104 corporation (tse:3130) · 2nd generation services and products roadmap 10 job bank 104 tutor/...
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® 104人力銀行
104 Corporation (TSE:3130) A Total Solution Provider in Chinese HR Services Market
May 2015
Safe Harbor Statement
This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate," “believe,” “could,” “estimate,” “expect,” “intend,” “plan,” ‘’forecast,” “project,” “predict,” “potential,” “continue,” “may,” “should,” “will” and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events; and actual results may differ materially from those expressed or implied by such statements. You should be cautioned that the forward-looking statements are not the guarantees of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law. This presentation and the information contained herein is the property of 104 Corporation.
2
Agenda
Company Profile
Leading Market Role
Management Team
Products and Services
Review of Operational & Financial Results
Dividend Policy
3
Company Profile
4
Market Position
104 Job Bank was
established: 1996.
First IPO Job Bank
company in Taiwan:
2006.
First Job Bank in
Taiwan to get ISO 27001.
Core Competence Operating Strengths
Strong database (Apr. 2015):
6 million resumes, 70% college graduated/ above, 274K corp. customers.
Average job opportunities (2014): 529K, represents an increase of 27% YoY
Comprehensive range of HR related services.
Zero debts.
Solid cash positions of NT$1.7 billion.
Strong capability to generate cash even in difficult economic period.
High satisfaction & recognition of 104 brand & services.
Leading Market Role
5
Comparing competitors, 104 is the most frequent searched keyword on Google.
Management Team
Simon Juan – President MA, European Studies, Katholieke Universiteit Leuven, Belgium
BS, Naval Architecture Engineering, National Taiwan Ocean University.
1998-2000 Sales Director-China/HK, Philips China, Digital Video Systems.
1995-1997 Marketing Manager-Far East, Philips Digital Video Systems.
Rocky Yang – Founder and Chairman BA, English Literature, National Cheng-Kong University, Taiwan.
1992-1994 Vice President, Sunrex Computer Corporation (TSE: 2387).
1985-1991 Sales Manager, American Research Corporation.
Steven Su – G.M. of Executive Search and Temporary
Staffing Business Group and Chief Legal Officer Master of Laws, Law Center, University of Houston, USA.
Bachelor of Laws, Fu-Jen Catholic University, Taiwan.
1996-2000, Attorney-at-Law, Su and Associates.
1993-1996, Manager-Administration, Taipei Computer Association.
Source: Company data 6
History of Business Expansion
7
104 Job
Bank
established
No. 1 in
Taiwan
Market
104
Learn
104 HR Consulting
Inc. /Temp Staffing
Listed in TSE &
expanded into China
104
Market 104 Case
Tutor, Boss
100% subsidiary
104 Mini Job, 104 Super
104
Hunter, eHR
104 Consulting
Dream Cradle
Mobile app
Unit: NT$’000
Source: company information
revenue / year
104+ beta
8
Full Range Services and Products
Source: company information
Large jobs base for job seekers with easy & accessible platform.
Career center & value added services for job seekers.
Large and diversified resumes pool for corporate users.
Integrated matching & selecting platform.
Variety of integrated services satisfy users’ needs.
104 Learn 104 Ads
HR Ads Services
Training Program Posting Services
Job Banks
Tuition Posting Services
Outsourcing Case Posting Services
104 Case 104 Tutor
Job Posting
Services
HR Academy
HR Solutions &
Consultancy
104 Hunter
Executive Search
Services
104 Temp
Temporary Staffing
Concept of 2nd Generation Products and Services
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C.M.O.S.
C：Cloud
M：Mobile
O：Open Platform
S：Social Networking
Open Social Mobile Cloud
2nd Generation Services and Products Roadmap
10
Job Bank
104 Tutor/
104 Learn
Headhunting/
Temp-Staffing
Consulting/ HR
Solutions
2.0 Generation
Dream
Cradle
Green
Tutor
4 minutes
104 +
Career
Groups
HR Portal
Talents
Database
Employee
Interactive
Platform
Reserve Job Bank
Individual
Customers
Corporate
Customers
104
Outsourcing
1.0 Generation
Revenue Trend Unaudited Revenue Trend (thousands NTD): March 2014- 2015
Unit: NT$’000
IFRS Mar Apr May June July Aug Sep Oct Nov Dec Jan 15 Feb 15 Mar 15
Consolidated 185,773 201,172 205,653 218,045 223,314 214,964 212,337 209,249 200,142 220,774 199,075 180,730 227,242
YoY 16.02% 9.14% 15.80% 13.95% 14.46% 7.00% 9.55% 12.95% 8.68% 18.71% -6.83% 14.06% 22.32%
Online 95,880 91,581 92,727 96,974 102,624 94,803 91,695 90,828 84,488 102,415 83,469 70,456 110,171
Online-YoY 8.74% 12.57% 10.29% 13.73% 8.15% -2.40% 7.06% 3.64% 9.29% 20.26% 20.29% -14.96% 14.91%
Consulting 89,893 109,590 112,924 121,071 120,690 120,161 120,641 118,421 115,654 118,359 115,606 110,274 117,071
Consulting-
YoY 24.96% 6.43% 20.75% 14.13% 20.44% 15.80% 11.51% 21.31% 8.23% 17.40% -19.87% 45.85% 30.23%
0
50,000
100,000
150,000
200,000
250,000
1 2 3 4 5 6 7 8 9 10 11 12 13
Consulting
Online
YoY Online-YoY Consulting-YoY
Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar
Analysis of Operating Performances
Source: Company data
Quarterly Unaudited Consolidated Revenue (Unit: NTD’000)
12
Online Services:
• Job Bank Listing / Ads
• Value-added Services
Consulting Services:
• Head-Hunting
• Temp-Staffing
• HR Academy
Online 45%
Consulting 55%
Revenue by Business Sectors, 2014
IFRS 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1
Consolidated 607,047 630,166 650,615 624,870 557,883
YoY 8.8% 13.46% 10.31% 12.94% 14.96%
Online 264,096 277,731 289,123 281,284 248,117
YoY 6.44% 11.05% 4.12% 12.20% 13.53%
Consulting 342,951 352,434 361,491 343,586 309,766
YoY 10.71% 15.44% 15.80% 13.56% 16.12%
Operating
margin:
5.9% Operating
margin:
50.51%
2014 Income Statement
13
Income Statement
(Unit: NT$ ‘000) 2014.12.31 2013.12.31 YoY
Amounts % Amounts % %
Net Sales 2,472,325 100 2,208,095 100 12
Cost 1,247,158 51 1,123,542 51 11
Gross Profit 1,215,620 49 1,074,419 49 13
Operating Expenses 873,994 35 790,204 36 11
Sales & Marketing 595,620 24 556,654 25 7
Operating & Administrative 108,664 4 88,891 4 22
Research & Development 169,710 7 144,659 7 17
Operating Income 341,626 14 284,215 13 20
Income Before Tax 370,177 15 292,451 14 27
Net Income 313,002 13 244,318 12 28
Other Comprehensive Income (5,071) - 8,085 - (169)
Net Income – Parent Shareholding 310,589 13 241,423 12 29
EPS(NT$) 9.41 7.46 26
2014 Balance Sheet
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Balance Sheet
(Unit: NT$ ‘000) 2014.12.31 2013.12.31 Diff.
Amounts % Amounts % %
Cash & cash equivalents 1,716,860 76 1,432,549 76 20
Account receivable/ Note receivable 218,110 10 214,781 11 2
Total current assets 1,951,822 91 1,689,980 89 2
PP&E 158,328 7 160,807 9 (2)
Total non-current assets 204,758 9 214,569 11 (5)
Total Assets 2,156,580 100 1,904,549 100 13
Account payable/ Note & other payable 434,912 18 337,934 18 29
Sales received in advance 305,215 14 268,545 14 14
Total current liabilities 820,811 38 681,027 36 21
Total liabilities 824,318 38 686,303 36 20
Shareholders’ equity attribute to parent 1,325,634 62 1,214,273 64 9
Total shareholders’ equity 1,332,262 62 1,218,246 64 9
Total liability & Shareholders’ equity 2,156,580 100 1,904,549 100 13
2014 Cash Flows
Source: Company data
15
Statement of Cash Flows
(Unit: NT$ ‘000) 2014.12.31 2013.12.31 YoY
Amounts Amounts Amounts
Income before tax 370,177 292,451 77,726
Depreciation & amortization expenses 64,006 60,475 3,531
Cash inflow from operating activities 511,680 364,071 147,609
Acquisition of PP&E (44,880) (34,044) (10,836)
Acquisition of intangible assets (10,465) (10,433) (32)
Cash outflow from investing activities (23,314) (34,532) 11,218
Cash Dividends (197,991) (147,709) (50,282)
ESOP - 45,904 (45,904)
Acquisition of treasury stocks - (18,138) 18,138
Cash outflow from financing activities (197,991) (127,633) (70,358)
Net cash flows 284,311 204,225 80,086
The ending balance of cash & cash equivalents 1,716,860 1,432,549 284,311
Dividend Policy
16
Fiscal Year 2007 2008 2009 2010 2011 2012 2013
Net Income 245,417 238,328 171,542 261,328 228,164 170,855 241,423
Cash Dividend 191,363 142,763 154,237 203,996 204,079 147,709 197,991
Payout Ratio 78% 60% 90% 78% 89% 87% 82%
Average Stock Price 158.5 99.5 73.3 112.6 99.23 76.06 90.06
Yield Rate (%) 3.58% 4.25% 6.23% 5.33% 6.05% 5.98% 6.66%
Employee Cash
Bonus 26,702 26,356 18,424 28,168 24,614 18,204 26,074
7.27 7.06 5.08 7.72 6.71 5.67 7.46 5.67 4.23 4.57 6.00 6.00 4.55 6.00
77.97%
59.90%
89.91%
78.06%
89.44% 86.45% 82.01%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
0
1
2
3
4
5
6
7
8
9
2007 2008 2009 2010 2011 2012 2013
EPS Dividend Payout/Per Share Dividend Payout Ratio
Thank you
For more information, please contact:
Brenda Shih, CIO
886-2-2912-6104 ext.9688
Shirley Ho, IR
886-2-2912-6104 # 9698