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PHIHONG Call Transcript 2024

Aug 13, 2024

52096_rns_2024-08-13_785e2398-f540-49b7-b453-ef5de87c95fe.pdf

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Phihong Technology 2Q 2024 Investor Conference 13 Aug. 2024

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Disclaimer

This presentation contains forward-looking statements which are subject to risks, uncertainties, and assumptions, some of which are beyond our control. Actual results may differ materially from those expressed or implied by these forwardlooking statements. Please refer to the information on the MOPS website as the main basis for any adjustments that have been made. (http://mops.twse.com.tw/mops/web/index)

The financial figures hereby are based on International Financial Reporting Standards (IFRS) and have been reviewed by auditor.

2

2024 Quarterly Financial Performance

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QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm		 QoQ
YoY
金額
%
金額
%
%
金額
%
%
Revenue
2,600
100.0
2,343
100.0
11.0
3,194
100.0
(18.6)
COGS
1,897
73.0
1,629
69.5
16.5
2,398
75.1
(20.9)
Gross Profit
703
27.0
714
30.5
(1.5)
796
24.9
(11.7)
Opex
757
29.1
713
30.4
6.2
671
21.0
12.8
Operating (Loss) / Income
(54)
(2.1)
1
0.1
(5,500.0)
125
3.9
(143.2)
Other Income
128
4.9
110
4.7
16.4
46
1.4
178.3
Profit Before Tax
74
2.8
111
4.8
(33.3)
171
5.3
(56.7)
Tax
(29)
(1.1)
(44)
(1.9)
34.1
(53)
(1.7)
45.3
Net Income
45
1.7
67
2.9
(32.8)
118
3.6
(61.9)
EPS
0.10
0.16
0.31
EBITDA
188
7.2
223
9.5
(15.7)
292
9.1
(35.6)
2Q2024
1Q2024
2Q2023
NTD mm
NTD mm 2Q2024 1Q2024 QoQ 2Q2023 YoY
金額 % 金額 % % 金額 % %
Revenue 2,600 100.0 2,343 100.0 11.0 3,194 100.0 (18.6)
COGS 1,897 73.0 1,629 69.5 16.5 2,398 75.1 (20.9)
Gross Profit 703 27.0 714 30.5 (1.5) 796 24.9 (11.7)
Opex 757 29.1 713 30.4 6.2 671 21.0 12.8
Operating (Loss) / Income (54) (2.1) 1 0.1 (5,500.0) 125 3.9 (143.2)
Other Income 128 4.9 110 4.7 16.4 46 1.4 178.3
Profit Before Tax 74 2.8 111 4.8 (33.3) 171 5.3 (56.7)
Tax (29) (1.1) (44) (1.9) 34.1 (53) (1.7) 45.3
Net Income 45 1.7 67 2.9 (32.8) 118 3.6 (61.9)
EPS 0.10 0.16 0.31
EBITDA 188 7.2 223 9.5 (15.7) 292 9.1 (35.6)

2024 Q1-Q2 Financial Performance

NTD mm 2024Q1-Q2 2024Q1-Q2 2023Q1-Q2 2023Q1-Q2 YoY
金額 % 金額 % %
Revenue 4,943 100.0 5,974 100.0 (17.3)
COGS 3,526 71.3 4,517 75.6 (21.9)
Gross Profit 1,417 28.7 1,457 24.4 (2.7)
Opex 1,470 29.7 1,251 20.9 17.5
Operating (Loss) / Income (53) (1.0) 206 3.5 (125.7)
Other Income 238 4.8 65 1.1 266.2
Profit Before Tax 185 3.8 271 4.6 (31.7)
Tax (73) (1.5) (110) (1.8) 33.6
Net Income 112 2.3 161 2.8 (30.4)
EPS 0.26 0.43
EBITDA 411 8.3 513 8.6 (19.9)

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Zerova is Driving Growth and Achieving Higher Revenue Contribution

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2023 Q1-Q2 (NTD mm)
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2024 Q1-Q2 (NTD mm)

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==> picture [792 x 313] intentionally omitted <==

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Others Others
1.2% 0.2%
Zerova
39.3%
Zerova
31.7%
5,974 4,943
Power
Supply
Power
67.1%
Supply
60.5%
----- End of picture text -----

CONSOLIDATED BALANCE SHEETS on June 30, 2024 AND 2023

NTD mm June 30,2024 June 30,2024 June 30,2023 June 30,2023 YoY YoY
Amount % Amount % Amount %
Current Assets 10,119 66.3 12,703 73.0 (2,584) (6.7)
Cash and cash
equivalents		 5,120 33.5 6,258 35.9 (1,138) (2.4)
Trade receivables 1,867 12.2 2,596 14.9 (729) (2.7)
Inventories 2,375 15.6 3,031 17.4 (656) (1.9)
NON-CURRENT ASSETS 5,154 33.7 4,705 27.0 449 6.7
TOTAL 15,273 100.0 17,408 100.0 (2,135) 0.0
CURRENT LIABILITIES 4,299 28.1 8,821 50.7 (4,522) (22.5)
Short-term
borrowings		 670 4.4 3,777 21.7 (3,107) (17.3)
Tradepayables 1,963 12.9 2,347 13.5 (384) (0.6)
Current portion of
long-term
borrowings		 43 0.3 298 1.7 (255) (1.4)
NON-CURRENT
LIABILITIES		 1,073 7.0 2,214 12.7 (1,141) (5.7)
Bondspayable 699 4.6 699 4.0 0 0.6
Long-term
borrowings		 164 1.1 1,382 7.9 (1,218) (6.9)
Total liabilities 5,372 35.2 11,035 63.4 (5,663) (28.2)
Total equity 9,901 64.8 6,373 36.6 3,528 28.2

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Significant Enhancement in Cash Flow

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NTD mm

NTD mm
2024Q1-Q2 2023Q1-Q2
Net cash (used in) generated form
operating activities		 (233) 1,111

Net cash used in investing activities		 (409) (158)
Net cash (used in) generated form
financing activities		 (350) 2,304

Effects of exchange rate changes on
the balance of cash held in foregin		 260 10

Net (decrease) increase in cash &
cash equivalents		 (732) 3,267

Cash & cash equivalents at the
beginningof theperiod		 5,852 2,991
Cash & cash equivalents at the end
of the period		 5,120 6,258

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Q & A

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： 發言人信箱 [email protected]

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