4Q19 Results 1 momo.com Consolidated P&L P&L (NT$ mn) 4Q19A 4Q18A YoY 2019A 2018A YoY Revenue 15,907.8 12,391.7 28.4% 51,830.4 42,017.0 23.4% Gross product profit 2,404.5 2,007.0 19.8% 8,323.6 7,212.9 15.4% Operating costs (878.4) (759.5) (15.6%) (3,238.9) (2,952.7) (9.7%) Gross profit from operations 1,526.2 1,247.5 22.3% 5,084.6 4,260.2 19.4% EBITDA 705.9 539.0 31.0% 2,328.6 1,743.0 33.6% OPEX (1,007.3) (796.5) (26.5%) (3,429.0) (2,837.8) (20.8%) Operating profit 518.9 451.0 15.1% 1,655.6 1,422.4 16.4% Income from LT investments 17.5 47.0 (62.9%) 49.1 50.5 (2.7%) Other non-op income ^(11.1) 4.8 (333.5%) 16.2 6.7 141.8% Pretax profit 525.3 502.7 4.5% 1,720.9 1,479.6 16.3% Tax 107.1 95.0 12.7% 328.2 34.9 840.4% Net income 418.2 407.7 2.6% 1,392.7 1,444.7 (3.6%) Less minorities (0.9) (0.8) 12.5% (1.1) (5.0) (78%) Net income to parent 419.1 408.5 2.6% 1,393.8 1,449.6 (3.9%) Adjustments 0.0 (10.4) *(27.9) # (254.3) Recurring net income to parent 419.1 398.1 5.3% 1,365.9 1,195.3 14.3% Basic EPS^ 2.99 2.92 2.4% 9.95 10.35 (3.9%) Recurring basic EPS 2.99 2.84 5.3% 9.75 8.53 14.3% *Including NT$17.8mn tax benefit in 1Q19; ^Impairment of goodwill involving in the acquisition of bebe poshe; # one-time tax benefit in 2018 4Q19 Operational highlights momo’s 4Q19 consolidated revenue hit record high at NT$15,907mn (+28.4%YoY) on the back of further B2C market share gains and accelerated online retail growth. The growth was driven by B2C’s accelerating growth of 32.9%YoY ( vs. 30.7% in 4Q18) on Double 11 record sales, and higher growth rate from mobile platforms (+46%YoY), accounting for 67.8% of B2C sales during the quarter. While, TV business maintained as a cash cow and revenue slightly increased 1.4%YoY. 4Q19 pre-IFRS 16 EBITDA increased 14.2% YoY to NT$615.3mn; while, pre-IFRS 16 EBITDA margin was 3.9% vs. 4.3% in 4Q18, largely due to business mix. On pre-IFRS 16 basis, the growth of EBITDA can be attributed to the continued high growth of the B2C business. Pre-IFRS 16 EBITDA margin dropped YoY, largely because of business mix. Notably, operating costs and OPEX of % revenue fell QoQ and YoY thanks to scale benefit and operating leverage. 4Q19 recurring revenue based EPS were NT$2.99 (+5.3%YoY), registering historical high. Net income for 4Q19 totaled NT$418mn (+2.6%YoY). Comparing to 4Q18 recurring profit (after adjusting NT$10.4mn of one-time gain), 4Q19 recurring EPS rose 5.3%YoY. 2019 revenue totaled NT$51.83bn (+23.4% YoY). Pre-IFRS 16 EBITDA and operating profit increased 15.5% YoY to NT$2,013mn and 16.4% YoY to NT$1,655mn respectively. 2019 operating margin was 3.2% vs. 3.4% in 2018, largely in-line with management guidance. 2019 recurring EPS was NT$ 9.75 (+14.3% YoY), returning to positive growth vs. 2018 (-5%YoY), 2017 (+6.3%YoY), 2016 (+13.6%Y), 2015 (-10.9%YoY). 67.2% 73.3% 79.9% 84.2% 87.7% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 2015 2016 2017 2018 2019 Online shopping TV home shopping & catalogue Others $33.2bn $42bn $51.8bn NT$bn $25.6bn $28.1bn Feb 12, 2020 Topics in This Report Operational highlights P&L Analysis Revenue Analysis EBITDA Analysis Balance Sheet Analysis Cashflow Analysis IR contact: Gina Lu CFO [email protected]Terrisa Liu Senior Manager Investor Relations [email protected]Carina Yang Specialist Investor Relations [email protected]
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*Including NT$17.8mn tax benefit in 1Q19; ^Impairment of goodwill involving in the acquisition of bebe poshe; #one-time tax benefit in 2018
4Q19 Operational highlights momo’s 4Q19 consolidated revenue hit record high at NT$15,907mn (+28.4%YoY) on the
back of further B2C market share gains and accelerated online retail growth. The growth was driven by B2C’s accelerating growth of 32.9%YoY ( vs. 30.7% in 4Q18) on Double 11 record sales, and higher growth rate from mobile platforms (+46%YoY), accounting for 67.8% of B2C sales during the quarter. While, TV business maintained as a cash cow and revenue slightly increased 1.4%YoY.
margin was 3.9% vs. 4.3% in 4Q18, largely due to business mix. On pre-IFRS 16 basis, the growth of EBITDA can be attributed to the continued high growth of the B2C business. Pre-IFRS 16 EBITDA margin dropped YoY, largely because of business mix. Notably, operating costs and OPEX of % revenue fell QoQ and YoY thanks to scale benefit and operating leverage.
4Q19 recurring revenue based EPS were NT$2.99 (+5.3%YoY), registering historical high. Net
income for 4Q19 totaled NT$418mn (+2.6%YoY). Comparing to 4Q18 recurring profit (after adjusting NT$10.4mn of one-time gain), 4Q19 recurring EPS rose 5.3%YoY.
2019 revenue totaled NT$51.83bn (+23.4% YoY). Pre-IFRS 16 EBITDA and operating profit increased 15.5% YoY to NT$2,013mn and 16.4% YoY to NT$1,655mn respectively. 2019 operating margin was 3.2% vs. 3.4% in 2018, largely in-line with management guidance. 2019 recurring EPS was NT$ 9.75 (+14.3% YoY), returning to positive growth vs. 2018 (-5%YoY), 2017 (+6.3%YoY), 2016 (+13.6%Y), 2015 (-10.9%YoY).
67.2%73.3%
79.9%
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87.7%
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2015 2016 2017 2018 2019
Online shopping TV home shopping & catalogue Others