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CLEVO CO. Interim / Quarterly Report 2021

Dec 23, 2021

52030_rns_2021-12-23_282604cf-7197-4c80-8cf1-540cf9ef9515.pdf

Interim / Quarterly Report

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CLEVO

23[rd] December 2021

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Disclaimer

  • Part of this Briefing Material is complied based on the financial statement approved by a CPA. The complete contents and data shall be determined according to the financial statement.

 The information provided in the brief may contain prospective statements and actual results may be different from these statements. The information provided in the brief does not express or guarantee ,explicitly or implicitly , its correctness or completeness nor represent our complete statement about the industry or any subsequent development.

  • This brief shall not be acquired or used by any third party without our permission.

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CONTENTS PAGE

01 Company Overview 02 2021 Q3 Financial Result 03 NB 04 Buynow 05 Chicony Square 06 Group Commercial Real Estate 07 Taipei Twin Towers 08 Future Prospects

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01. Company Overview

  • Chairman：Hsu, Kun-Tai

  • GM：Tsai, Ming-Hsien

  • (2021.9.30)

  • Share capital：NTD 6.497 billion (Number of shares after deducting treasury shares: 595,216 thousand shares)

  • Date of Incorporation ：October 4, 1983

  • Date of Listed ：April 2, 1997

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Overview of CLEVO CO. Established in 1 1983 2 4

Net Assets is 2 NTD 40.5bn.

Commercial Real Estate is 1.88M m[2 ] (including 38 properties)

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3

5 Market Value of Real Estate is NTD 130bn.

Buynow is The Top One IT mall in China.

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Consist of Four Business Operations

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Clevo Co. TWSE ： 2362 100% 100% 30% 50% NB Buynow Chicony Square Taipei Twin Towers ODM/OEM of NB IT Mall Department Store

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02. 2021 Q3 Financial Result

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O erational Results of 2021 Q3 p

Unit :NTD/M
 5,604
6,371
7,363
16
5,777
27
4,336
5,056
5,978
18
4,617
29
1,268
1,315
1,385
5
1,160
19
23%
21%
19%
-2%
20%
-1%
741
729
881
21
798
10
527
586
504
(14)
362
39
10%
9%
7%
-2%
7%
0%
(91)
(83)
133
260
(51)
361
435
504
637
26
311
105
115
115
140
22
100
40
320
389
497
28
212
134
6%
6%
7%
1%
4%
3%
0.54
0.65
0.84
0.36
595
595
595
595
YoY
%
QoQ
%
Amount
Amount
2021 Q1
Amount
2021 Q2
2020 Q3
2021 Q3
Amount

8
Operating revenue
Operating costs
Net operating margin
Operating margin(%)
Operating expenses
Operating profit
Operating profit(%)
Non-operating income(expenses)
Profit(Loss) before income tax
Income tax
Net income
Net income(%)
EPS (NTD/Dollars)
Weighted average number of
ordinary shares outstanding
(million shars)

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Operational Results of 2021 Jan. ~ Sep.

Unit :NTD/M 19,338
14,773
31
15,370
11,412
35
3,968
3,360
18
21%
23%
-2%
2,351
2,082
13
1,617
1,278
27
9%
9%
0%
(41)
(690)
94
1,576
588
168
370
270
37
1,206
318
279
6%
2%
4%
2.03
0.53
595
599
2021/1-9
2020/1-9
YoY
Amount
Amount
%
9
Operating revenue
Operating costs
Net operating margin
Operating margin(%)
Operating expenses
Operating profit
Operating profit(%)
Non-operating income (expenses)
Profit (Loss) before income tax
Income tax
Net income
Net income(%)
EPS (NTD/Dollars)
Weighted average number of ordinary
shares outstanding (million shares)

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Consolidated Revenue Overview

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1% 0% 1% 0%
2021 Q1 2021 Q2 3% 0%
2021 Q3
15% 14% 12%
84% 83%
87%
Unit : NTD/M Unit：Thousand
Item 2021 Q1 2021 Q2 2021 Q3 QoQ Currency 2021 Q1 2021 Q2 2021 Q3 QoQ
NB 4,706 5,302 6,372 20% USD 167,142 188,957 229,101 21%
Buynow 832 855 891 4% CNY 192,121 197,577 207,049 5%
Assets 62 213 99 -54% CNY 14,407 49,115 23,066 -53%
Other 4 1 1 0% CNY 750 203 190 -6%
Total 5,604 6,371 7,363 16%
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- Consolidated Revenue Overview 2

2%
2021 / 1-9		 2%
2021 / 1-9		 0%
13%
85%
Unit : NTD/M
Item 2021 /1-9 2020 /1-9 YoY
NB 16,380 11,788 39%
Buynow 2,578 2,257 14%
Assets 374 691 -46%
Other 6 37 -84%
Total 19,338 14,773 31%
2020 / 1-9 2020 / 1-9
5%
0%
15%
80%
Unit：Thousand
Currency
2021 /1-9
2020 /1-9		 YoY
USD 585,200
396,267		 48%
CNY 596,747
529,647		 13%
CNY 86,588
162,748		 -47%
CNY 1,143
8,485		 -87%

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Operating Profit Overview

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Unit：NTD/M
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'20 Q3 '21 Q1 '21 Q2 '21 Q3 QoQ YoY '21 / 1-9 '20 / 1-9 YoY
NB 223 305 383 390 2% 75% 1,078 644 67%
Buynow 181 264 260 213 -18% 18% 737 744 -1%
Asset -29 -16 -41 -95 -132% -228% -152 -55 -176%
Other -13 -26 -16 -4 75% 69% -46 -55 16%
Total 362 527 586 504 -14% 39% 1,617 1,278 27%
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- Non operating Income and Expenses

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Unit : NTD/M
Item 2020Q3 2021Q1 2021Q2 2021Q3 2021 /1-9 2020 /1-9
Share of profit/(loss) of associates and joint
89 34 61 (1) 94 (62)
ventures accounted for using equity method
Gains(Losses) on fair value adjustment,
(86) 0 (39) 302 263 (102)
investment property
Gains (losses) on disposals of investment
0 0 0 0 0 (4)
property
Interest income (expense) (209) (154) (156) (149) (459) (649)
Investment Gians (Losses) 65 83 (14) (45) 24 234
Foreign exchange (Losses) gains 68 (77) 62 (6) (21) (178)
Other income 22 23 3 32 58 71
Total (51) (91) (83) 133 (41) (690)
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03.NB

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NB – Focus on Clone Market

  • Market：Clone NB

  • Product：Highly customized (mid to high-end & gaming)

  • Production：Highly flexible (high mix, low volume)

  • Customer：Local king (around 100 customers)

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(Quality & Quick)

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Benefited from strong demand for the remote market, the overall sales volume has grown in 2021 Jan.~ Sep. .

Volume and Proportion of Sales units in each Region

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Europe
270,752 China
25% 354,860
33%
America 2020/1-9
63,657 1,089K
6%
Japan & Korea
255,722
Asia Pacific 23%
143,907
13%
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YoY :36%
Europe
YoY : 49%
369,193
China
25%
527,310
35%
2021/1-9
America 1,493K
160,357
YoY :
11%
152%
Asia Pacific Japan & Korea
213,731 222,618
YoY : 49% 14% 15%
YoY : -13%
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Data From：Clevo NB Business

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2021 NB revenue increases quarter by quarter, 3Q revenue and sales hit new highs, revenue YoY+39%, sales units YoY+37% in 2021 Jan.~ Sep. .

Sales Units (thousand)

Revenue (NTD/M)

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(NTD/M) Sales Revenue Sales Units
7,000 600
6,000
500
5,000
400
4,000
300
3,000
200
2,000
100
1,000
0
2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021Q2 2021Q3
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Data From：Clevo NB Business

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The proportion of Blue Ocean exceeded 65% and Operating Profit increased to 6.6% in 2021 Jan.~ Sep. .

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Operating Profit
Operating Profit Blue Ocean % (NTD/M)
80% 1,600
1,400
70%
1,200
60%60%
1,000
50% 800
600
40%
400
30%
200
20% -
2017 2018 2019 2020 2021/1-9
EPS 0.28 0.75 0.66 1.35 1.82
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Data From：Clevo NB Business

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04.Buynow

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BUYNOW – Compound IT Malls Operator

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1983 1998 2021 Clevo First Buynow store 18 IT malls founded opened in Shanghai 11 Rental Properties

Overview

  • Buynow, a 100% owned Subsidiary of Clevo, has become the top IT mall in China, and it has been awarded “ China Well-known Trademark" in 2007.

  • Buynow has opened large-scale composite IT malls in 18 central cities across China, and has earned recognition from tenants and customer through providing professional space planning for IT mall, convenient shopping environment, and high value added service.

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Performance of IT Mall in 2019~2021

Revenue

Net Income

Unit: CNY/K

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236,000
600,000
186,000
136,000
400,000
86,000
36,000
200,000
-14,000
2019 2020 2020/1-9 2021/1-9
4S (10,864) (13,458) (12,023) (8,630)
2019 2020 2020/1-9 2021/1-9 14S 224,006 217,022 158,697 165,951
14S EPS
4S 61,918 42,632 30,633 33,390
1.64 1.56 1.13 1.21
14S 518,534 456,176 333,836 356,083 (NTD/Dollar) (NTD/元)
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Average occupancy rate of 14S ： 96%

Plan to sell the 4 stores with unsatisfactory operating performance, Concentrate resources to increase revenue and reduce expenditure to boost 14 profitable stores.

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Sales of Properties
Sold out in Sold out in Sold out in
Mar. 2019 Nov. 2018 Jun. 2020
100%
90%
80%
'23(F)
70%
'22(F)
60%
'21(F)
50%
'20(A)
40%
'19(A)
30%
'18(A)
20% '17(A)
10%
0%
Luoyang Quanzhou Dezhou Shantou Anshan Jinzhou Luoyang II
Buildings Held for Sale
CNY 466M
CNY/M 2016(A) 2017(A) 2018(A) 2019(A) 2020(A) 2021/1-9(A)
Revenue 138 494 201 574 197 87
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05.Chicony Square

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Clevo holds 30% share CHICONY SQUARE

Chicony Square mainly operates 4 department stores and 1 international high-end hotel. The real estate MV of the four buildings (including Chengdu Grand Hyatt) is approximately NT$56.6 bn.

Total GFA：677,900m[2]

Shopping Mall GFA：393,225m[2] Hotel GFA：69,549m[2] 4,114 parking spaces

Wuhan

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Wuhan Ⅰopened in September 2003 Wuhan Ⅱopened in September 2018

Chengdu

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Chengdu opened in October 2010 Hyatt Hotel opened in July 2016

(For Rent or Sale) Xian Opened in November 2017 Closed in December 2019

Shantou Opened in June 2019

2021/1-9： 2021/1-9： EBITDA CNY 238M EBITDA CNY 126M

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Performance of Chicony Square

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Unit：CNY/K
Store 2021 Jan.~Sep. 2020 Jan.~Sep. YoY 2020 2019 YoY
Wuhan 1,951,586 1,228,688 59% 2,299,229 3,095,562 -26%
Chengdu 1,194,091 943,429 27% 1,528,227 1,704,057 -10%
Sales Xian 8,842 12,862 -31% 16,954 369,138 -95%
Revenue Shantou 265,403 224,114 18% 330,152 198,833 66%
Hotel 93,225 71,873 30% 106,358 147,267 -28%
Other 56,087 37,058 51% 53,899 74,273 -27%
Total 3,569,234 2,518,025 42% 4,334,820 5,589,129 -22%
Store 2021 Jan.~Sep. 2020 Jan.~Sep. YoY 2020 2019 YoY
Wuhan 166,075 109,802 51% 197,261 289,000 -32%
Chengdu 88,457 69,022 28% 116,383 120,774 -4%
Net Xian (72,575) (83,667) 13% (108,586) (162,154) 33%
Income Shantou (47,570) (41,565) -14% (56,683) (26,838) -111%
Hotel (32,515) (49,415) 34% (47,321) (64,378) 26%
Other (19,570) (44,606) 56% (57,681) (29,976) -92%
Total 82,301 (40,430) 304% 43,372 126,429 -66%
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06.GROUP COMMERCIAL REAL ESTATE

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Group Commercial Real Estate

Rental NTD Operating Chicony Properties Properties 130 bn Square NB Factory 11 Rental Properties 3 Department Stores + + + 38 18 IT malls 2 under construction 1Hyatt Hotel Properties + + 1 For sale 1 For rent or sale

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07. TAIPEI TWIN TOWERS

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New Gateway to Taiwan New Start of Taipei Taipei Twin Towers

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Taipei Twin Towers

  • Contract date :2019.12.17

  • Current situation :Building permit in application

Estimated date of beginning construction : Within six month after building permit

  • C1 Construction period :1,339 Days

  • D1 Construction period :1,718 Days

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08. Future Prospects

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Future Prospects

Profit Generation Potential Value

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NB
Clone No.1
Assets
Buynow Chicony Taipei Twin Towers
activation
IT Mall Square
&
China 3S 30%
Cash inflow
No.1 Flourishing
CLEVO [email protected] Dollars
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Date ： 2021.09.30

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Thank You

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