Acer Inc.

Acer Inc. - Financial and Strategic Analysis Review

Publication Date: 24-Jan-2013 Reference Code: GDTC27000FSA

Company Snapshot
Key Information
Acer Inc., Key Information Web Address Financial year-end Number of Employees TPE
Source : GlobalData

Company Overview
Acer Inc.(Acer) conducts marketing of information technology products across the world. The company markets Acer brand products including smartphones and desktop personal computers, servers and storage systems, digital cameras, LCD monitors, projectors, and high-definition TVs, peripherals and e-business solutions throughout the world. The company operations focus on mainstream information technology markets. Acer has collaborated with Scuderia Ferrari with engineering excellence, stunning design and technological prestige. The company markets its products under four brands, namely, Acer, Gateway, Packard Bell and eMachines.
NA -8.72 32.76 -1.35 NA Strong Market Position Broad Product Portfolio Multi Brand Strategy Opportunities New Product Launches and Agreements Benefits from Partnership in Olympic Demand for Smartphones Threats Risk from Gray Market Competitive Pressure Rapid Technological Changes Weak Operational Performance Acer Inc., SWOT Analysis Strengths Weaknesses

www.acer-group.com December 8,018 2353

Key Ratios
Acer Inc., Key Ratios P/E Return on Equity (%) Debt/Equity (%) Operating profit margin (%) Dividend Yield
Note: Above ratios are based on share price as of 22-Jan-2013 Source : GlobalData

SWOT Analysis

Share Data
Acer Inc., Share Data Share Price (TWD) as on 22-Jan-2013 EPS (TWD) Market Cap (million TWD) Enterprise Value (million TWD) Shares Outstanding (million)
Source : GlobalData

24.70 -2.52 67,735 5,367 2,742

Source : GlobalData

Performance Chart
Acer Inc., Performance Chart (2007 - 2011)

Financial Performance
The company reported revenues of (Taiwanese Dollars) TWD 475,341.99 million during the fiscal year ended December 2011, a decrease of 24.44% from 2010. The operating loss of the company was TWD 6,396.20 million during the fiscal year 2011, as against an operating income of TWD 17,825.74 million during 2010. The net loss of the company was TWD 6,601.97 million during the fiscal year 2011, as against a net profit of TWD 15,118.00 million during 2010.

Source : GlobalData

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Acer Inc. Acer Inc. - Key Facts

Acer Inc., Key Facts

Corporate Address Telephone Fax URL Industry Locations

7F.-5, No.369, Fuxing N. Rd., Taipei City, Taipei, 105, Taiwan +886 2 27195000 +886 2 87125519 www.acer-group.com Technology

Ticker Symbol, Stock Exchange No. of Employees Fiscal Year End Revenue (in USD Million) Revenue (in TWD Million)

2353 [Taiwan Stock Exchange] 8,018 December 16107.83 475341.99

Australia, Austria, Belgium, Brazil, Bulgaria, Canada, China, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hong Kong Special Administrative Region of China, Hungary, India, Indonesia, Israel, Italy, Japan, Latvia, Lithuania, Malaysia, Mexico, New Zealand, Norway, Philippines, Poland, Portugal, Romania, Russian Federation, Serbia, Singapore, Slovakia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, The Netherlands, Turkey, Ukraine, United Kingdom, United States, Vietnam

Source : GlobalData

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Acer Inc. Acer Inc. - Business Description

Acer Inc.(Acer) is a global IT solutions provider. The company manufactures and markets information technology products all across the world. The companys main business is to markets its Acer branded mobile and desktop PCs, servers and storage, LCD monitors and high-definition TVs and peripherals. The company operates through four brands, namely, Acer, Gateway, Packard Bell and eMachines. Acer conducts research, design, manufacture and distribution of computers and mobile phones. The product portfolio includes PC notebooks, desktops, monitors, server and storage systems, peripherals devices, digital devices. Its major customers include government, business, education and home users. The company utilizes Channel Business Model (CBM), which involves working with first class PC industry suppliers and channel partners, thereby fortifying brand value, proper management of global logistics, worldwide business channels and customer service. Gateway offers PC systems, notebooks and displays systems. Gateway develops, manufactures, supports and markets hardware for computers, personal computers, computer monitors, servers, and computer accessories. The companys products are sold exclusively by leading retailers, e-tailers and channel partners in the Australia, Austria, Belgium, Canada, France, Germany, Japan, Netharlands, Mexico, Luxemburg, Newzealand, Sweden, Switzerland and the UK. eMachines focuses on providing desktops, displays and all-in-one PC systems. The companys products are targeted at budget conscious consumers who want full-featured systems at low cost. The company markets its products through leading e-tailers, retailers and channel partners in the US and through selected international partners outside the US. Packard Bell conducts the design, manufacture and marketing of IT products. The product portfolio of the company comprises desktops, notebooks, net books, tablet, monitors and software. The companys products are customized according to customers needs and designed to reflect their personality. Its products are marketed through online shopping in select regions and through retailers in 27 countries. The company principally focuses on the European market. In addition, the company operates in Africa, Latin America, and the Middle East. The company also holds contracts with leading companies including Microsoft Inc. (software license agreement), IBM Corporation (patent license agreement), Lucent Technologies GRL, LLC (patent license agreement), MPEG LA, LLC (patent license agreement), ID SoftCapital Inc (consultant service agreement), and Citibank N.A. (credit facility agreement). Acer has collaboration with Scuderia Ferrari, for sponsoring of Scuderia Ferrari. In 2011, Acer also conducts R&D related activity. Its R&D activity focusing on the user interface, industrial design, cloud technology, and ICT related hardware and software. The company spent NTD1.2 billion on for the fiscal year ended 2011 which accounted for 0.25% of total revenue of the company. The company classifies its geographical operations into four regions namely, Europe,MiddleEast and Africa, Pan America, Asia and Taiwan. For the fiscal year ended December 2011, the company accounted for 35% of the total revenue from EMEA, followed by Asia with 33%, Pan America with 26% and Taiwan with 6%. In July 2012, Acer declared its intention to provide key services for athletes. The Acer Internet Lounges provide athletes with fully-equipped computing stations which provide broadband Internet access, printer capabilities and social networking applications, available 24/7 during both Olympic and Paralympic Games. In June 2012, Acer introduced worlds first 6,000 lumens professional projector, the P7215, using a single lamp. This projector is very eco-friendly, delivering light for up to 2,000 hours while using 350 watts, reducing power consumption and maintenance costs.

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Acer Inc. Acer Inc. - Major Products and Services

Acer focuses on the manufacture and marketing of information technology products. The company's key products include the following:
Acer Inc., Major Products and Services Products: Desktops, Notebooks, Tablet PCs, Severs and Storage, Handhelds, Monitors, Projectors, DSC, LCD TV, Displays, Softwares Brands: Acer, Gateway, Packard Bell, eMachines.
Source : GlobalData

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Acer Inc.

Acer Inc. - History

Acer Inc., History 2012 Management Changes Acer appointed He Yihua as chief financial officer instead of Wang Meili who was serving as acting CFO Acer announced its intention to acquire iGware Inc. In January 2011, the company signed an agreement with Ducati to become official partner of Ducati. Under the terms of agreement, the company will supply hardware including Acer branded clients and Gateway servers for a term of two years. Acer divested holdings in E-LIFE MALL CORPORATION for NTD610.67m Acer's subsidiary E-TEN Information Systems Co., Ltd sold buildings with a total area of 7,408.83 pings and land measured 1,027.17 pings to Delta Electronics, Inc. The total contract was worth NTD2.53 billion Acer appointed Wang Meili as chief financial officer instead of Du Zhemin In May, the company announced that Acer ICONIA SMART, the next generation smartphone received Best Choice and Design & Innovation awards at Computex 2011 held in Asia. Acer and Founder Tech strengthened their long term PC business cooperation. The company won four iF product design awards for its Acer Aspire 8943G notebook, Acer C20 pico projector, Packard Bell EasyNote Butterfly s notebook and Gateway FHD2303L monitor. The company's Acer Aspire 3820T/TG notebook and Aspire X Series desktop won Computex Taipei Design & Innovation awards. Further its Aspire 8943G notebook won Gold award. The company expanded its operation by establishing global IT manufacturing center in Chongqing, China. The expansion will enhance Acers presence in China and will help in boost the companys competitiveness along with its leadership in the mobile-PC market. The company launched beTouch E110, Acer beTouch E400, Acer neoTouch P300 and Acer neoTouch P400. Acer's Aspire Gemstone "blue" series notebooks won the industry awards. The company introduced android based Aspire One netbook. It will provide faster internet connections and enhanced efficiency. The company introduced the new mobile computing Aspire Timeline series. The company launched four new smartphones Acer M900, F900, X960 and DX900. The phones are targeted at persons who want to utilize better technology both for their personal and their professional needs. The company joined the Open Handset Alliance to co-develop the Android platform. Acer joined Electronics Industry Citizenship Coalition.

2011 2011

Acquisitions/Mergers/Takeovers Contracts/Agreements

2011 2011

Divestiture Divestiture

2011 2011

Management Changes New Products/Services

2010 2010

Contracts/Agreements Corporate Awards

2010

Corporate Awards

2010

Corporate Changes/Expansions

2010

New Products/Services

2009 2009

Corporate Awards New Products/Services

2009 2009

New Products/Services New Products/Services

2009

Other

2008

Contracts/Agreements

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Acer Inc.
2008 New Products/Services The company introduced a new line of PCs called 'Aspire PREDATOR' for passionate gamers. The company introduced Aspire "one", its first mobile Internet device. Acer AT3705-MGW LCD TV became the world's first digital TV to pass Intel Viiv technology verification and Acer introduced Windows Vista with full range of Vista-certified LCD monitors. TravelMate C100 the first Convertible Tablet PC was launched Acer Aspire was launched. The company acquired Texas Instruments' mobile computing business in 1997. Acer introduced world's first 386SX-33 chipset First time Acer introduced ChipUp technology to the world. The company acquired Altos in 1990. Acer made a Joint venture with Texas Instruments. IPO Launched by Acer Inc. Acer beats IBM with 32-bit PCs. Microprocessor-II first 8-bit home computer in Taiwan was introduced. Microprocessor-I first branded product introduced by Acer. Acer was founded as Multitech, with trade and product design operations Taiwans first mass produced computer for export were designed by Acer.

2008 2007

New Products/Services New Products/Services

2002 2002 1997 1992 1991 1990 1989 1988 1986 1982 1981 1976 1879

New Products/Services Plans/Strategy Acquisitions/Mergers/Takeovers New Products/Services New Products/Services Acquisitions/Mergers/Takeovers Contracts/Agreements Stock Listings/IPO Other New Products/Services New Products/Services Incorporation/Establishment New Products/Services

Source : GlobalData

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Acer Inc. Acer Inc. - SWOT Analysis

SWOT Analysis - Overview Acer undertakes the design, manufacture, and selling of a wide range of Information Technology products. Its product portfolio includes Notebooks, Tablet PCs, Servers & Storage devices, Handhelds, Monitors, Projectors, DSC, and Televisions. The operations of Acer are spreads across the world. It could leverage its broad product portfolio, strong market position and multi brand strategy to garner higher revenue and gain a competitive edge over its peers. The growing demand for smartphones and LCD market, and new product launches and agreements of the company will enhance its performance and position in the market. However the intense competition in the market and gray market risk and rapid technological changes could adversely affect its future business operations. Acer Inc. - Strengths Strength - Strong Market Position Acer has a strong presence in Europe, the Middle East, Africa, Asia, and North America. It has a network of sales and subsidiaries in 60 countries. The company has a large distribution network, which covers 100 countries. The company was ranked No. 2 for notebooks and No. 4 for total PC shipments by Gartner data, 2011. Regionally, its rank and market share in Asia-Pacific for total PCs was No. 2 and 11.1%; while China ranked No. 3 and accounted 8.8% of market share. Acer reached the third place in the worldwide projector market and achieved a 7.2% market share in the first quarter of 2011. In 2010, Acer showed strong growth in the global PC market as a leading global vendor of IT products and ranked third with 42.4 million shipments and 12% market share in the global PC market. According to Gartner and IDC, as of April 29, 2010 Acer reached 1st place in worldwide notebook shipments. As per the fourth quarter of 2010, Acer ranked in second place worldwide, with shipments of 11.9 million units. In addition, the US PC market reported Acer derived 11% share and ranked No. 3, while in Asia Pacific it derived 8.7% market share and ranked No. 4. The strong growth of the company enabled it to emerge as the fastest-growing vendor. Its wide geographical presence and innovative business models mitigate the risks from any economic downturn or concentration of business. It also helps in serving a large number of customers. Strength - Broad Product Portfolio The company operates through four brands, namely, Acer, Gateway, Packard Bell and eMachines. The company is engaged in the manufacture and sale of a wide range of Information Technology (IT) products. It also provides computer software and maintenance services. The IT product range of the company includes computer systems (desktops, notebooks, handhelds), servers and storage products, cathode ray tube (CRT) monitors, liquid crystal display (LCD) monitors, peripherals, digital video disc (DVD) players, Internet appliances (IA) and personal multimedia, projectors, LCD televisions (TV) and digital still cameras (DSC). The large variety of products offered by the company enable it to serve a diverse range of consumer markets. Moreover, it also enables the company to mark its presence across the value chain and minimizes the risk from diversification of portfolio. Strength - Multi Brand Strategy Acer markets its products through four brands, namely, Acer, Gateway, Packard Bell and eMachines. Each of its brands signifies a unique customer base, based on individual identity and personality. Acer is perceived as innovative, Gateway and Packard Bell are always related with style and trend, whereas eMachines is associated with efficient and convenient PC systems. The company targets various segments of population with its portfolio of different brands for higher economies of scale. The multi-brand strategy enables it to communicate in a proper manner with all the social-demographic groups. Acer utilizes the positive awareness of the companies, which it acquired over a period of time. The company tries to capture maximum market share by taking advantage of their unique customer base, based on the individual identity and personality of all brands. The multi-brand strategy helps the company in identifying and satisfying specific user segments with their specific needs. Further, the strategy enables the company to increase the overall customer base. Acer Inc. - Weaknesses Weakness - Weak Operational Performance Acers declining financial performance is a major cause for concern, as a healthy cash balance is essential to augment its operational activities and business expansion plans. Declining revenue could adversely affect the companys business operations. During the fiscal year ended December 2011, the company generated revenue of TWD4,753,41.99m, reflecting a decrease of 24.4% over TWD6,290,58.97m in 2010. The company posted operating loss of TWD6,396.20m during fiscal year 2011, as compared to an operating profit of TWD17,825.74m in 2010. It reported net loss of TWD6,601.97m during fiscal year 2011, as compared to a net income of TWD15,118m in 2010. Weakening financial position could be a major hindrance for the companys future business operations and profitability. Declining revenues affect not only the financial health, but also the future business expansion and business development initiatives of the company.

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Acer Inc.
Acer Inc. - Opportunities Opportunity - New Product Launches and Agreements Companies operating in internet businesses need to update their product range regularly in order to stay abreast with the latest trends and designs. In 2012, Acer introduced P7215, the worlds first 6,000 lumens professional projector using a single lamp; Windows 8-based products, which includes ultrabooks, tablets, and AIO desktops; premium Windows 8 Ultrabook devices - the Aspire S7 Series; the Aspire V5 Series, the new range of thin and light notebooks; new Full HD tablet, the ICONIA TAB A700, which delivers Full HD experiences in a highly mobile package; the ICONIA TAB A510 Olympic Games Edition; the K520 Hybrid LED-Laser Projector; V3 Series notebooks in 14-, 15.6- and 17.3-inch models; two new Windows 8 all-in-one (AIO) PCs and Aspire Timeline Ultra M3. Besides in 2012, the company advanced its server line with a whole new line up of refreshed server products featuring Intel Xeon processor E3-1200 v2 product family. Besides in August 2012, Acer entered into a global alliance with Devon IT, a world-leading thin client hardware/software provider, to address the increasing needs of commercial IT customers. The agreement enables it to offer a broad solution, which addresses the needs for next generation cloud computing, featuring security, manageability and affordability. These new launches and agreements could help the company in attracting more customers and in turn help in its top-line growth. Opportunity - Benefits from Partnership in Olympic Acer was selected as the Worldwide TOP Partner of the Olympic Movement in the official computing equipment product category for the 2010 Olympic Winter Games in Vancouver and has been selected for the 2012 Olympic Games in London. In 2012, Acer launched the ICONIA TAB A510 Olympic Games Edition. It also created a special edition of the Aspire 1410, Aspire 4810T notebooks and Gxx5H LCD displays for the Olympic Games. Further, the companys Veriton 1000 and TravelMate 6592 will support the whole Olympic Games IT infrastructure. Acer provided approximately 6500 computing equipment and over 100 engineers and technicians to support the management of Olympic Games to ensure a flawless flow of the sporting event. The companys equipment ran continuously in harsh weather and stress till the end of the event. The selection of the companys products shows its capability in performance and reliability for seamless, error-free operation. The company would be perceived as a reliable brand which will enhance its brand image as well as market position. Opportunity - Demand for Smartphones The company could capitalize on the growing demand for smartphones, which is emerging as a major growth opportunity for mobile device manufacturers. According to industry analysts, the global market for smartphones, is predicted to reach more than 460 million units in 2011, an increase of approximately 50% over 2010, more than 650 million units (approximately 35%) in 2012, more than 900 million units (approximately 35%) in 2013, and surpass one billion by 2014. The global smartphone market is dominated by Android, with 61% market share and iOS with 20.5% of the global smartphone market in 2012. The growth would be driven by factors including lower product cost, improved handset design and functionalities, the expansion of global mobile email and browsing services, the emergence of 3G and 4G network technologies, and the standardization and upgrades of operating systems. It is also estimated that consumer awareness about the advantages offered by these devices, especially email and e-transactions, among others, would drive smartphone business growth even during tough economic times. Considerable demand is expected from developing countries, particularly the Asia-Pacific region, besides North America. Emerging countries including China, India and Brazil is expected to witness significant usage in smartphones other than the US and the UK. Opportunity - Growth in LCD Market The LCD market growth is driven by LED, OLED, 3D, and Touch. Future growth in the LCD sales could increase the company's profitability and performance. The LCD TV panel revenue is expected to reach $65 billion in 2013. The increase in LCD sales is due to the rising demand and the shift to larger-sized displays, the accelerating sales higher-value panels and increased manufacturing efficiency. The higher-value panels sport features including LED backlighting, full high-definition resolution and faster refresh rates of 120Hz and 240Hz. The overall LCD TV unit shipment is estimated to increase with a CAGR of 18% from 2010 to 2012. The company operates its major portion of the business with liquid crystal display (LCDs). The demand for LCD is increasing. The large area LCD panels are forecasted to grow at more than 12% in 2011. The demand for flat panel LCDs is expected to grow in the coming years. As per industry analysts, the world shipments of LCD TVs would to double from approximately 141 million in 2009 to 278 million units by 2014. The increase in demand for flat panel LCD will be primarily from North America, Europe and emerging markets. The increase in demand for flat panel LCD products would lead to increase in the overall sales and performance of the company. Acer Inc. - Threats Threat - Risk from Gray Market Acer faces the risk of its products being sold in the gray market. The company markets and sells its products through

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Acer Inc.

various channels namely, original equipment manufacturers (OEMs) and original design manufacturers (ODMs), personal computer (PC) and network communications products users, and other manufacturers. However, several of the companys products are diverted from authorized distribution channels and sold in the gray market. The products that enter the gray market are discounted heavily and sold to customers. The cheap availability of products in such markets adversely affects the demand for the companys products. Moreover, the products sold in gray markets are damaged, mishandled or altered. The sale of such products under companys brand name may have a negative impact on its brand image. Inability to control sales of its products in the gray market could have an adverse affect on the company. Threat - Competitive Pressure Acer faces intense competition from other leading players such as Apple, HP, Dell Inc, and Intel Corporation. The major force behind stiff competition in the computer industry is rapid and sustained technical progress. Each year, several electronic components and technologies become better, faster, and cheaper providing opportunities to improve existing computers as well as to design new kinds. Cut-throat competition in the industry poses a threat to the position of the company. In most of the segments, competitors are engaged in price cutting measures, as a mean to expand their market shares. For instance, Kodak has competitively priced its printer ink price, even though HP and Epson increased their prices. The fierce competition in the various markets served by the company, may adversely affect its business and market position. Unless the company upgrades, innovates and adopts the latest technology for bringing new products to markets, its performance will be adversely affected. Threat - Rapid Technological Changes The company's offerings are characterized by rapid technological changes, which may affect its business operations. To compete effectively with its peers, the company should continually introduce new products that meet and exceed the customers requirements. The introduction of products using new technologies or the adoption of new industry standards could make existing products, or products under development, obsolete or unmarketable. Inability to study the evolving technological landscape may impact the companys competitive position.

NOTE: * Sector average represents top companies within the specified sector The above strategic analysis is based on in-house research and reflects the publishers opinion only

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Acer Inc. Acer Inc. - Key Competitors

Acer Inc., Key Competitors Name ASUSTeK Computer Inc. AU Optronics Corp. Dell Inc. Hewlett-Packard Company Huawei Technologies Co., Ltd. Jabil Circuit, Inc. Lenovo Group Limited MTN Group Limited Shuttle Inc
GlobalData

Headquarters Taiwan Taiwan United States United States China United States Hong Kong Special Administrative Region of China South Africa Taiwan

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Acer Inc. - Key Employees

Acer Inc., Key Employees Name J.T. Wang Gianfranco Lanci Walter Deppeler Stan Shih Hsin-I Lin Hung Rouan Philip Peng Julian Michael Hornsmith F.C. Tseng Jim Wong Yihua He Walter Deppeler Yongren Lin

Job Title Chairman, Chief Executive Officer Director Director Director Director Director Director, Legal Representative Director Director President Chief Financial Officer Chief Marketing Officer, Senior Vice President Chief Technology Officer, Deputy General Manager, Business Division General Manager, Business Division , Senior Vice President, Global General Manager, Overseas Business , Vice President, Global General Manager, Overseas Business Division , Vice President, Global

Board Level Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Senior Management Senior Management Senior Management Senior Management

Since 2011

Age 58

54 2012 2011

Xianlang Lin

Senior Management

2011

Oliver Ahrens

Senior Management

2009

Ruomeng Fu Bowen Jiang Yiwan Lin

Source : GlobalData

Senior Management

2011 2007 2007

Senior Management General Manager, Business Division , Vice President, Global General Manager, Overseas Business Division , Vice President, Global Senior Management

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Acer Inc. Acer Inc. - Company Statement

A statement by Mr. J. T. Wang, the chief executive officer and the chairman of Acer Inc. is given below. The statement has been taken from the company's 2011 annual report. Looking back to our business performance on 2011, Acer Inc.encountered many difficulties. Mainly due to the high channel inventory in EMEA operations, complex products and brand strategy, high level personnel readjustment and reorganization, Europe and US economic slowdown, the business performance have been impacted significantly. In 2011, Acers consolidated revenue was NT475.3B (US15.7B), declining 24.4% year-on-year (YOY), and operating loss reached NT$6.4B (US$212M). Profit-after-tax (PAT) was -NT6.6B (-US$219M) and earnings-per-share (EPS) was -NT$2.52. For this result, we would like to express our sincere apology to all shareholders. Shipments wise, according to leading market research company, Gartner Dataquest, last year Acer was ranked No.4 for total PCs and No. 2 for notebook worldwide. Regionally, Acer held No.2 position for total PCs in the Asia Pacific, No.3 in China, representing an obvious growth in the emerging markets in comparison with EMEA and US. After the resignation of Mr. Gianfranco Lanci, Acers former CEO and President, Acer soon discovered high channel inventory and disputed accounts receivable in EMEA operations. In order to solve the issue, the management team decided to write-off its operational loss one time. Together with the compensation for reorganization, Acer has suffered a huge loss for which we deeply feel sorry. Since the second half of last year, Acer has extended the inventory management to channel side so to accurately access to the channel sell-out information. In the past few years, our corporate strategy is maximizing volume growth via multi-brands. However, front and back-end operation become too complicated to manage because of the redundant brands and product models. Hence, Acer has implemented a new policy simplification. By following this principle, we are simplifying our brands, product models, and the entire operation in pursuit of better design, quality, performance, and operation speed and efficiency, which will restore our competitiveness. Currently, PC is Acers core business. Our strategy is to simplify multibrands, yet to continue of seeking larger economies of scale. We need to ensure there must be a differentiation among product positioning and create value for our customers. With this mindset, we will plan the various product models for different brands. Concurrently, for the development of tablets PCs and mobile devices, Acer is focusing strategically on a limited selection of models to pursue business performance. Looking towards 2012, although PCs have been impacted by the new challenges arise from the remarkable transformation of ICT industry, there are still promising opportunities to be seized. The two utmost are Ultrabook and Windows 8. Currently, Acer is leading in the Ultrabook trend, and we foresee that in the next few years, thin and light, instant on, instant connect, and long battery life will become standard on all notebooks. Windows 8, which will launch in the second half of the year, can be applied to Ultrabooks and mobile devices. We expect that it could bring about substantial business opportunity and will pose a favorable situation for us. Last year, with the objective of mid-to long-term cloud deployment, Acer acquired a US-based iGware Inc. In early 2012, Acer already achieved a visible result. AcerCloud can connect all personal devices including different form factors, and supports across platforms. It allows users to securely transfer digital content in a safe personal space for anytime,anywhere access. We are shipping Acers consumer PCs bundling with AcerCloud, which is expected to become a key element to create differentiation for Acer products and to enhance our brand value. Acers key priorities in the future are to strengthen product innovation from users point of view, create value for our customers, and enhance brand positioning. By following these principles, we will naturally increase our market shares and profits. Moreover, we will solidify our position as a world-leading vendor of notebook PCs, operate the mobile devices business pragmatically, further expand into key emerging markets, boost our presence in the commercial PC, and continue to reinforce globalization. After a significant reorganization and personnel readjustments, Acers new management is ready with a clear set of strategies to grasp the new opportunities. Meanwhile, we will also continue strengthen corporate governance. Acers current business operation is becoming more stable and is back to the right track. With persistent hard work, 2012 will be the year of returning to growth and profitability again. Finally, on behalf of Acer, Id like to thank each shareholders long-term support and wish we can continue to build a mutually winning future.

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Acer Inc. - Locations And Subsidiaries

Head Office Acer Inc. 7F.-5, No.369 Fuxing N. Rd. Taipei City Taipei ZIP: 105 Taiwan Tel: +886 2 27195000 Fax: +886 2 87125519

Other Locations & Subsidiaries

Acer Inc., Subsidiaries Acer America Corp. 333 W. San Carlos Street Suite 1500 San Jose CA United States Tel: +1 408 533 7700 Fax: +1 408 533 4555 Url: www.acer.com/us

Acer Sales & Services Sdn. Bhd Level 24, Bangunan AmFinance No. 8 Jalan Yap Kwan Seng Kuala Lumpur Malaysia Tel: +60 3 2162 1388 Fax: +60 3 2162 4949 Url: www.acer.com.my

Acer Computer (Shanghai) Ltd. 3F, Headquarters Building No. 168, Xizang Middle Rd. Shanghai China Tel: +86 21 5117 8999 Fax: +86 21 6352 8628

Acer India (Pvt) Ltd. 1F, George Thangiah Complex (East) 80 ft. Road, Indiranagar Bangalore Karnataka India Tel: +91 80 25219520 Fax: +91 80 25219535 Url: www.acer.co.in PT Acer Indonesia Wisma 46-Kota BNI,Suite 1508Jl Jendral Sudirman Kav. 01 Jakarta Indonesia Tel: +62 21 574 5888 Fax: +62 21 574 6263 Url: www.acer.co.id/ Acer Computer New Zealand Ltd Ground Floor, 407 Great South Road Greenlane Auckland New Zealand Tel: +64 9 969 5600 Fax: +64 9 526 5002 Url: www.acer.co.nz/ Acer Computer Co., Ltd 191/62-63, 16th Floor

Acer Africa (Pty) Ltd Acer House Naivasha Road, Sunninghill, Ext. 85 sandton South Africa Tel: +27 11 233 6100 Fax: +27 11 233 6200 Url: www.acer.co.za Acer Japan Corp. 18F, Nishi Shinjuku Mitsui Bldg.6-24-1, Nishi-Shinjuku, Shinjuku-ku Tokyo Japan Tel: +81 3 5324 2788 Fax: +81 3 5324 2786 Url: www.acer.co.jp/ Acer Philippines, Inc. Unit 3401 34/F PBCom Tower 6795

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Ayala Avenue corner V.A. Rufino St.Salcedo Village Makati City Philippines Tel: +63 815 3388 Fax: +63 815 4940 Url: www.acer.com.ph/ Acer Latin America, Inc. 3750 N.W. 87th Ave., Suite 640 Miami FL United States Tel: +1 305 392 7000 Fax: +1 305 392 7020 Url: www.acer.com/latinoamerica
Source : GlobalData

CTI Tower, Rachadapisek RdKlongtoey, Bangkok Thailand Tel: +66 661 9700 Fax: +66 661 9721 Url: www.acer.co.th/

Acer Austria GmbH Europaring F15 Brunn am Gebirge Austria Tel: +43 2236 3075 200 Fax: +43 2236 3075 250 Url: www.acer.at/

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Acer Inc. Acer Inc. - Financial Ratios

Financial Ratios - Capital Market Ratios
Acer Inc., Ratios based on current share price Key Ratios Enterprise Value/Sales Enterprise Value/Total Assets
Note: Above ratios are based on share price as of 22-Jan-2013, the above ratios are absolute numbers Source : GlobalData

22-Jan-2013 0.11 0.22

Financial Ratios - Annual Ratios

Acer Inc., Annual Ratios Key Ratios Unit/Currency TWD TWD Absolute TWD TWD % % % % % % % % % % % % % % % % % % Absolute Absolute Absolute % Absolute % 2007 5.13 3.51 1.46 30.98 15.3 10.26 2.2 2.8 11.44 3.27 16.87 10.14 5.33 19.72 20.88 31.71 57.48 11.52 26.82 15.22 -4.9 97.8 7.98 1.34 1.1 0.29 30.69 -0.19 23.47 2008 4.56 1.98 2.30 31.12 8.37 10.49 2.25 2.15 11.72 2.71 14.26 13.03 4.82 21.50 33.09 18.22 20.45 -2.00 -9.39 -2.64 -24.00 97.75 7.81 1.25 0.98 0.15 17.59 -0.09 15.39 2009 4.25 3.10 1.37 34.68 20.13 10.16 2.57 1.98.00 11.31 2.61 12.29 13.29 3.90 25.09 28.28 5.07 20.47 1.19 -3.31 -10.31 40.96.00 97.43 7.34 1.29 1.01.00 0.30 14.16 -0.44 11.77 3.07 16.13 15.11 5.39 32.57 28.20 9.60 20.61 29.01.00 33.16 27.34 20.93 97.17 7.16 1.39 1.14 0.42 30.63 -0.42 24.35 -1.56 -8.72 -6.25 -2.66 -12.17 -12.87 -24.44 -135.88 -138.41 -143.67 -144.47 -21.38 101.35 9.22 1.34 1.07 0.40 32.76 -0.44 24.27 2010 5.57 3.60 1.55 35.07 25.61 10.25 2.83 2.40 28.83 22.11 8.12 -1.35 -1.39 2011 -2.52

Equity Ratios
EPS (Earnings per Share) Dividend per Share Dividend Cover Book Value per Share Cash Value per Share

Profitability Ratios
Gross Margin Operating Margin Net Profit Margin Profit Markup PBT Margin (Profit Before Tax) Return on Equity Return on Capital Employed Return on Assets Return on Fixed Assets Return on Working Capital

Growth Ratios
Sales Growth Operating Income Growth EBITDA Growth Net Income Growth EPS Growth Working Capital Growth

Cost Ratios
Operating Costs (% of Sales) Administration Costs (% of Sales)

Liquidity Ratios
Current Ratio Quick Ratio Cash Ratio

Leverage Ratios
Debt to Equity Ratio Net Debt to Equity Debt to Capital Ratio

Efficiency Ratios

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Asset Turnover Fixed Asset Turnover Inventory Turnover Current Asset Turnover Capital Employed Turnover Working Capital Turnover Revenue per Employee Net Income per Employee Capex to Sales R&D to Sales
Source : GlobalData

Absolute Absolute Absolute Absolute Absolute Absolute TWD TWD % %

1.9 53.5 12.26 2.41 6.02 9.47

2.24 58.51 12.22 2.93 6.64 14.73

1.97.00 66.16 10.07 2.47 6.21 10.98.00

2.24 108.12 13.69 2.79 6.71 9.95.00

1.91 70.28 10.92 2.43 6.28 9.57 59,686,337 -828,976

0.12 0.08

0.11 0.10

0.13 0.15

0.18 0.19

0.20 0.24

Financial Ratios - Interim Ratios

Acer Inc., Interim Ratios Key Ratios Interim EPS (Earnings per Share) Book Value per Share Gross Margin Operating Margin Net Profit Margin Profit Markup PBT Margin (Profit Before Tax) Operating Costs (% of Sales) Administration Costs (% of Sales) Current Ratio Quick Ratio Debt to Equity Ratio Net Debt to Equity Debt to Capital Ratio
Source : GlobalData

Unit/Currency TWD TWD % % % % % % % Absolute Absolute % Absolute %

Sep-2011 0.44 35.72 10.32 1.49 0.93 11.51 1.17 98.51 8.53 1.45 1.19 30.29 -22.39 24.07

Dec-2011 -2.58 29.18 3.10 -6.94 -6.65 3.20 -7.44 106.94 9.68 1.25 0.98 32.31 -33.79 26.31

Mar-2012 -0.42 29.39 8.96 -1.12 -0.93 9.84 -0.91 101.12 9.78 1.29 1.01 32.59 -16.48 26.36

Jun-2012 0.04 28.83 9.15 0.06 0.07 10.07 -0.19 99.94 9.04 1.34 1.07 32.76 -43.93 24.27

Sep-2012 0.12 29.04 9.38 0.12 0.29 10.35 0.54 99.88 8.70 1.31 1.01 30.79 -44.47 23.06

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Financial Ratios - Ratio Charts
Acer Inc., Ratio Charts EPS Operating Margin

Return on Equity

Return on Assets

Debt to Equity Ratio

Current Ratio

Source : GlobalData

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Appendix
The data and analysis within this report is driven by GlobalData. GlobalData gives you key information to drive sales, investment and deal making activity in your business. The key industries include Alternative Energy, Construction, Oil & Gas, Clean Technology, Technology and Telecommunication, Healthcare, Power, Financial Services, Retail & Consumer Packaged Goods and Transport. Methodology GlobalData company reports are based on a core set of research techniques which ensure the best possible level of quality and accuracy of data. The key sources used include: Company Websites Company Annual Reports SEC Filings Press Releases Proprietary Databases
Currency Codes Currency Code TWD
GlobalData

Currency Taiwanese Dollars

Ratio Definitions
Capital Market Ratios Capital Market Ratios measure investor response to owning a company's stock and also the cost of issuing stock. Price/Earnings Price/Earnings (P/E) ratio is a measure of the price paid for a share relative to the annual Ratio (P/E) income earned per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more for each unit of income, so the stock is more expensive compared to one with lower P/E ratio. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. Price per share is as of previous business close, and EPS is from latest annual report.
Calculation: Price per Share / Earnings per Share

Enterprise Value/Earnings before Interest, Tax, Depreciation & Amortization (EV/EBITDA)

Enterprise Value/EBITDA (EV/EBITDA) is a valuation multiple that is often used in parallel with, or as an alternative to, the P/E ratio. The main advantage of EV/EBITDA over the PE ratio is that it is unaffected by a company's capital structure. It compares the value of a business, free of debt, to earnings before interest. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / (Net Income + Interest + Tax + Depreciation + Amortization)

Enterprise Value/Sales

Enterprise Value/Sales (EV/Sales) is a ratio that provides an idea of how much it costs to buy the company's sales. EV/Sales is seen as more accurate than Price/Sales because market capitalization does not take into account the amount of debt a company has, which needs to be paid back at some point. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Sales

Enterprise Value/Operating Profit Enterprise Value/Total Assets

Enterprise Value/Operating Profit measures the company's enterprise value to the operating profit. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Operating Income

Enterprise Value/Total Assets measures the company's enterprise value to the total assets. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Total Assets

Dividend Yield

Dividend Yield shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. Calculation: Annual Dividend per Share / Price per Share

GlobalData

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Equity Ratios These ratios are based on per share value. Earnings per share (EPS) is the portion of a company's profit allocated to each Earnings per outstanding share of common stock. EPS serves as an indicator of a company's Share (EPS) profitability. Calculation: Net Income / Weighted Average Shares

Dividend per Share Dividend Cover Book Value per Share Cash Value per Share
GlobalData

Dividend is the distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.

Dividend cover is the ratio of company's earnings (net income) over the dividend paid to shareholders. Calculation: Earnings per share / Dividend per share Book Value per Share measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Calculation: (Shareholders Equity - Preferred Equity) / Outstanding Shares Cash Value per Share is a measure of a company's cash (cash & equivalents on the balance sheet) that is determined by dividing cash & equivalents by the total shares outstanding. Calculation: Cash & equivalents / Outstanding Shares

Profitability Ratios Profitability Ratios are used to assess a company's ability to generate earnings, based on revenues generated or resources used. For most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a previous period is indicative that the company is doing well. Gross margin is the amount of contribution to the business enterprise, after paying for Gross Margin direct-fixed and direct-variable unit costs. Calculation: {(Revenue-Cost of revenue) / Revenue}*100 Operating Margin is a ratio used to measure a company's pricing strategy and operating Operating efficiency. Margin Calculation: (Operating Income / Revenues) *100

Net Profit Margin Profit Markup PBIT Margin (Profit Before Interest & Tax) PBT Margin (Profit Before Tax) Return on Equity Return on Capital Employed Return on

Net Profit Margin is the ratio of net profits to revenues for a company or business segment - that shows how much of each dollar earned by the company is translated into profits. Calculation: (Net Profit / Revenues) *100 Profit Markup measures the company's gross profitability, as compared to the cost of revenue. Calculation: Gross Income / Cost of Revenue Profit Before Interest & Tax Margin shows the profitability of the company before interest expense & taxation. Calculation: {(Net Profit+Interest+Tax) / Revenue} *100

Profit Before Tax Margin measures the pre-tax income over revenues. Calculation: {Income Before Tax / Revenues} *100

Return on Equity measures the rate of return on the ownership interest (shareholders' equity) of the common stock owners. Calculation: (Net Income / Shareholders Equity)*100 Return on Capital Employed is a ratio that indicates the efficiency and profitability of a company's capital investments. ROCE should always be higher than the rate at which the company borrows; otherwise any increase in borrowing will reduce shareholders' earnings. Calculation: EBIT / (Total Assets Current Liabilities)*100 Return on Assets is an indicator of how profitable a company is relative to its total assets, the ratio measures how efficient management is at using its assets to generate earnings.

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Calculation: (Net Income / Total Assets)*100

Return on Fixed Return on Fixed Assets measures the company's profitability to its fixed assets (property, plant & equipment). Assets
Calculation: (Net Income / Fixed Assets) *100 Return on Working Capital measures the company's profitability to its working capital. Return on Working Capital Calculation: (Net Income / Working Capital) *100
GlobalData

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Cost Ratios Cost ratios help to understand the costs the company is incurring as a percentage of sales. Operating costs Operating costs as percentage of total revenues measures the operating costs that a company incurs compared to the revenues. (% of Sales) Calculation: (Operating Expenses / Revenues) *100

Administration costs (% of Sales)

Administration costs as percentage of total revenue measures the selling, general and administrative expenses that a company incurs compared to the revenues. Calculation: (Administrative Expenses / Revenues) *100

Interest costs (% Interest costs as percentage of total revenues measures the interest expense that a company incurs compared to the revenues. of Sales)
Calculation: (Interest Expenses / Revenues) *100
GlobalData

Liquidity Ratios Liquidity ratios are used to determine a company's ability to pay off its short-terms debts obligations. Generally, the higher the value of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. A company's ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts and mortgage originators frequently use the liquidity ratios to determine whether a company will be able to continue as a going concern. Current Ratio measures a company's ability to pay its short-term obligations. The ratio Current Ratio gives an idea of the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. Calculation: Current Assets / Current Liabilities Quick ratio measures a company's ability to meet its short-term obligations with its most Quick Ratio liquid assets. Calculation: (Current Assets - Inventories) / Current Liabilities Cash ratio is the most stringent and conservative of the three short-term liquidity ratio. It Cash Ratio only looks at the most liquid short-term assets of the company, which are those that can be most easily used to pay off current obligations. It also ignores inventory and receivables, as there are no assurances that these two accounts can be converted to cash in a timely matter to meet current liabilities. Calculation: {(Cash & Bank Balance + Marketable Securities) / Current Liabilities)}
GlobalData

Leverage Ratios Leverage ratios are used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to measure its ability to meet financial obligations. There are several different ratios, but the main factors looked at include debt, equity, assets and interest expenses. Debt to Equity Ratio is a measure of a company's financial leverage. The debt/equity ratio Debt to Equity also depends on the industry in which the company operates. For example, Ratio capital-intensive industries tend to have a higher debt-equity ratio. Calculation: Total Liabilities / Shareholders Equity Debt to Capital Debt to capital ratio gives an idea of a company's financial structure, or how it is financing its operations, along with some insight into its financial strength. The higher the Ratio debt-to-capital ratio, the more debt the company has compared to its equity. This indicates to investors whether a company is more prone to using debt financing or equity financing. A company with high debt-to-capital ratios, compared to a general or industry average, may show weak financial strength because the cost of these debts may weigh on the company and increase its default risk. Calculation: {Total Debt / (Total assets - Current Liabilities)} Interest Coverage Ratio is used to determine how easily a company can pay interest on Interest Coverage Ratio outstanding debt, calculated as earnings before interest & tax by interest expense. Calculation: EBIT / Interest Expense
GlobalData

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Efficiency Ratios Efficiency ratios measure a company's effectiveness in various areas of its operations, essentially looking at maximizing its use of resources. Fixed Asset Turnover ratio indicates how well the business is using its fixed assets to Fixed Asset generate sales. A higher ratio indicates the business has less money tied up in fixed Turnover assets for each currency unit of sales revenue. A declining ratio may indicate that the business is over-invested in plant, equipment, or other fixed assets. Calculation: Net Sales / Fixed Assets Asset Turnover Asset turnover ratio measures the efficiency of a company's use of its assets in generating sales revenue to the company. A higher asset turnover ratio shows that the company has been more effective in using its assets to generate revenues. Calculation: Net Sales / Total Assets Current Asset Turnover indicates how efficiently the business uses its current assets to Current Asset generate sales. Turnover Calculation: Net Sales / Current Assets

Inventory Turnover Working Capital Turnover Capital Employed Turnover Capex to sales Net income per Employee Revenue per Employee Efficiency Ratio

Inventory Turnover ratio shows how many times a company's inventory is sold and replaced over a period. A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales or ineffective buying. Calculation: Cost of Goods Sold / Inventory Working Capital Turnover is a measurement to compare the depletion of working capital to the generation of sales. This provides some useful information as to how effectively a company is using its working capital to generate sales. Calculation: Net Sales / Working Capital Capital employed turnover ratio measures the efficiency of a company's use of its equity in generating sales revenue to the company. Calculation: Net Sales / Shareholders Equity

Capex to Sales ratio measures the company's expenditure (investments) on fixed and related assets' effectiveness when compared to the sales generated. Calculation: (Capital Expenditure / Sales) *100 Net income per Employee looks at a company's net income in relation to the number of employees they have. Ideally, a company wants a higher profit per employee possible, as it denotes higher productivity. Calculation: Net Income / No. of Employees Revenue per Employee measures the average revenue generated per employee of a company. This ratio is most useful when compared against other companies in the same industry. Generally, a company seeks the highest revenue per employee. Calculation: Revenue / No. of Employees Efficiency Ratio is used to calculate a bank's efficiency. An increase means the company is losing a larger percentage of its income to expenses. If the efficiency ratio is getting lower, it is good for the bank and its shareholders. Calculation: Non-interest expense / Total Interest Income

GlobalData

Notes The financial and operational data reported for the company is as per the industry defined standards Revenue converted to USD at average annual conversion rate as of fiscal year end About GlobalData GlobalData is a premium business information brand specializing in industry and company analysis. Disclaimer All Rights Reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData. The data and analysis within this report is driven by GlobalData from its own primary and secondary research of public and proprietary sources and does not necessarily represent the views of the company profiled.

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The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that GlobalData delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such GlobalData can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

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