CHROMA — Call Transcript 2019

Jan 8, 2019

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CHROMA ATE INC.

2018.3Q Earnings Conference Call

Paul Ying, CFO

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30[th] October, 2018

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1

Disclaimer

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This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “plan”, “forecast”, “project”, “predict”, “potential”, “continue”, “may”, “should”, “will”, and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forwardlooking statements are no guarantee of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law. This presentation and the information contained herein are the property of Chroma Ate Inc.

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2

Agenda

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• Corporate Profile

• • Financial Review

• • Operation Highlights

• • Q&A

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3

CORPORATE PROFILE

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4

Corporate Profile

• Chroma Group founded in 1984, a world leading own brand turnkey test & automation solution provider, specialized in electronics test and

measurement instruments and ATS (auto test

system). Businesses cover test and measurement

instruments and ATS for various industries, and a turnkey solution as an integration of Test and Measurement , Automation and MES (manufacturing execution system).

• Key success: Precision, Reliability, Innovation

• Chroma group encompass business unit of Chroma Ate Inc., Modular Assembly System

• (MAS) and Chroma New Material Corp (CNMC).

• 2017 Consolidated Sales : NT$ 14.9 billion

• 2017 Net Income: NT$2.6 billion

• Chroma Group total of 3,011 employees (as September, 2018)

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Consolidated Chroma Ate Sales Others Consolidated CNMC Sales Consolidated MAS Sales

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14,901
17%
11,624
10,171 10,307 9,692 3% 14%
7% 20%
15%
13%
29%
24%
34%
47% 60% 58% 74% 66%
2013 2014 2015 2016 2017
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5

Financial Performance

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Sales Revenues Gross Margin
Consolidated Sales Consolidated
R&D Expenses
Gross Margin R&D Expenses in % of Sales Revenues
14,901
Parent Only
8,018
7,233
11,624
10,307 5,135
10,171
9,692
47% 47% 55% 56%
54%
52% 51%
44%
39% 4,539
37%
3,926
17%
16% 15%
13% 13%
755 784 937 1,085
631
Chroma Employees ： 1,725  (R&D 39%)
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
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6

Financial Performance

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ROE

Dividend

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Diluted EPS Cash dividend
Payout ratio
22%
6.18
17%
15%
14% 4.50
4.23
13%
3.30
3.30
3.20 3.10
2.60
2.50
2.40
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
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7

Global Operation Sites

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43 93 EST. 1999 EST. 2017
Operation Distributors
Sites
Netherlands: Germany:
Ede Augsburg
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EST. 2008 EST. 2018 EST. 1993 EST. 2001 Japan: Korea: United States: United States: Shin-Yokohama/ Pangyo Irvine, CA Foothill Ranch, CA Nagoya/ Osaka Santa Clara, CA Marlborough, MA Chandler, AZ Mexico： Ciudad Juarez

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EST. 1998 EST. 1999 EST. 2000 EST. 2001
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EST. 2003 EST. 2009
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China/ Shenzhen China/ Beijing China/ Shanghai China/ Dongguan

Taiwan: Taoyuan (Headquarters)

Taiwan: Hsinchu Taiwan: Kaohsiung

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EST. 2006 EST. 2011 EST. 2011
China/ Suzhou China/ Xiamen China/ Chongqing
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EST. 2016
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Quantel：Singapore

Others:

India: New Delhi/ Mumbai/ Bangalore Thailand: Bangkok Vietnam: Hanoi/ Ho Chi Minh Malaysia: Kuala Lumpur/ Penang Philippines: Manila/ Cebu Indonesia: Jakartar

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Others: Qingdao/ Zhengzhou/ Xian/Hefei/ Chengdu/ Wuhan/ Hangzhou/ Guangzhou/ Hong Kong

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8

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FINANCIAL REVIEW

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9

Year 2018.1~3Q Condensed Consolidated Income Statement

		Condensed Consolidated P&L (In Million NTD, except for EPS in NTD)		2018.1~3Q %		2017.1~3Q % YoY %
		Net Sales		13,007 100%		9,687 100% 34%
		Consolidated Sales of Testing Equipment Business		7,341 57%		7,242 75% 1%
		Consolidated Sales of MAS		3,911 30%		600 6% 552%
		Consolidated Sales of New Material		1,493 11%		1,528 16% (2%)
		Others		262 2%		317 3% (17%)
		Cost of Goods Sold		(7,254) (56%)		(4,893) (51%) 48%
		Gross Profit		5,753 44%		4,794 49% 20%
		Operating Expenses: General & Administration Research & Development		(2,281) (18%) (938) (7%)		(1,903) (20%) 20% (899) (9%) 4%
		Operating Income		2,534 19%		1,992 21% 27%
		Non-Operating Income (Expenses), net		208 2%		52 - 300%
		Income (Loss) Before Tax Income Tax		2,742 21% (677) (5%)		2,044 21% 34% (385) (4%) 76%
		Net Income		2,065 16%		1,659 17% 24%
		Other Comprehensive Income (Losses)		96 1%		(167) (2%) n/a
		Comprehensive Income		$ 2,161 17%		$ 1,492 15% 45%
		Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests		2,068 16% (3) -		1,670 17% 24% (12) - (75%)
				$ 2,065 16%		$ 1,658 17% 25%
		EPS (Basic)		$ 5.06		$ 4.23 20%
		EPS (Diluted)		$ 4.95		$ 4.07 22%

10

Balance Sheet Highlights & Financial Ratio

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	Consolidated (In Million NTD) Balance Sheet Highlights Cash & Short Term Investments Inventory Short Term Debt Long Term Debt Shareholders Equity			2018. Sept 4,869 2,577 1,271 1,655 14,277	2017. Dec + / - % 7,028 - 31% 2,431 6% 1,688 - 25% 1,161 43% 13,463 6%
	Total Assets			23,203	22,018 5%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)			93 97 125 Net cash	101 87 116 Net cash
	ROE (%)			20%	21%
	ROA (%)			12%	13%
	Cash Position EBITDA Cash Flow from Operation	2018.1-3Q 2,998 1,026	2017.1-3Q 2,295 1,089		YoY 31% (6%)
	Free Cash Flow	(158)	777		n/a

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All ROE + ROA has been annualized.

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Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities)

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11

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Quarterly Highlights

2018.3Q Key Points

• Sales Revenue: $ 1,958 million,

• up 2% QoQ, down 14% YoY

• Gross Margin: 51%

• Operating Margin: 20%

• Net Income: NT$ 612 million,

down 40% QoQ, down 29% YoY

• 2018.3Q Highlights:

• The major sales contribution in

third quarter is mainly coming

from turnkey solutions, presented a growth of 24% QoQ.

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Sales Revenues

Gross Margin Operating Margin

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2,285
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2,046
1,970 1,922 1,958
1,890
1,797
54%
53% 52% 53% 52% 51%
47%
26%
23%
22% 21% 22%
20%
16%
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2017.1Q 2017.2Q 2017.3Q 2017.4Q 2018.1Q 2018.2Q 2018.3Q

12

Year 2018.3Q Condensed Income Statement

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	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2018.3Q %		2018.2Q % QoQ %	2017.3Q % YoY %
	Net Sales		1,958 100%		1,922 100% 2%	2,285 100% (14%)
	Cost of Goods Sold		(962) (49%)		(892) (46%) 8%	(1,064) (47%) (10%)
	Gross Profit		996 51%		1,030 54% (3%)	1,221 53% (18%)
	Operating Expenses: General & Administration Research & Development		(313) (16%) (291) (15%)		(323) (17%) (3%) (285) (15%) 2%	(331) (14%) (5%) (290) (13%) -
	Operating Income		392 20%		422 22% (7%)	600 26% (35%)
	Non-Operating Income (Expenses), net		295 15%		750 39% (61%)	383 17% (23%)
	Income (Loss) Before Tax		687 35%		1,172 61% (41%)	983 43% (30%)
	Income Tax		(75) (4%)		(147) (8%) (49%)	(117) (5%) (36%)
	Net Income		$ 612 31%		$ 1,025 53% (40%)	$ 866 38% (29%)
	Other Comprehensive Income		(111) (6%)		180 9% n/a	12 - n/a
	Comprehensive Income		$ 501 25%		$ 1,205 63% (58%)	$ 878 38% (43%)
	EPS (Basic)		$ 1.49		$ 2.51 (41%)	$ 2.15 (31%)
	EPS (Diluted)		$ 1.46		$ 2.46 (41%)	$ 2.08 (30%)

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100% owned subsidiaries’ income - New Material: 10m (QoQ ↓ 47%, YoY ↑ 43%), MAS: 237m (QoQ ↓ 54%, YoY ↑ 58%).

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13

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Year 2018.1~3Q Condensed Income Statement

	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2018.1~3Q %		2017.1~3Q % YoY %
	Net Sales		5,850 100%		5,971 100% (2%)
	Cost of Goods Sold		(2,809) (48%)		(2,822) (47%) -
	Gross Profit		3,041 52%		3,149 53% (3%)
	Operating Expenses: Selling and General & Administration Research & Development		(954) (16%) (851) (15%)		(904) (15%) 6% (804) (14%) 6%
	Operating Income		1,236 21%		1,441 24% (14%)
	Non-Operating Income (Expenses), net		1,173 20%		490 8% 139%
	Income (Loss) Before Tax		2,409 41%		1,931 32% 25%
	Income Tax		(341) (6%)		(261) (4%) 31%
	Net Income		$ 2,068 35%		$ 1,670 28% 24%
	Other Comprehensive Income		94 2%		(163) (3%) n/a
	Comprehensive Income		$ 2,162 37%		$ 1,507 25% 43%
	EPS (Basic)		$ 5.06		$ 4.23 20%
	EPS (Diluted)		$ 4.95		$ 4.07 22%

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 33m (YoY ↑ 83%), MAS: 860m (YoY ↑ 370%).

14

Balance Sheet Highlights & Financial Ratio

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	Parent Only (In Million NTD) Balance Sheet Highlights Cash & Short Term Investment Inventory Short Term Debt Long Term Debt Shareholders Equity			2018. Sept 1,643 2,013 1,106 1,500 13,994	2017. Dec + / - % 2,878 - 43% 1,862 8% 1,500 - 26% 1,000 50% 13,230 6%
	Total Assets			19,299	18,560 4%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)			186 122 125 7%	155 123 120 Net cash
	ROE (%)			20%	22%
	ROA (%)			15%	15%
	Cash Position EBITDA Cash Flow from Operation	2018.1~3Q 2,556 1,080	2017.1~3Q 2,064 (106)		YoY 24% n/a
	Free Cash Flow	523	356		47%

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All ROE + ROA has been annualized.

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Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities)

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15

OPERATION HIGHLIGHT

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16

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2018.3Q Product Mix and Consolidated Sales Breakdown

(Unit: Million NTD)	(Unit: Million NTD)	2018. 3Q %	QoQ	YoY
Test Instruments & Automatic Testing System (ATS) Semiconductor / Photonics Test Solutions Turnkey Solutions Service & Others Total of Parent Company Sales + Sales from Overseas Affiliates Chroma Consolidated Testing Equipment Business	Test Instruments & Automatic Testing System (ATS)	1,145 58%	(3%)	7%
	Semiconductor / Photonics Test Solutions	560 30%	8% (37%)
	Turnkey Solutions	127 6%	25% (49%)
	Service & Others	126 6%	5% 47%
	Total of Parent Company Sales	1,958 100%	2% (13%)
	+ Sales from Overseas Affiliates	443 (33%) (33%)
		2,401 61% (7%) (18%)
MAS New Material Others Consolidated Sales		862 22% (65%) 141% 549 14% 6% 4% 97 3% 10% (23%)
		3,909 100% (31%) -

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17

2018.1~3Q Product Mix and Consolidated Sales Breakdown

(Unit: Million NTD)	(Unit: Million NTD)		2018.1~3Q %	YoY		2017 %
Test Instruments & Automatic Testing System (ATS) Semiconductor / Photonics Test Solutions Turnkey Solutions Service & Others Total of Parent Company Sales + Sales from Overseas Affiliates Chroma Consolidated Testing Equipment Business	Test Instruments & Automatic Testing System (ATS)		3,373 58%	8%	4,253 53%
	Semiconductor / Photonics Test Solutions		1,526 26% (28%)		2,460 31%
	Turnkey Solutions		577 10% 27%		928 12%
	Service & Others		374 6% 36%		377 4%
	Total of Parent Company Sales		5,850 100% (2%)		8,018 100%
	+ Sales from Overseas Affiliates		1,491 17%		1,855
			7,341 57% 1%		9,873 66%
MAS New Material Others Consolidated Sales			3,911 30% 552% 1,493 11% (2%) 262 2% (17%)		2,538 17% 2,054 14% 436 3%
			13,007 100% 34%		14,901 100%

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18

Year 2018 Guidance

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Chroma consolidated sales revenues presented a consecutively growth in the first three quarters 2018. The impressive results was mainly contributed from MAS (the Automation business), presented a strong growth of 552% YoY, while the Chroma testing equipment business were flat compared to last year. The net income in first three quarters was 2.1 billion NTD, increased by 24% YoY.

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2018 Second Half Guidance.

• EV market remains strong. The demand of high power testing equipment from EV related components / modules and battery cell / pack testing remains strong. The Company expects a steady growth from power electronics testing product sectors.

• Semiconductor / photonics testing solution. Even though the photonics testing solutions shipment started to accelerate, but IC market headwinds lower the overall semiconductor expectation.

• MAS will continue to deliver strong results, the Company targets the 2018 annual

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sales to double the sales in 2017.

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19

TECHNOLOGY

Test Instruments & ATS

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For BMS testing
High Precision & Multi-current Range
Battery Testing High Precision Voltage Measurement
6V, 30A
0~5V, 0.02%FS
Speed up the misalignment
Energy Recycling High Frequency: 2kHz
Power Testing Efficiency Testing
Full Four Quadrant/Regenerative High Power Density: 6kVA@5U
Perform FOD automated test
’1H.18 ’2H.18
MARKET EV related (Charger Station, OBC, D2D ), Green Energy (ESS, PCS, Battery/Fuel Cell), Server Power, Telecom Power, HV UPS
Battery Charge
& Discharge Tester 16CH Battery Cell Simulator
17208M-6-30 87001
Regenerative Grid Simulator EV Wireless Charger ATS Prog. AC/DC Source
0-800VAC,120kVA 3.7-22kW 3kVA-6kVA
SOLUTION 618XX 8000 61500/61600 Series
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20

EV Wireless Charger Test Solution

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Charging
Vehicle Assembly
Controller
(Power Capture Resonator)
Ground Assembly (Power Source Resonator)
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WPT Testing Platform

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EV Wireless Charger ATS

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21

TECHNOLOGY

Test Instruments & ATS

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Independent 8K Graphics Core
DisplayPort 1.4/USB-C/12G-SDI
8K Pattern Switch Time<200ms
Video/FPD Testing
8K x 4K@60Hz 8K x 4K@120Hz
LC/IR Measurement; PD Detection/Analyzer
Passive Comp. & Hipot test & partial discharge combo tester
Test Voltage : up to 1KV(dc)
Safety Testing
PD Detection Range: 1pC ~2000pC
Charge Current : 50mA max
’1H.18 ’2H.18
MARKET Flat Panel Display, Portable & Wearable Device PCB, Connector, Relay ,Semiconductor, Insulation Materials Test
8K Video Pattern Generator
2238
8K FPD Tester
2918
12G-SDI
Partial Discharge Tester
Battery Cell Insulation Tester
USB-C 0.1kVac~10kVac,1pC~2000pC
11210
19501-K
SOLUTION
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22

TECHNOLOGY

Semiconductor/Photonics Test Solutions

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VCSEL/EEL
6” Photonics Wafer Discrete Module Testing
Testing LIV & NF & FF Testing Parallel Test; Tiny Module Handling
OLED Burn-in
Mini LED/OLED High Speed Double Side Inspection Mini LED Probing
Testing 15ms per chip Multi-die Parallel Test Full Automation System,
>500 Channel Scalable Design
’1H.18 ’2H.18
MARKET 3D Image Sensing, Autonomous Driving, OLED, Mini LED
Wafer Package Wafer/Cell
Photonics Wafer Wafer Chip VCSEL/EEL Module Mini LED OLED
Probing Test System Inspection System Characterization System Probing Burn-in System
58635 7940 58621 Test System
SOLUTION
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23

TECHNOLOGY

Semiconductor/Photonics Test Solutions

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Flexible Configuration :
IC Testing Handler ATE/ SLT/ ATE+SLT
Max.144 Test Sites
SoC/Photonics Multi Function VLSI Solution
Testing CIS CP solution 32 sites parallel test,
MIPI 1.5G-2.5G to 3D TOF application
’1H.18 ’2H.18
MARKET CPU/MCU/GPU, ICs, MEMS, PMIC, FPGA, Sensors, OFC CIS IC TOF application
New CIS Application
FT & SLT Hybrid Test System VLSI CISv Test System
3200
3380
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SOLUTION

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24

5G/IoT Connectivity Test Solution

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 Solution

• 3110 Handler

• 3240Q/3160A/3180 + 3380/3650 + Adivic MP5800 + RF Rack

 Application

• 5G IC

• IoT application

• WiFi

• BlueTooth V1.X~V5.X

• Zigbee

• 802.11ah, 802.11p, 802.11af

• Converter application

  • TV tuner, DVB, FM tuner

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3180 FT Handler
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3110 Handler

3240Q RF Handler

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25

AI Solution for Smart Factory

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 Defect Classification with AI AOI

 AI Surveillance

• Provide the defect classification capability with domain knowledge learnt by AI

• Surveillance analytics in production line

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GO
AOI Defect Defect Killer Operation SOP Detection
Equipment Database Classifier Defects
Repair Station
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MAS Photovoltaic Equipment Automation

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Design/Manufacture/System Integration

• Single & Poly-crystalline Si, Thin film Solar

• Production Line Type: 25 ~ 500MW

• Automation Station In: Un-packer/ string flip over/ layup/ ribbon cutter/ bussing/ lay EVA & BS/ EL tester/ buffer/ trimming/ crimping/ Hi-pot test/ packing

Thin Film Solar Energy Applications

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Rooftop Solar Tile

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BIPV Thin-film

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Solar Rooftop
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BIPV Curtain Wall
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Others:

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Vehicle Solar Roof
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Carport Roof
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Portable
Charger Paper
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www.chromaate.com

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Keep going beyond
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Thank You !

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Copyright © 2018 Chroma ATE Inc. All rights reserved.

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