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CHROMA Interim / Quarterly Report 2021

Nov 25, 2021

52029_rns_2021-11-25_c63128a8-ac69-45d5-b6a7-0b9c58526e50.pdf

Interim / Quarterly Report

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CHROMA ATE INC. 2021.3Q Financial Results

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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 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 2021.1~3Q Condensed Consolidated Income Statement

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Condensed Consolidated P&L 2021.1~3Q % 2020.1~3Q % YoY %
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2021.1~3Q
%		 2021.1~3Q
%
(In Million NTD, except for EPS in NTD)
Net Sales 12,994
100%		 11,355
100%
14%
Consolidated Sales of Testing Equipment Business 10,020
77%		 8,835
78%
13%
Consolidated Sales of MAS 509
4%		 509
4%
-
Consolidated Sales of New Material 2,139
16%		 1,785
16%
20%
Others 326
3%		 226
2%
44%
Cost of Goods Sold (6,678)
(51%)		 (5,742)
(51%)
16%
Gross Profit 6,316
49%		 5,613
49%
13%
Operating Expenses:
General & Administration
Research & Development		 (2,869)
(22%)
(1,103)
(9%)		 (2,595)
(23%)
11%
(990)
(8%)
11%
Operating Income 2,344
18%		 2,028
18%
16%
Non-Operating Income (Expenses), net 2,046
16%		 103
1%
1886%
Income (Loss) Before Tax
Income Tax		 4,390
34%
(800)
(6%)		 2,131
19%
106%
(461)
(4%)
74%
Net Income 3,590
28%		 1,670
15%
115%
Other Comprehensive Income (Losses) 38
-		 (24)
-
n/a
Comprehensive Income $ 3,628
28%		 $ 1,646
15%
120%
Net Income (Losses) Attributable To:
Shareholders of the Parent
Noncontrolling Interests		 3,521
27%
69
1%		 1,637
15%
115%
33
-
109%
$ 3,590
28%		 $ 1,670
15%
115%
EPS (Basic) $ 8.39 $ 3.92
114%
EPS (Diluted) $ 8.34 $ 3.89
114%

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5

Year 2021.3Q Condensed Consolidated Income Statement

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Condensed Consolidated P&L 2021.3Q % 2021.2Q % QoQ % 2020.3Q % YoY %
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2021.3Q
%		 2021.3Q
%
(In Million NTD, except for EPS in NTD)
Net Sales 4,276
100%		 4,445
100%
(4%)
4,155
100%
3%
Consolidated Sales of Testing Equipment Business 3,315
78%		 3,359
76%
(1%)
3,255
78%
2%
Consolidated Sales of MAS 145
3%		 221
5%
(34%)
203
5%
(29%)
Consolidated Sales of New Material 682
16%		 765
17%
(11%)
614
15%
11%
Others 134
3%		 100
2%
34%
83
2%
61%
Cost of Goods Sold (2,132)
(50%)		 (2,378)
(53%)
(10%)
(2,151)
(52%)
(1%)
Gross Profit 2,144
50%		 2,067
47%
4%
2,004
48%
7%
Operating Expenses:
General & Administration
Research & Development		 (922)
(22%)
(357)
(8%)		 (1,097)
(25%)
(16%)
(949)
(23%)
(3%)
(381)
(9%)
(6%)
(346)
(8%)
3%
Operating Income 865
20%		 589
13%
47%
709
17%
22%
Non-Operating Income (Expenses), net 148
4%		 99
2%
49%
37
1%
300%
Income (Loss) Before Tax
Income Tax		 1,013
24%
(191)
(4%)		 688
15%
47%
746
18%
36%
(179)
(4%)
7%
(157)
(4%)
22%
Net Income 822
20%		 509
11%
61%
589
14%
40%
Other Comprehensive Income (Losses) (168)
(5%)		 70
2%
n/a
45
1%
n/a
Comprehensive Income $ 654
15%		 $ 579
13%
13%
$ 634
15%
3%
Net Income (Losses) Attributable To:
Shareholders of the Parent
Noncontrolling Interests		 793
19%
29
1%		 481
11%
65%
583
14%
36%
28
-
4%
6
-
383%
$ 822
20%		 $ 509
11%
61%
$ 589
14%
40%
EPS (Basic) $ 1.89 $ 1.14
66%
$ 1.39
36%
EPS (Diluted) $ 1.87 $ 1.14
64%
$ 1.38
36%

6

Balance Sheet Highlights & Financial Ratio

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Consolidated
(In Million NTD)		 2021. Sept 2020. Dec + / - %
Balance Sheet Highlights
Cash & Short Term Investments 4,668 4,442 5%
Inventory 3,755 3,028 24%
Short Term Debt 2,741 3,187 - 14%
Long Term Debt 1,596 2,405 - 34%
Shareholders Equity 18,171 16,389 11%
Total Assets 28,458 28,129 1%
Inventory Turnover (Day) 137 130
AR Turnover (Day) 99 120
AP Turnover (Day) 109 122
Net Debt to Equity (%) Net Cash 7%
ROE (%) 15% 15%
ROA (%) 9% 7%
Cash Position 2021.1~3Q 2020.1~3Q YoY
EBITDA 4,838 2,500 94%
Cash Flow from Operation 1,423 1,103 29%
Free Cash Flow 3,344 277 1107%

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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

2021.3Q Key Points

  • Sales Revenue: $ 2,774 million,

up 13% QoQ, up 16% YoY

  • Gross Margin: 51%

  • Operating Margin: 25%

  • Net Income: NT$ 793 million,

  • up 65% QoQ, up 36% YoY

  • 2021.3Q Highlights:

 The major growth sector in third quarter is contributed from Test Instruments & ATS, which presented a growth of 15% QoQ and 23% YoY respectively.

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Sales Revenues Gross Margin Operating Margin

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2,774
2,666
2,449
2,421
2,313 2,394
2,053
55% 55% 53% 54%
52% 51%
51%
27% 26%
25% 25% 25% 25%
22%
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8

2020.1Q 2020.2Q 2020.3Q 2020.4Q 2021.1Q 2021.2Q 2021.3Q

Year 2021.3Q Condensed Income Statement

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Condensed P&L – Parent Only 2021.3Q % 2021.2Q % QoQ 2020.3Q % YoY
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2021.3Q
%		 2021.3Q
%
(In Million NTD, except for EPS in NTD) %
%
Net Sales 2,774
100%		 2,449
100%
13%
2,394
100%
16%
Cost of Goods Sold (1,355)
(49%)		 (1,119)
(46%)
21%
(1,088)
(45%)
25%
Gross Profit 1,419
51%		 1,330
54%
7%
1,306
55%
9%
Operating Expenses:
General & Administration
Research & Development		 (386)
(14%)
(334)
(12%)		 (376)
(15%)
3%
(353)
(15%)
9%
(344)
(14%)
(3%)
(307)
(13%)
9%
Operating Income 699
25%		 610
25%
15%
646
27%
8%
Non-Operating Income (Expenses), net 243
9%		 (3)
-
n/a
50
2%
386%
Income (Loss) Before Tax 942
34%		 607
25%
55%
696
29%
35%
Income Tax (149)
(5%)		 (126)
(5%)
18%
(113)
(5%)
32%
Net Income $ 793
29%		 $ 481
20%
65%
$ 583
24%
36%
Other Comprehensive Income (167)
(6%)		 75
3%
n/a
47
2%
n/a
Comprehensive Income $ 626
23%		 $ 556
23%
13%
$ 630
26%
-
EPS (Basic) $ 1.89 $ 1.14
66%
$ 1.39
36%
EPS (Diluted) $ 1.87 $ 1.14
64%
$ 1.38
36%

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100% owned subsidiaries’ income - New Material: 13m (QoQ ↓ 7%, YoY ↑ 160%); MAS: 6m.

9

Year 2021.1~3Q Condensed Income Statement

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2021.1~3Q % 2020.1~3Q % YoY
Condensed P&L – Parent Only
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2021.1~3Q
%		 2021.1~3Q
%
(In Million NTD, except for EPS in NTD) %
Net Sales 7,890
100%		 6,759
100%
17%
Cost of Goods Sold (3,741)
(47%)		 (3,129)
(46%)
20%
Gross Profit 4,149
53%		 3,630
54%
14%
Operating Expenses:
Selling and General & Administration
Research & Development		 (1,133)
(15%)
(1,011)
(13%)		 (1,025)
(16%)
11%
(887)
(13%)
14%
Operating Income 2,005
25%		 1,717
25%
17%
Non-Operating Income (Expenses), net 2,173
28%		 259
4%
739%
Income (Loss) Before Tax 4,178
53%		 1,976
29%
111%
Income Tax (657)
(8%)		 (339)
(5%)
94%
Net Income $ 3,521
45%		 $ 1,637
24%
115%
Other Comprehensive Income 46
-		 (15)
-
n/a
Comprehensive Income $ 3,567
45%		 $ 1,622
24%
120%
EPS (Basic) $ 8.39 $ 3.92
114%
EPS (Diluted) $ 8.34 $ 3.89
114%

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 33m (YoY ↑ 65%), MAS: (185m).

10

Balance Sheet Highlights & Financial Ratio

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Parent Only
(In Million NTD)
Balance Sheet Highlights
2021. Sept
2020. Dec
+ / - %
Cash & Short Term Investment
836
902
- 7%
Inventory
2,957
2,331
27%
Short Term Debt
2,050
2,420
- 15%
Long Term Debt
1,350
2,230
- 39%
Shareholders Equity
17,767
16,063
11%
Total Assets
24,906
24,406
2%
Inventory Turnover (Day)
191
184
AR Turnover (Day)
93
106
AP Turnover (Day)
89
96
Net Debt to Equity (%)
14%
23%
ROE (%)
16%
15%
ROA (%)
11%
10%
Cash Position
2021. 1~3Q
2020. 1~3Q
YoY
EBITDA
4,457
2,168
106%
Cash Flow from Operation
775
816
(5%)
Free Cash Flow
3,155
(106)
n/a

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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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11

OPERATION HIGHLIGHT

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12

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2021.3Q & 1~3Q Product Mix and Consolidated Sales Breakdown

(Unit: Million NTD)
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business
MAS
New Material
Other Subsidiaries
Consolidated Sales		 (Unit: Million NTD)
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business
MAS
New Material
Other Subsidiaries
Consolidated Sales		 (Unit: Million NTD)
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business
MAS
New Material
Other Subsidiaries
Consolidated Sales		 2021.3Q
%
QoQ
YoY
2021.1~3Q
%
YoY		 2020
%
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business		 Test Instruments & Automatic Testing
System (ATS)		 1,547
56%
15%
23%
4,038
51%
10%		 4,849
53%
Semiconductor / Photonics Test Solutions 930
34%
16%
11%
2,775
35%
18%		 3,025
33%
Turnkey Solutions 27
1%
(18%)
4%
272
3%
94%		 456
5%
Service & Others 270
9%
2%
2%
805
11%
34%		 850
9%
Total of Parent Company Sales 2,774
100%
13%
16%
7,890
100%
17%		 9,180
100%
+ Sales from Overseas Operations &
Related Subsidiaries		 541
(41%)
(37%)
2,130
3%		 2,865
3,315
78%
(1%)
2%
10,020
77%
13%		 12,045
78%
145
3%
(34%)
(29%)
509
4%
-
682
16%
(11%)
11%
2,139
16%
20%
134
3%
34%
61%
326
3%
44%		 618
4%
2,551
16%
318
2%
4,276
100%
(4%)
3%
12,994
100%
14%		 15,532
100%

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13

www.chromaate.com

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Keep going beyond

Thank You !

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Copyright © 2018 Chroma ATE Inc. All rights reserved.

14

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