.0 (62.4) (6.0%)

Less minorities 0.0 (1.2) 1.2 (100.0%) (0.0) (4.2) 4.2 (99.0%)

Net income to parent 267.0 311.8 (44.8) (14.4%) 974.6 1,041.2 (66.6) (6.4%)

Adjustments (0.0) (106.0) (27.9) (244.0)

Recurring net income to parent 267.0 205.8 61.2 29.7% 946.7 797.2 149.5 18.8%

Basic EPS 1.91 2.23 (0.32) (14.4%) 6.96 7.43 (0.48) (6.4%)

Recurring basic EPS 1.91 1.47 0.44 29.7% 6.76 5.69 1.07 18.8%

Take rate 16.1% 17.1% (1.0%) 16.5% 17.6% (1.1%)

Gross margin from operations 9.6% 9.6% 0.0% 9.9% 10.2% (0.3%)

EBITDA margin 4.1% 3.4% 0.7% 4.5% 4.1% 0.5%

Operating margin 2.7% 2.6% 0.1% 3.2% 3.3% (0.1%)

Pretax margin 2.8% 2.6% 0.1% 3.3% 3.3% 0.0%

Net margin 2.2% 3.2% (1.0%) 2.7% 3.5% (0.8%)

3Q19 momo 部門別營收資訊

7

88.1% 84.8%

86.8%

83.1% 9.9%

12.5%

10.9%

13.9%

1.6%

2.4%

1.9%

2.6%

0

10,000

20,000

30,000

40,000

3Q19A 3Q18A 1Q-3Q19A 1Q-3Q18A

NT$ mn

^B2B2C : 0.1% of consolidated revenue *Others : 0.3% of consolidated revenue

B2C revenue increased 30.9% YoY in 3Q19

B2C TV Catalogue B2B2C^ Others*

B2C revenue increased 26.70% YoY in 1Q-3Q19

Revenue Breakdown by BU 3Q19A 3Q18A diff % chg 1Q-3Q19A 1Q-3Q18A diff % chg

B2C 10,897.5 8,323.0 2,574.5 30.9% 31,185.0 24,619.4 6,565.5 26.7%

B2B2C 14.3 14.8 (0.5) (3.4%) 43.1 43.9 (0.8) (1.7%)

TV 1,220.7 1,223.5 (2.8) (0.2%) 3,918.7 4,119.5 (200.7) (4.9%)

Catalogue 195.5 230.8 (35.3) (15.3%) 666.9 773.5 (106.5) (13.8%)

Others 43.6 19.0 24.5 128.8% 108.8 69.0 39.8 57.6%

Total Revenue 12,371.5 9,811.1 2,560.4 26.1% 35,922.6 29,625.3 6,297.3 21.3%

71.7% 70.1%

67.3%

58.8% 26.5%

30.4%

30.6%

40.7%

(500)

0

500

1,000

1,500

3Q19A 3Q18A 1Q-3Q19A 1Q-3Q18A

NT$ mn

3Q19 momo 部門別 EBITDA

Consolidated EBITDA increased 35% YoY in 1Q-3Q19

B2C TV Catalogue B2B2C^ Others*

^B2B2C : 2Q19A -0.9%, 2Q18A -0.5%, 1H19A -0.6%, 1H18A -1.0% *Others : 2Q19A -0.4%, 2Q18A -1.8%, 1H19A -0.4%, 1H18A -1.4%

Consolidated EBITDA increased 53% YoY in 3Q19

8

EBITDA Breakdown by BU 3Q19A 3Q18A diff % chg 1Q-3Q19A 1Q-3Q18A diff % chg

B2C 367.3 234.9 132.4 56.4% 1,091.6 708.3 383.4 54.1%

B2B2C (6.3) (9.7) 3.5 (35.5%) (10.7) (22.2) 11.5 (51.7%)

TV 135.7 101.8 33.9 33.3% 496.5 489.9 6.6 1.3%

Catalogue 16.8 15.3 1.6 10.3% 53.1 43.8 9.3 21.1%

Others (1.2) (7.3) 6.1 (83.6%) (7.7) (15.8) 8.1 (51.0%)

Total EBTIDA 512.4 334.9 177.5 53.0% 1,622.7 1,204.0 418.7 34.8%

Pre-IFRS 16 EBITDA 420.7 25.6% 1,398.3 16.1%

3Q19資產負債表

Sep 2019 Jun 2019 Sep 2018

Cash & Cash equivalents 5,996.7 2,370.4 1,937.8

Accounts receivables 93.2 62.2 40.4

Other receivables 1,189.1 999.2 837.1

Inventories 2,153.2 1,902.5 1,421.7

Other current assets 334.2 307.7 339.9

Current assets 9,766.4 5,642.0 4,576.9

- - -

LT Investments 1,233.1 1,253.4 1,218.6

PP&E 4,349.0 4,377.8 4,508.8

Other non-current assets 1,595.1 1,071.9 338.9

Total non-current assets 7,177.2 6,703.1 6,066.3

Total Assets 16,943.6 12,345.1 10,643.2

Sep 2019 Jun 2019 Sep 2018

Short term borrowings 0.0 0.0 60.8

Accounts Payable 8,085.7 4,336.4 3,494.9

Other payables 617.8 472.3 464.9

Other current liabilities 1,211.7 1,071.5 589.8

Non current liabilities 1,109.9 790.3 275.8

Total Liabilities 11,025.1 6,670.5 4,886.2

- - -

Common stock 1,400.6 1,400.6 1,420.6

Additional paid-in capital 2,685.9 2,685.9 3,003.2

Retained earnings 1,975.8 1,708.4 1,870.9

Treasury share 0.0 0.0 (397.2)

Other equity items (143.8) (120.3) (140.5)

Shareholders' equity 5,918.5 5,674.6 5,757.0

9

10

3Q19 現金流量分析

NT$mn 3Q19 3Q18 2Q19

Operating 3,951.24 162.04 332.26

Investing (150.37) (52.77) (51.52)

Financing (84.20) (7.75) (1,327.55)

NT$mn 3Q19 3Q18 2Q19

FCF 3,911.14 97.32 297.47

Working Capital (5,240.07) (1,637.20) (1,832.67)

CCC (29.37) (17.82) (17.13)

資本支出情形

11

Capex (NT$ mn) 2017A 2018A 1Q-3Q19A 2019F

North Distribution Center -

(Construction, Engineering,

Equipment, and

Solar power system)

1,181.7 542.2 0.0 0.0

South Distribution Center -

(Land) 0.0 0.0 0.0 628.1

IT Equipment 51.7 65.9 164.0 153.1

Warehouse and others 107.8 129.7 56.0 205.0

Total 1,341.2 737.7 220.0 986.2

*2019F capex number was based on projects approved by the BoD

* the BoD approved a land purchase for SDC on July 31, 2019.

議程

3Q19 財務資訊

營運近況

-電子商務

-電視及型錄

-倉儲及物流

Q&A

12

40.4%

27.1%

16.3%

11.7%

4.6%

40.9%

27.3%

16.2%

11%

4.6%

momoshop 網路購物(B2C)

主要消費年齡層: 25~49 歲

消費者性別比例:

5%

12% 38.6%

27%

17.3%

5%

17.5% 37.8%

27%

12.6%

(+39.4% YoY)

(+33.7% YoY) (+27.4% YoY)

(+36% YoY)

(+22.8% YoY)

(+20.9% YoY)

(+18.2% YoY)

(+17.9% YoY)

(+16.5% YoY) (+17.6% YoY) 1Q-3Q18

1Q-3Q19 3Q18

3Q19

13

4.8 5.0 5.1 5.4 5.9

2.8 3.0

4.4% 2.6%

5.5%

8.7%

2014 2015 2016 2017 2018 3Q18 3Q19

消費者平均購買次數 (orders / YoY%)

1,851.0 1,802.6

1,865.6 1,945.5

2,109.6 2,088.6

2,115.8

-2.6%

3.5% 4.3%

8.4%

2014 2015 2016 2017 2018 3Q18 3Q19

平均訂單金額 (NT$ / YoY%)

8 10

11

14

17

4.0 5.2

17.9% 15.4%

23.9% 23.0%

2014 2015 2016 2017 2018 1Q18 1Q19

交易訂單數 (mn / YoY%)

momoshop 網路購物(B2C) –消費者資訊

+1.3% YoY

+7% YoY

3Q19 每月不重複訪客數:

830萬 (+6.0% YoY)

3Q19 日平均流量:

450萬 (+36% YoY)

+29% YoY

*Based on B2C net revenue

14

103 104 105 106 107 107Q3 108Q3

103 104 105 106 107 107Q3 108Q3 103 104 105 106 107 107Q3 108Q3

累積消費會員

889 萬

(+12% YoY)

392.1 1,102.6

2,002.3

3,169.1

4,977.5

7,578.5

10.2%

25.3%

39.3%

50.3%

60.4% 66%

0%

20%

40%

60%

80%

0

2,500

5,000

7,500

10,000

FY2014 FY2015 FY2016 FY2017 FY2018 1Q-3Q19

M-Commerce Net Sales in B2C M-Commerce as % of EC Sales(NT$mn)

3Q19行動商務業績成長 43.3% YoY

3Q19手機版每日平均流量超過 344萬人次, +40% YoY

3Q19行動商務業績比重超過momo購物網營收 66%

momo 行動商務之迅速成長

*Based on B2C data 15

20%

43.2%

25.4%

16%

7.8%

7.5%

momo 電視購物/型錄

2 台有線電視頻道

2 台MOD頻道

24HR 播放節目

落地戶數 ~500萬戶

商品審核制度

型錄：每刊 30~50 萬份

8.4%

46%

7.5%

19%

19%

3Q18 3Q19

(-7% YoY)

消費者資訊

• ~80% 女性

•累計消費人數：500萬

•平均訂單金額：NT$2,421 (3Q19)

NT$2,748.3 (2018)

•主要消費年齡層：40~64 歲

• 3Q19消費者平均訂單次數：1.9次

(+0.8% YoY)

(-15% YoY)

(+34 %YoY)

(-6.1% YoY)

16

42.0%

24.3%

16.3%

9.4%

8%

(+16% YoY)

1Q-3Q18 1Q-3Q19

(-9% YoY) (-7.5% YoY)

(-22% YoY)

(+17% YoY) 17%

44.9%

7.8% 10%

20%

物流中心配送能力及規劃

倉儲資訊 2010A 2016A 2017A 2018A 3Q19A

倉儲數量 2 7 7* 8* 8*

面積(坪數)@ 4 13

面積(m2)@ ~4k 25.5k 50k 55k 70k

衛星倉數量 13k 85k 165k 180k 230k

momo購物網SKU數 1.8mn 2.1mn 2.5mn 2.7mn

1 ping approx. 3.3m2

台灣大哥大門市及超商取貨服務

全台 24 hour 到貨服務

17

Deepening competitive moats

生活大小事

都是momo的事

18

• 連續3年獲「公司治理評鑑」名列 Top 5% (第3-5屆, 2016-2018)

• 獲得 「臺北市績優健康職場 」第四名

• 獲得台灣永續能源研究基金會

2017年台灣企業永續獎-企業永續報告類-服務業組-金獎

• 2017年度企業社會責任報告書獲國際認證機構BSI授證

• 榮獲經濟部「第四屆潛力中堅企業」認證

• 《經理人雜誌》 2018年度台灣MVP經理人 團隊 富邦媒體科技 網路處

•《天下雜誌》「服務業二千大企業調查-電子商務類」第一名

19

獎項與肯定

Q&A

20