PChome Online today announced its financial results for the fourth quarter ended December 31, 2020.
We provided the consolidated financial statement and standalone financial statement as follows. The standalone financial statement reflected a clearer outline of B2C.
Full Year 2020 Financial Highlights:
- The consolidated revenue was NT$43,870 million in 2020, up 12.8% YoY, driven mainly by the strong B2C sales (up 14.8% YoY), thanks to the continuous online/offline shift in Taiwan’s retail consumption.
- Gross margin decreased from 11.8% to 11.4%, despite a slight improvement in B2C gross margin (12.0% in 2020 vs 11.9% in 2019) on scaling effect. This was mainly due to the continued investment and associated cost in the payment business and the P point ecosystem.
- EBITDA grew 4.9% to NT$1,058 million in 2020, whereas the flagship B2C segment’s EBITDA delivered a healthy growth of 13.7% and achieved NT$1,206 million. The marketplace segment also saw a recovery in EBITDA, presenting a 5.9% growth in 2020. The investment in fast growing businesses such as payment and cross border e-commerce resulted in a negative EBITDA of NT$275 million for this new segment in 2020.
- Net income attributed to shareholders and EPS grew by 56.2% to NT$253 million and NT$2.16, respectively.
Fourth Quarter 2020 Financial Highlights:
- The consolidated revenue grew 10.4% YoY in 4Q 2020, a slight rebound from 9.0% YoY in 3Q 2020. The slower second half also reflected the government’s consumption vouchers to support the offline retail since July 2020.
- 3C categories accounted for 75% of total B2C sales in 4Q 2020 vs. 72% in 3Q 2020 or 73% in 4Q 2019, due mainly to new 3C products launch and strong home appliances sales in the quarter.
- B2C gross margin improved to 11.5% in 4Q 2020 from 10.9% in 4Q 2019, reflecting positive product mix shift towards higher margin categories such as home appliances.
- Thanks to the scale benefit, B2C’s EBIT increased by 74.5% YoY in 4Q 2020, with an improved EBIT margin at 1.4% vs. 0.9% in the same period last year.
- The higher effective tax rate at 71% in 4Q 2020 was a result of expanding pretax losses at subsidiaries, which cannot be tax deducted at parent company level.
BUs’ Business Highlights:
- Marketplace
- Ruten launched marketing solutions for merchants to stimulate consumption in the fourth quarter 2020.
- Pi collaborated with KGI Bank to provide financing solutions for Ruten’s merchants with a simplified evaluation process through merchants’ sales record.
- Payment
- Pi Wallet total payment volume grew by 110% YoY.
- Pi reached a milestone of over a million users in 2020.
- Others
- In the fourth quarter 2020, the group’s selected apparel platform “Mitch” opened an offline store at Taipei Nan Shan Plaza to further expand its customer base.
- The group’s cross-border ecommerce platform “Bibian” achieved rapid growth by accelerated demand for cross-border transactions under Covid-19 pandemic.
- Bibian also collaborated with SGH Global Japan, one of the largest forwarders in Japan, to provide customers a better cross-border shopping experience.
For more financial details, please visit Market Observation Post System.
