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Spirox Corp. Call Transcript 2017

Nov 8, 2017

52286_rns_2017-11-08_ae18d7ef-70ae-4306-b67a-8cb1856c884d.pdf

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Spirox Corporation

(Stock Code :3055)

2017 Third Quarter Earnings Conference

Spokesman Max Chen 2017/11/08

Safe Harbor Notice

  • This presentation contains "forward-looking statements" and based on our own information and information from other sources we believe to be reliable. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of risk factors which are beyond our control.

  • The forward-looking statements in this presentation reflect our current expectations. About these forward-looking statements, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

  • We didn’t expressed or implied any statement or promise, you should not place undue reliance on this presentation. The presentation does not constitute an offer of securities issuance.

2

Agenda

  • Corporate Profile

  • Financial Review

  • Operation Guidance

  • Q& A

3

Corporate Profile

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Corporate Profile

  • Spirox Corporation founded in 1987 ，driven by a vision to provide integrated best-practice solutions and services for the global high-tech industry.

  • Core Values：Customer Focus, People Development, Sustainable Commitment

  • 2016 Consolidated Revenue ： NT$3.51 billion.

  • 2016 Net income ： NT$139 million. EPS1.16.

  • Spirox Group total of 269 employees (as September, 2017)

5

Major Business Model -Delivering Smarter Solutions

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• Develop test application Spirox • Sell Tester and handler
• Provide test solutions and • Sell wafer defect
engineering services inspection equipment
• •
Integrated solution of our own Sell IC FA equipment
•
product and external product. Provide repair services
•
IC verification service
Testing house
•
IC design Outsourcing IC test
Foundry
•
house Outsourcing IC manufacturing
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6

Current situation of supply chain and position of Spirox

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IC Assembly System
IC design
manufacturing and testing production
Technology Foundries capacity Testing complexity High reliability
innovated rapidly , increased, demand increased, demand demand for chip
Mask revision fee of high Yield of improving yield modules
increased dramatically dramatically
• Test • IC verification • ATE • Chip module
application service • verification
ATE interface
development • AOI and parts • Failure
•
Test solution equipment • Handler Analysis
•
FA equipment •
Repair service
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7

Our Solutions

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IC
Wafer ATE Refurbished Sockets, IC & Test
Diagnostic Contactors MEMS
Inspections Test Wafer Interfaces
Equipment
Handler
AOI Equipment Probers Load boards
Equipment
IC FA/RA
Metrology Probe
ESD/FIB
cards
TEST CELL
Service
PRODUCT PORTFOLIO – IC Verification /Inspection to Testing
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8

8

Core Competence : Deliver Smarter Solution

Product

Market

  • Leading RF/MEMS testing solutions.

  • The best cost-effective tester for digital and mixed signal simulation.

  • Leading wafer defect inspection equipment.

  • Leading failure analysis equipment and verification service.

  • 30 years relationship with semiconductor customers accumulated

  • Distributing territory covered TW(30years) and CN (18 years).

Management

  • Core culture :customer focus

  • Lean leader team

Technology

  • The best capability in test application development.

  • Design capability for software and hardware in test solution.

  • The only one provides dynamic IC verification services.

  • Strong finance structure

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Service

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  • Coordinate with vendor to define further development direction of products.

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  • Integrate vendor capability and customer demand.

  • The only one provides tester with integrated services of IC verification and test solution in Great China.

  • Sufficient repair services coverage 9 in Great China.

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Spirox Worldwide
Beijing
Spirox China Spirox USA
Spirox Shanghai California
Suzhou
Chengdu
Spirox Taiwan (HQ)
Hsinchu (HQ
Shenzhen
Kaohsiun g
H ong ong K
•
Stay close to major market, including
Taiwan/Beijing/Shanghai/Shenzhen
•
Sufficient repair services coverage in
Great China.
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  • Seamless integration with advanced technology from USA

10

Financial Review

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Statement of Consolidated Income

(In NT$ Millions)
Items 2017.3Q QoQ 2017.2Q YoY 2016.3Q
Net Revenue 511 -33.9% 774 -32.3% 755
Gross Margin 25.4% 7.1% 18.3% 5.8% 19.6%
Operating Expenses (132) 2.8% (128) -3.8% (133)
Income from Operation (2) -111.3% 14 -110.4% 15
Operating Margin -0.3% -2.1% 1.8% -2.3% 2.0%
Net Income 10 -43.7% 17 -10.8% 11
Net Profit Margin 1 9%
.		 -0 3%
.		 2 2%
.		 0 5%
.		 1 4%
.
EPS(NT dollar) 0.09 -47.1% 0.17 0.0% 0.09

12 Spirox Confidential

Consolidated Balance Sheet and Consolidated Cash Flow Highlights & Financial Ratio

Consolidated Balance Sheet (In NT$ Millions)

Consolidated Balance Sheet
(In NT$ Millions)
Items
2017.3Q
%		 2017.2Q
%		 2016.3Q
%
Cash and Financial Assets-current
1,817
50
Accounts Receivable
618
17
Inventories
83
2		 1,969
51
751
20
54
1		 2,307
56
501
12
139
3
Total assets
3,625
100		 3,850
100		 4,089
100
Short-term debts
15
0
Accounts payable
723
20		 42
1
826
21		 94
2
862
21
Total Liabilities
1,115
31		 1,354
35		 1,402
34
Stockholders’ equity
2,510
69		 2,496
65		 2,687
66

Debts ratio
31%
Current Ratio
279%
Accounts Receivable turnover days
85
Inventory turnover days
33		 35%
242%
78
21		 34%
251%
66
30
ROE
1.4%*		 2.5% 1.5%
Consolidated Cash Flow
(In NT$ Milloins)
2017.3Q
QoQ		 2017.2Q
YoY		 2016.3Q
EBITDA
28
-30%		 40
-12%		 32
Cash Flow from Operation
(36)
227%		 (11)
-77%		 (156)

*ROE has been annualized

13

2017.4Q and 2018 Guidance

  • Market opportunity- TW-Level 4/SIP & CN 13-5 Semi-Investment

  • The best test solutions for LCD driver.

  • Leader of MEMS test solutions.

  • Verification- Logic IC 、 RF IC 、 Memory IC 、 Automotive IC 、 IC material anal sis o ortunities. y pp

  • New production line

  • �Failure analysis of a dvanced manufacturing process

    • Hamamatsu- No.1 Electronic Failure Analysis Equipment

  • Wafer defect detection

    • Toray-No.1 Wafer defect AOI equipment in Japan.

14

Thank You !

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