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CHROMA Call Transcript 2021

Apr 29, 2021

52029_rns_2021-04-29_bdae65ad-4845-4517-ab2f-f149720e72a3.pdf

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CHROMA ATE INC.

2021.1Q Investor Web Conference

Paul Ying, CFO

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28[th] April, 2021

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 forward-looking 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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  • Financial Review

  • • Operation Highlights

  • • Q&A

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3

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FINANCIAL REVIEW

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4

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Year 2021.1Q Condensed Consolidated Income Statement

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Condensed Consolidated P&L 2021.1Q % 2020.1Q % YoY %
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Condensed Consolidated P&L 2021.1Q
%		 2020.1Q
%
YoY %
(In Million NTD, except for EPS in NTD)
Net Sales 4,273
100%		 3,371
100%
27%
Consolidated Sales of Testing Equipment Business 3,346
78%		 2,557
76%
31%
Consolidated Sales of MAS 143
3%		 177
5%
(19%)
Consolidated Sales of New Material 692
16%		 559
17%
24%
Others 92
3%		 78
2%
18%
Cost of Goods Sold (2,168)
(51%)		 (1,625)
(48%)
33%
Gross Profit 2,105
49%		 1,746
52%
21%
Operating Expenses:
General & Administration
Research & Development		 (850)
(20%)
(366)
(8%)		 (884)
(26%)
(4%)
(314)
(9%)
17%
Operating Income 889
21%		 548
16%
62%
Non-Operating Income (Expenses), net 1,799
42%		 59
2%
2949%
Income (Loss) Before Tax
Income Tax		 2,688
63%
(430)
(10%)		 607
18%
343%
(121)
(4%)
255%
Net Income 2,258
53%		 486
14%
365%
Other Comprehensive Income (Losses) 136
3%		 (64)
(2%)
n/a
Comprehensive Income $ 2,394
56%		 $ 422
12%
467%
Net Income (Losses) Attributable To:
Shareholders of the Parent
Noncontrolling Interests		 2,248
53%
10
-		 471
14%
377%
15
-
(33%)
$ 2,258
53%		 $ 486
14%
365%
EPS (Basic) $ 5.36 $ 1.13
374%
EPS (Diluted) $ 5.33 $ 1.12
376%

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Gain from disposal of property and plant of NTD 1,730 million with Capital gain tax of NTD 200 million.

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5

Year 2021.1Q Proforma Consolidated Income Statement Excluded Capital Gain

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Condensed Consolidated P&L 2021.1Q % 2020.1Q % YoY %
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Condensed Consolidated P&L
2021.1Q
%
2020.1Q
%
YoY %
(In Million NTD, except for EPS in NTD)
Net Sales
4,273
100%
3,371
100%
27%
Consolidated Sales of Testing Equipment Business
3,346
78%
2,557
76%
31%
Consolidated Sales of MAS
143
3%
177
5%
(19%)
Consolidated Sales of New Material
692
16%
559
17%
24%
Others
92
3%
78
2%
18%
Cost of Goods Sold
(2,168)
(51%)
(1,625)
(48%)
33%
Gross Profit
2,105
49%
1,746
52%
21%
Operating Expenses:
General & Administration
(850)
(20%)
(884)
(26%)
(4%)
Research & Development
(366)
(8%)
(314)
(9%)
17%
Operating Income
889
21%
548
16%
62%
Non-Operating Income (Expenses), net
70
1%
59
2%
19%
Income (Loss) Before Tax
959
22%
607
18%
58%
Income Tax
(230)
(5%)
(121)
(4%)
90%
Net Income
729
17%
486
14%
50%
EPS (Basic)
$ 1.74
$ 1.13
54%
EPS (Diluted)
$ 1.73
$ 1.12
54%

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Excluded capital gain from disposal of property and plant of NTD 1,730 million.

6

Balance Sheet Highlights & Financial Ratio

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Consolidated
(In Million NTD)		 2021. March 2020. Dec + / - %
Balance Sheet Highlights
Cash & Short Term Investments 6,299 4,442 42%
Inventory 2,977 3,028 - 2%
Short Term Debt 2,373 3,187 - 26%
Long Term Debt 1,864 2,405 - 22%
Shareholders Equity 16,906 16,389 3%
Total Assets 28,767 28,129 2%
Inventory Turnover (Day) 125 130
AR Turnover (Day) 102 120
AP Turnover (Day) 105 122
Net Debt to Equity (%) Net Cash 7%
ROE (%) 17% 15%
ROA (%) 10% 7%
Cash Position 2021.1Q 2020.1Q YoY
EBITDA 2,817 732 285%
Cash Flow from Operation 650 619 5%
Free Cash Flow 3,099 442 601%

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All ROE + ROA has been annualized (excluded capital gain).

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

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7

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Quarterly Highlights

2021.1Q Key Points

  • Sales Revenue: $ 2,666 million,

  • up 10% QoQ, up 30% YoY

  • Gross Margin: 53%

  • Operating Margin: 26%

  • Net Income: NT$ 2,248 million, up 228% QoQ, up 377% YoY

  • 2021.1Q Highlights:

  • The major growth in first quarter is

contributed from Semiconductor /

Photonics sector, which presented a growth of 53% QoQ and 53% YoY respectively.

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Sales Revenues Gross Margin Operating Margin

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2,666
2,421
2,394
2,313
2,053
55% 55% 53%
52%
51%
27% 26%
25% 25%
22%
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8

2021.1Q

2020.1Q 2020.2Q 2020.3Q 2020.4Q

Year 2021.1Q Condensed Income Statement

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Condensed P&L – Parent Only 2021.1Q % 2020.4Q % QoQ 2020.1Q % YoY
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2021.1Q
%		 2021.1Q
%
(In Million NTD, except for EPS in NTD) %
%
Net Sales 2,666
100%		 2,421
100%
10%
2,053
100%
30%
Cost of Goods Sold (1,266)
(47%)		 (1,184)
(49%)
7%
(929)
(45%)
36%
Gross Profit 1,400
53%		 1,237
51%
13%
1,124
55%
25%
Operating Expenses:
General & Administration
Research & Development		 (370)
(14%)
(333)
(13%)		 (365)
(15%)
1%
(342)
(16%)
8%
(329)
(14%)
1%
(278)
(14%)
20%
Operating Income 697
26%		 543
22%
28%
504
25%
38%
Non-Operating Income (Expenses), net 1,933
73%		 275
11%
603%
63
3%
2968%
Income (Loss) Before Tax 2,630
99%		 818
33%
222%
567
28%
364%
Income Tax (382)
(14%)		 (132)
(5%)
189%
(96)
(5%)
298%
Net Income $ 2,248
85%		 $
686
28%
228%
$ 471
23%
377%
Other Comprehensive Income 137
5%		 105
4%
30%
(61)
(3%)
n/a
Comprehensive Income $ 2,385
90%		 $ 791
32%
202%
$ 410
20%
482%
EPS (Basic) $
5.36		 $ 1.64
227%
$ 1.13
374%
EPS (Diluted) $
5.33		 $ 1.62
229%
$ 1.12
376%

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100% owned subsidiaries’ income - New Material: 6m (YoY ↓ 45%), MAS: 23m (QoQ ↓ 15%, YoY n/a), .

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9

Balance Sheet Highlights & Financial Ratio

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Parent Only
(In Million NTD)		 2021. March 2020. Dec + / - %
Balance Sheet Highlights
Cash & Short Term Investment 2,506 902 178%
Inventory 2,260 2,331 - 3%
Short Term Debt 1,600 2,420 - 34%
Long Term Debt 1,650 2,230 - 26%
Shareholders Equity 16,571 16,063 3%
Total Assets 25,445 24,406 4%
Inventory Turnover (Day) 163 184
AR Turnover (Day) 90 106
AP Turnover (Day) 79 96
Net Debt to Equity (%) 4% 23%
ROE (%) 18% 15%
ROA (%) 12% 10%
Cash Position 2021. 1Q 2020. 1Q YoY
EBITDA 2,698 629 329%
Cash Flow from Operation 304 378 (20%)
Free Cash Flow 2,999 120 2399%

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All ROE + ROA has been annualized (excluded capital gain).

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

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10

Capacity Expansion (New A7 HQ)

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Taiwan: Taoyuan A7 Headquarters

Taiwan: Taoyuan Huaya Headquarters

  • Floor space: 58,199 ㎡

  • Floor space: 104,141 ㎡

  • Land utilization: 13,878 ㎡

  • Transaction: NTD 3.08 billion

  • (18% of total 78,028 ㎡ )

  • Capital gain: NTD 1.99 billion (gross)

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1Q Free Cash Flow: NTD 3,099 million

(-) Cash Dividend: NTD 1,881 million (2020)

(-) Annual Maintenance Capex: NTD 400 million

Balance of NTD 818 million

  • Total land cost: NTD 3,8 billion

Net Capital Gain of NTD 1.73 billion

  • (-) Lease back 13,190 ㎡ of NTD 42

  • A7 HQ Capex: NTD 4.1 billion

  • M&A Project

million

  • (-) Deferred capital gain of NTD 219

million due to ADLINK Equity holding of 11.26%

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  • Capacity expansion

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11

OPERATION HIGHLIGHT

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12

2021.1Q Product Mix and Consolidated Sales Breakdown

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(Unit: Million NTD) (Unit: Million NTD) 2021.1Q
%
QoQ
YoY		 2020
%
Test Instruments & Automatic Testing System
(ATS)		 1,142
43%
(3%)
(2%)		 4,849
53%
Semiconductor / Photonics Test Solutions 1,042
39%
53%
53%		 3,025
33%
Turnkey Solutions 212
8%
(33%)
285%		 456
5%
Service & Others 270
10%
8%
82%		 850
9%
Total of Parent Company Sales 2,666
100%
10%
30%		 9,180
100%
+ Sales from Overseas Operations & Related
Subsidiaries		 680
(14%)
35%		 2,865
Chroma Consolidated Testing Equipment
Business		 3,346
78%
4%
31%		 12,045
78%
MAS
New Material
Other Subsidiaries
Consolidated Sales		 143
3%
31%
(19%)
692
16%
(10%)
24%
92
3%
-
18%		 618
4%
2,551
16%
318
2%
4,273
100%
2%
27%		 15,532
100%

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13

Year 2021 Guidance

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For the first quarter in 2021, Chroma total consolidated sales revenues reached 4.3 billion NTD, presented a growth of 27% YoY. The Parent Company sales revenues hit quarterly record high reached 2.7 billion, presented a growth of 30% YoY, mainly contributed from Semiconductor / Photonics testing solutions which increased by 53% compared to year 2020.

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2021 Business Outlook:

  • Continue to see strong demand for Semiconductors / Photonics testing solutions, which is driven by global semiconductor chip shortage and development of 5G-related and high performance chip (HPC) applications. Key drivers are:

  • High Reliability Testing Solutions : Burn-in Test, SLT Test with thermal control

  • Wireless RF and MCU testing solutions

  • CIS / VCSEL / ToF testing solutions

  • Semiconductor inspection and metrology solutions

  • The Test Instruments & ATS for power testing solutions continues benefit from green energy, included EV related components, battery cell / module / pack and smart-grid and 5G / Server related power testing.

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14

www.chromaate.com

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Keep going beyond

Thank You !

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Copyright © 2018 Chroma ATE Inc. All rights reserved.

15

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