All Ring Tech (6187) Q4 2023 earnings summary

Executive summary

• FY2023 revenue was NT$1,205,311 thousand, down from NT$2,248,713 thousand; net income fell to NT$138,173 thousand from NT$499,039 thousand.

• Operating profit declined to NT$85,423 thousand from NT$464,896 thousand; year-end total assets increased to NT$4,488,356 thousand from NT$4,164,735 thousand.

• Auditors issued an unqualified opinion; revenue recognition cutoff and inventory valuation were key audit matters.

Financial highlights

• Operating costs were NT$580,825 thousand versus NT$1,171,181 thousand; net operating margin was NT$624,486 thousand, or 52% of revenue, versus NT$1,077,532 thousand, or 48%.

• Profit before tax was NT$160,841 thousand versus NT$602,021 thousand; income tax expense was NT$22,668 thousand versus NT$102,982 thousand.

• Total comprehensive income was NT$226,563 thousand versus NT$408,377 thousand; FY2023 included NT$93,729 thousand of unrealised gains on FVOCI assets.

Segment performance

• Semiconductor equipment represented 77% of FY2023 revenue, passive components 9%, and other businesses 14%; revenue was NT$9.25 hundred million, NT$1.12 hundred million, and NT$1.68 hundred million, respectively.

• Semiconductor revenue was NT$17.63 hundred million in 2022 versus NT$9.25 hundred million in 2023; passive-component revenue was NT$3.93 hundred million versus NT$1.12 hundred million.

• The principal segment generated FY2023 external revenue of NT$1,064,737 thousand and pre-tax segment income of NT$157,818 thousand, versus NT$2,138,721 thousand and NT$598,281 thousand.

• All Ring Tech (Kunshan) generated NT$124,541 thousand of external revenue and NT$18,590 thousand of pre-tax segment income; Kunshan All Ring Tech recorded NT$546 thousand revenue and a NT$348 thousand pre-tax loss.

• FY2023 revenue was NT$1,080,224 thousand in Taiwan and NT$125,087 thousand in China.