Lite-On Technology (2301.TW) today held its 2013 annual general meeting, during which the shareholders approved Lite-On’s fiscal year 2012 results and distribution of a NT$2.4 dividend per common share. Of that sum, the cash and stock dividend portions will be NT$2.35 and NT$0.05 per share respectively. The payout ratio and cash dividend yield are 72% and 4.8%, in line with the company’s historic high and stable payout ratio. Meanwhile, approval was also granted for the election of Mr. Kuo-Feng Wu, Mr. Harvey Chang and Mr. Edward Yang to serve as independent directors.
Global demand for personal computers (PC) slowed down in 2012 leading to Lite-On’s rapid shift in its product portfolio strategy towards cloud-computing products including high-end servers, data center and networking, and mobile devices. With the steady increase in demand in the global market, we have not only achieved outstanding results in overall sales revenue but also saw steady growth in net profit. Lite-On managed to continue its stellar operating performance achieving global consolidated revenue of NT$216.05 billion with a net profit after tax of NT$7.53 billion, representing a 4% growth from last year. The annual earnings per share (EPS) reached NT$3.33.
Among all strategic business groups, apart from the Power SBG that has shown sequential growth in networking devices and server power management systems, the steady growth in smart-phone and tablet PC markets also brought about the increase in demand for high-end camera modules and the expansion of the market share in the keyboard business. This growth momentum contributed to the 30% plus annual revenue growth of camera modules in the Opto-electronics SBG and the 20% annual growth in the HIS (Human Input Solutions-PC keyboards and peripherals) business unit of the Mechanical Competence SBG, both striking record highs in the company’s history. In terms of LED lighting, thanks to the increase in market demand, efficient production and expansion of globally branded customers’ orders, the annual revenue of LED components and Lighting products tripled over last year.
Leotek, Lite-On’s subsidiary, also became one of the top 2 LED Street light providers in Taiwan by winning the contract for the government’s extensive energy-saving project--a total of 46,000 existing mercury lights across Taipei, New Taipei City, Tainan, Nantou, Taitung and Hsin-Chu City will be replaced by LED lights. Meanwhile, in view of the growing trend in mobile device use across the globe, Lite-On Mobile will continue to adjust itself and focus on account management, shipment of core units and creation of a profitable product portfolio for operational improvement and profit growth in 2013.
Look ahead, a better product mix and ongoing margin expansions are expected, resulting from solid demand for Cloud Computing Mobile devices, LED & General Lighting and Automotive Electronics. LED Lighting business will play a key role in driving the company’s profitable growth with its strong position in the global market of LED General Lighting (indoor and outdoor) and Vehicle Lighting this year. Meanwhile, Lite-On commenced the cash tender offer of Lite-On IT (LOIT) in the beginning of this year, and has acquired 94.18% stake of LOIT as of the end of May. The delisting day of Lite-On IT will be July 12th. By reinforcing the corporate resource integration, optimizing economies of scale and broadening the product offering, Lite-On and Lite-On IT will continuously enhance the overall operation performance and core competiveness in the future.
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