104 corporation (tse:3130) · selecting platform. variety of integrated services satisfy users’...
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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.
Online job opportunities (May, 2015): 650K, represent an increase of 19% 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): April 2014- 2015
Unit: NT$’000
IFRS Apr May June July Aug Sep Oct Nov Dec Jan-15 Feb-15 Mar-15 Apr-15 Consolidated 201,172 205,653 218,045 223,314 214,964 212,337 209,249 200,142 220,774 199,075 180,730 227,242 213,860
YoY 9.14% 15.80% 13.95% 14.46% 7.00% 9.55% 12.95% 8.68% 18.71% -6.83% 14.06% 22.32% 6.31% Online 91,581 92,727 96,974 102,624 94,803 91,695 90,828 84,488 102,415 83,469 70,456 110,171 95,088
Online-YoY 12.57% 10.29% 13.73% 8.15% -2.40% 7.06% 3.64% 9.29% 20.26% 20.29% -14.96% 14.91% 3.83% Consulting 109,590 112,924 121,071 120,690 120,161 120,641 118,421 115,654 118,359 115,606 110,274 117,071 118,722
Consulting-YoY 6.43% 20.75% 14.13% 20.44% 15.80% 11.51% 21.31% 8.23% 17.40% -19.87% 45.85% 30.23% 8.38%
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
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
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr
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: 5.4%
Operating margin: 49.4%
2015 Q1 Operating Results
(Unit: NTD ‘000) YoY
Q1 2015 % Q1 2014 % Change Net Sales 607,092 100% 557,904 100% 8.82%
Cost 308,497 51% 292,615 52% 5.43% Gross Profit 298,595 49% 265,289 48% 12.55%
Operating Expenses 221,386 37% 202,656 36% 9.24%
Sales & Marketing 152,102 25% 142,066 25% 7.06%
Operating & Administrative 28,231 5% 24,306 4% 16.15%
Research & Development 41,053 7% 36,284 7% 13.14% Operating Income 77,209 12% 62,633 12% 23.27%
Net Non-Operating Income (Loss) 3,685 1% 2,676 - 37.71%
Income Before Tax 80,894 13% 65,309 12% 23.86%
Net Income 68,004 11% 53,535 10% 27.03%
Other comprehensive Income (394) - (366) - 7.65%
Net comprehensive Income 67,610 11% 53,169 10% 27.16% Net Income Parent Shareholding 68,544 52,265
Net Income Minority Interest (540) 1,270
**As of 31 March, 2015, the company had 33,112 thousand outstanding shares.
2015 Q1 Consolidated Balance Sheet
Source: Company data 14
Unit: NTD’000 03. 31, 2015 03. 31, 2014
Amount % Amount %
Cash & Cash Equivalents 1,699,023 79% 1,445,996 77%
AR & NR 213,739 10% 204,806 10%
Total Current Assets 1,929,910 90% 1,697,978 90%
Net PP & E 171,445 8% 161,876 8%
Intangible Assets 13,801 1% 17,522 1%
Total Assets 2,147,290 100% 1908,275 100%
AP/NP/Other Payables 318,355 15% 267,798 14%
Sales Revenue Received in Advance 334,495 16% 298,087 16%
Total Current Liabilities 741,736 35% 631,977 33%
Total Liabilities 744,767 35% 636,860 33%
Shareholders' Equity 1,402,523 65% 1,271,415 67%
2015 Q1 Analysis of Cash Flows
Source: Company data
15
Unit: NTD’000 2015 1Q 2014 1Q
Amount Amount
From Operating Activities (6,534) 13,909
Income Before Tax 80,894 65,309
Depreciation and Amortization 17,249 14,417
Other Account Payable (136,858) (80,368)
From Investing Activities (10,936) (103)
Acquisitions of PP&E (7,475) (1,065)
Acquisitions of Intangible Assets (2,375) (768)
Other Investing Sources / (Uses) (1,503) (478)
Cash and cash equivalents at the beginning of January 1 2015
1,716,860 1,432,549
Cash and cash equivalents at the end of March 31 2015 1,699,023 1,445,996
2014 Income Statement
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Income Statement (Unit: NT$ ‘000)
2014 FY 2013 FY 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$) 9.41 7.46 26
2014 Balance Sheet
17
Balance Sheet (Unit: NT$ ‘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
18
Statement of Cash Flows (Unit: NT$ ‘000) 2014 FY 2013 FY 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
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Fiscal Year 2007 2008 2009 2010 2011 2012 2013 2014
Net Income 245,417 238,328 171,542 261,328 228,164 170,855 241,423 310,589
Cash Dividend 191,363 142,763 154,237 203,996 204,079 147,709 197,991 231,782
Dividend Payout Ratio
78% 60% 90% 78% 89% 87% 82% 75%
Average Stock Price 158.5 99.5 73.3 112.6 99.23 76.06 90.06 122.2
Yield Rate (%) 3.58% 4.25% 6.23% 5.33% 6.05% 5.98% 6.66% 5.73%
Employee Cash Bonus
26,702 26,356 18,424 28,168 24,614 18,204 26,074 33,544
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
1 2 3 4 5 6 7 8
EPS
Dividend Payout Per Share
Dividend Payout Ratio
2007 2008 2009 2010 2011 2012 2013 2014
The cash dividend of NTD 7 per share requires to be approved during the shareholder meeting in June, 2015.
Thank you
For more information, please contact:
Brenda Shih, CIO
886-2-2912-6104 ext. 9688
Shirley Ho, IR
886-2-2912-6104 # 9698