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Spirox Corp. — Interim / Quarterly Report 2021
Dec 23, 2021
52286_rns_2021-12-23_2c2f1b34-bae0-4c07-be6a-66bf717d9b1f.pdf
Interim / Quarterly Report
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Spirox Corporation (Stock Code :3055) 2021 Third Quarter Earnings Conference
Spokesperson Noelle Ni 23 Dec 2021
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Spirox Confidential Delivering Smarter Solutions
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Safe Harbor Notice
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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.
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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.
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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.
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Agenda
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Financial Review
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2021.4Q & 2022 Outlook
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Q&A
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Financial Review
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Spirox Confidential Delivering Smarter Solutions
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Statement of Consolidated Income(QoQ)
(In NT$ Millions)
| (In NT$ Millions) | ||||||
|---|---|---|---|---|---|---|
| ITEMS | 2021.3Q (note) |
% | 2021.2Q (note) |
% 2020.3Q % QoQ |
||
| Net Revenue | 616 | 100 | 654 | 100 957 100 -36% |
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| OperatingCosts | (565) | (92) | (576) | (88) (816) (85) -31% |
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| Grossprofit | 51 | 8 | 78 | 12 141 15 -64% |
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| Operating Expenses | (189) | (31) | (177) | (27) (156) (16) 21% |
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| Other OperatingRevenue | (0) | (0) | 0 | 0 0 0 |
||
| Income(loss)from Operation | (138) | (22) | (99) | (15) (15) (2) 797% |
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| Non-OperatingRevenue and Expenses | 9 | 1 | 13 | 2 46 5 -81% |
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| Income(loss)before tax | (129) | (21) | (86) | (13) 31 3 -522% |
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| Income Tax Expenses | (3) | (0) | 1 | 0 7 1 -147% |
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| Continuingoperatingincome(loss)after tax | (132) | (21) | (85) | (13) | ||
| Discontinued operation income(loss) | 9 | 1 | (1) | (0) | ||
| Net Income(loss) | (123) | (20) | (86) | (13) 37 4 -431% |
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| Net other comprehensive income | 0 | 0 | (20) | (3) (12) (1) -100% |
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| Comprehensive income | (123) | (20) | (106) | (16) 25 3 -589% |
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| Profit attributable to: | ||||||
| Owners of theparent | (125) | (20) | (87) | (13) 31 3 -508% |
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| Non-controllinginterests | 2 | 0 | 1 | 0 6 1 -69% |
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| EPS(NT Dollors) | -1.31 | -0.91 | 0.32 -509% |
|||
| note: Theprofit and loss of the continued business and the discounted operation are shown separately |
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Statement of Consolidated Income(YoY)
| (In NT$ Millions) | ||
|---|---|---|
| ITEMS 2021.1Q~3Q % 2020.1Q~3Q |
% | YOY |
| Net Revenue 1,806 100 1,549 OperatingCosts (1,613) (89) (1,245) |
100 | 17% |
| (80) | 30% | |
| Grossprofit 193 11 304 |
20 | -37% |
| Operating Expenses (526) (29) (373) Other OperatingRevenue 3 0 (0) |
(24) (0) |
41% |
| -4554% | ||
| Income(loss)from Operation (331) (18) (69) |
(4) | 380% |
| Non-OperatingRevenue and Expenses 18 1 76 |
5 | -77% |
| Income(loss)before tax (313) (17) 7 |
0 | -4563% |
| Income Tax Expenses (5) (0) 6 |
0 | -177% |
| Continuingoperatingincome(loss)after tax (318) (18) 13 |
1 | -2465% |
| Discontinued operation income(loss) 4 0 (19) |
(1) | -123% |
| Net Income(loss) (313) (17) (5) |
(0) | 5616% |
| Net other comprehensive income 16 1 (30) |
(2) | -154% |
| Comprehensive income (297) (16) (36) |
(2) | 731% |
| Profit attributable to: | ||
| Owners of the parent (313) (17) 3 Non-controllinginterests (0) (0) (8) |
0 (1) |
-10392% -96% |
| EPS(NT Dollors) -3.29 -0.03 |
10867% | |
| note: The profit and loss of the continued business and the discounted operation are shown separately |
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Spirox Confidential 6
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Consolidated Balance Sheet
| Items 2021.3Q |
% | 2021.2Q % |
2020.3Q % |
|
|---|---|---|---|---|
| Cash and Financial Assets-current 1,178 |
19 | 1,036 17 |
920 19 |
|
| Accounts Receivable 834 |
13 | 823 14 |
1,301 27 |
|
| Inventories 192 |
3 | 180 3 |
278 6 |
|
| Current Assets in Discontinued Operations held for Sale 1,801 |
29 | 1,617 27 |
- - |
|
| Other current assets 192 |
3 | 210 4 |
985 20 |
|
| Total current assets 4,195 |
66 | 3,865 65 |
3,484 71 |
|
| Property, plant and equipment 1,363 |
22 | 1,313 22 |
1,142 23 |
|
| Non-current assets 2,120 |
34 | 2,096 35 |
1,391 29 |
|
| Total assets 6,316 |
100 | 5,961 100 |
4,875 100 |
|
| Short-term debts 1,145 |
18 | 1,049 18 |
1,627 33 |
|
| Accounts payable 468 |
7 | 494 8 |
436 9 |
|
| Current Liabilities in Discontinued Operations held for Sale 1,517 |
24 | - - |
- - |
|
| Other current liabilities 423 |
7 | 1,729 29 |
253 5 |
|
| Total current liabilities) 3,554 |
56 | 3,271 55 |
2,316 48 |
|
| Long-term liabilities 530 |
8 | 488 8 |
207 4 |
|
| Total Liabilities 4,084 |
65 | 3,759 63 |
2,523 52 |
|
| Common Stock 1,024 |
16 | 1,024 17 |
1,024 21 |
|
| Additional Paid-In Capital 230 |
4 | 250 4 |
239 5 |
|
| Retained Earnings 1,270 |
20 | 1,394 23 |
1,623 33 |
|
| Other Equity + Treasury Stock 566 - |
9 - |
566 - 9 - |
614 - 13 - |
|
| Equity in Discontinued Operations held for Sale 5 |
0 | 5 0 |
- - |
|
| Stockholders’ equity 1,964 |
31 | 2,107 35 |
2,272 47 |
|
| Minority interest 268 |
4 | 96 2 |
80 2 |
|
| Total Liabilities and Stockholders’ equity 6,316 |
100 | 5,961 100 |
4,875 100 |
|
| Spirox Confident |
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Consolidated Cash Flow Highlights & Financial Ratio
| Items 2021.3Q |
Items 2021.3Q |
2021.2Q | 2021.2Q | 2020.3Q |
|---|---|---|---|---|
| Debts ratio 65% Current Ratio 118% Quick Ratio 108% Accounts Receivable turnover days 121 Inventory turnover days 30 Accounts Payable turnover days) 75 |
63% 118% 107% 119 29 141 |
52% 150% 128% 112 37 51 |
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| ROA -2.2% |
-1.4% | 0.8% | ||
| ROE* -6.5% |
-3.9% | 1.6% | ||
| Consolidated Cash Flow (In NT$ Milloins) 2021.3Q QoQ |
2021.2Q YoY |
2020.3Q | ||
| EBITDA 74 - -185% Cash Flow from Operation 227 - -358% *By quaterly for above indications |
43 - -230% 88 6% |
88 127 - |
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Consolidated Revenue Status: 2021.1-9 v.s.2020.1-9
| (In NT$ Millions) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ITEMS | 2021.11 | % | 2021.10 | % | 2021.10-11 | % | 2021.1-11 | % | 2021.1-9 | % |
| Spirox-Distrbutor | 176 | 36% | 96 | 27% | 271 | 32% | 1,766 | 42% | 1,495 | 45% |
| VESP Technology | 70 | 14% | 56 | 16% | 126 | 15% | 398 | 9% | 272 | 8% |
| 小計 | 245 | 50% | 152 | 43% | 397 | 47% | 2,164 | 51% | 1,767 | 53% |
| New Subsidiaries： | ||||||||||
| Maximo Enterprise | 239 | 49% | 196 | 55% | 435 | 51% | 1,984 | 47% | 1,549 | 46% |
| Jetek Technology | 8 | 2% | 6 | 2% | 14 | 2% | 54 | 1% | 40 | 1% |
| Consolidated Net Revenue | 492 | 100% | 354 | 100% | 846 | 100% | 4201 | 100% | 3,355 | 100% |
| (In NT$ Millions) | ||||||||||
| ITEMS | 2020.11 | % | 2020.10 | % | 2020.10-11 | % | 2020.1-11 | % | 2020.1-9 | % |
| Spirox-Distrbutor | 160 | 34% | 77 | 36% | 237 | 35% | 1,173 | 39% | 936 | 42% |
| VESP Technology | 22 | 0% | 26 | 0% | 49 | 0% | 611 | 20% | 562 | 25% |
| 小計 | 182 | 34% | 103 | 36% | 286 | 35% | 1,783 | 59% | 1,498 | 68% |
| New Subsidiaries： | ||||||||||
| Maximo Enterprise | 329 | 65% | 193 | 63% | 522 | 64% | 1,185 | 39% | 663 | 30% |
| Jetek Technology | 5 | 1% | 2 | 1% | 7 | 1% | 59 | 2% | 52 | 2% |
| Consolidated Net Revenue | 516 | 100% | 298 | 100% | 815 | 100% | 3,027 | 100% | 2,212 | 100% |
| ※VESP Technology：VESP(TW+CN)+DSD Division of Spirox-Shanghai |
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Spirox Confidential
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Consolidated Revenue Status as of 2021.11 v.s.2021.9
| (In NT$ Millions) | |||||||
|---|---|---|---|---|---|---|---|
| 2021.1-11 | 2021.1-9 | ||||||
| Consolidated Net | % | Consolidated Net | % | ||||
| Revenue | Revenue | ||||||
| Spirox-Distrbutor | 1,766 | 42% | Spirox-Distrbutor | 1,495 | 45% | ||
| VESP Technology | 398 | 9% | VESP Technology | 272 | 8% | ||
| Maximo Enterprise | 1,984 | 47% | Maximo Enterprise | 1,549 | 46% | ||
| Jetek Technology | 54 | 1% | Jetek Technology | 40 | 1% | ||
| TOTAL | 4,201 | 100% | TOTAL | 3,355 | 100% | ||
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TOTAL 4,201 100% TOTAL 3,355 100%
2021.1-11 Consolidated Net Revenue 2021.1-9 Consolidated Net Revenue
Spirox-Distrbutor VESP Technology Spirox-Distrbutor VESP Technology
Maximo Enterprise Jetek Technology Maximo Enterprise Jetek Technology
1% 1%
42% 45%
47% 46%
10% 8%
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2021.4Q & 2022 Outlook
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Spirox Confidential Delivering Smarter Solutions
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2021.4Q & 2022 Outlook: Semiconductor Equipment Distribution
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Revenue generated from Semiconductor equipment distribution has approx. 20% growth compare to which in 2020.
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The strong market demand of 5G, IoT, LCDD, and etc. driven by COVID-19 stay-at-home economy and China local made chip policy have made tight semiconductor production capacity in fabless and OSATs. Semiconductor equipment market is increasing accordingly.
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Stable and repeat orders of Spirox Test Solutions, including ATE, prober, and interfaces in 2021. Market share and install base in key customers are growing. Nevertheless, shipments have been lightly impacted due to the shortage of raw materials.
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With high competitiveness in product technology, Spirox Process & Quality Assurance Solutions have major progress in installation in key accounts. Its great business potential for the future is foreseeable.
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2021.4Q & 2022 Outlook: Subsidiaries & Investment
• VESP Technology (Hefei):
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⎻ Established the U.S. Representative in CA, and will serve local customers in Silicon Valley by providing verification services back in TW.
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⎻ Due to huge amount of CAPEX depreciation, 2021 profit of VESP is much lower than expected. We’ve reviewed capital expenditure and business operation planning, and will increase the loading rate of invested equipment accordingly. In addition, VESP will look for cooperation with local labs or industrial association to expand capacity in other cities in China.
• Jetek Technology (Taiwan):
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⎻ Keep developing CIS solution to generate revenue and profit in 2022 expectedly.
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⎻ Cooperation with Molsentech on COVID-19 Rapid Test System, which is in application process for EUA in Taiwan and other countries. Meanwhile, Jetek is also in preparation for mass production in 1H 2022.
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MAXIMO (Shanghai): Approved by the Board of Directors, MAXIMO (Shanghai) will be disposed.
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Thank You !
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Spirox Confidential Delivering Smarter Solutions