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WEC Investor Presentation 2021

Aug 11, 2021

52017_rns_2021-08-11_ada2fe75-3669-426e-853b-3c97af968b8e.pdf

Investor Presentation

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~~1H21 Investor Conferen~~ ce

Aug. 5[th] , 2021

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Safe Harbor Notice

• We have made forward-looking statements in this presentation. Our forward-looking statements contain information regarding, among other things, our financial condition, future expansion plans and business strategies. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties and assumptions about us.

  • We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this conference might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.

  • The information contained herein shall also not constitute an offer to sell or a solicitation of an offer to buy the company’s securities nor shall there be any sale of such securities in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or country.

2

Agenda

01 Financial Results

Jessica Huang - CFO

02 Business Recap & Outlook

James Chen - President

03 Q & A

James Chen & Jessica Huang

3

Financial Results

4

- Consolidated Statement of Comprehensive Income

Unit: NT$ M
Net Sales
Gross Profit
Gross Margin
Operating Income
Net Non-Operating Income (Loss)
Income Tax Benefit (Expense)
Net Income (Loss)
Earnings Per Share
EBITDA
2Q21 1Q21 QoQ 1H21 1H20 YoY
25,235
21,325		 3,910 46,560
24,302		 22,258
10,653
8,011		 2,642 18,664
6,525		 12,139
42%
38%		 +4 ppts 40%
27%		 +13 ppts
4,622
2,296		 2,326 6,918
908		 6,010
88
(102)
(930)
(485)		 190
(445)		 (14)
(91)
(1,415)
(60)		 77
(1,355)
3,780
1,709
0.84
0.40		 2,071
0.44		 5,489
757
1.24
0.16		 4,732
1.08
7,523
4,863		 2,659 12,387
5,484		 6,903

5

Revenue and GM Trend - Consolidated

(NT$ B)

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21.3 42%
20.3
38%
16.0
30%
13.4
12.0 12.8 29%
12.5
26% 27% 11.5 27%
24%
22%
2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Gross Profit Revenue
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6

Balance Sheet - Consolidated

Unit: NT$ M
Cash
Inventory(Net)
Property, Plant and Equipment
Total Assets
L/T Liability
Total Liabilities
Shareholders' Equity
Debt / Equity Ratio
Current Ratio		 Jun. 30, '21
%
Dec. 31, '20
%
Jun. 30, '20
%
17,751
13% 11,744
9% 12,559
12%
14,454
10% 14,141
11% 10,583
10%
60,417
43% 61,453
49% 55,340
54%
139,208100%126,043100%103,541100%
21,381
15% 20,534
16% 20,868
21%
56,647
41%55,450
44%41,448
40%
82,561
59%70,593
56%62,093
60%
0.69
0.79
0.67
2.26
1.87
2.29

7

Statement of Cash Flow - Consolidated

Unit: NT$ M
Operating Cash Flow
Depreciation & Amortization
Investing Cash Flow
CAPEX
Financing Cash Flow
Net change
Cash & Equivalents
2Q21 1Q21 QoQ 1H21 1H20 YoY
6,425
3,318		 3,107 9,743
4,313		 5,430
2,901
2,568		 333 5,469
4,576		 893
(1,563)
(1,254)		 (309) (2,817)
(3,528)		 711
(2,818)
(1,636)		 (1,182) (4,454)
(3,108)		 (1,346)
71
(560)		 631 (489)
353		 (842)
4,666
1,340
17,751
13,085		 3,326
4,666		 6,006
1,091
17,751
12,559		 4,915
5,192

8

- Statement of Comprehensive Income Memory

Unit: NT$ M
Net Sales
Gross Profit
Gross Margin
Operating Income
Net Non-Operating Income (Loss)
Income Tax Benefit (Expense)
Net Income (Loss)
Earnings Per Share
EBITDA
2Q21 1Q21 QoQ 1H21 1H20 YoY
14,486
11,215		 3,271 25,701
18,888		 6,813
6,141
3,954		 2,187 10,095
4,152		 5,943
42%
35%		 +7 ppts 39%
22%		 +17 ppts
3,606
1,829		 1,777 5,435
383		 5,052
453
88
(723)
(331)		 365
(392)		 541
183
(1,054)
56		 358
(1,110)
3,336
1,586
0.84
0.40		 1,750
0.44		 4,922
622
1.24
0.16		 4,300
1.08
6,176
4,038		 2,138 10,214
4,707		 5,507

9

Revenue and GM Trend - Memory

(NT$ B)

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11.2
10.3 10.4 10.4
9.3 42%
9.6
9.5
9.3
35%
24% 24%
21% 22% 21%
19%
16%
2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Gross Profit Revenue
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10

Balance Sheet - Memory

Unit: NT$ M
Cash
Inventory(Net)
Property, Plant and Equipment
Total Assets
L/T Liability
Total Liabilities
Shareholders' Equity
Debt / Equity Ratio
Current Ratio		 Jun. 30, '21
%
Dec. 31, '20
%
Jun. 30, '20
%
10,527
9% 4,818
5% 4,824
5%
8,230
7% 7,920
8% 8,705
9%
54,303
47% 54,399
54% 54,083
57%
115,229100%100,053100%94,564100%
19,506
17% 17,826
18% 18,362
18%
39,040
34%34,604
35%35,285
37%
76,189
66%65,449
65%59,279
63%
0.51
0.53
0.60
2.37
1.96
1.86

11

Statement of Cash Flow - Memory
Unit: NT$ M 2Q21 1Q21 QoQ 1H21 1H20 YoY
Operating Cash Flow
Depreciation & Amortization
Investing Cash Flow
CAPEX
Financing Cash Flow		 5,390
2,570
(2,701)
(2,757)
1,127		 3,093
2,209
(1,180)
(1,454)
(20)		 2,297
361
(1,521)
(1,303)
1,147		 8,483
4,779
(3,881)
(4,211)
1,107		 4,139
4,324
(3,132)
(2,992)
(1,608)		 4,344
455
(749)
(1,219)
2,715
Net change 3,816 1,893 1,923 5,709 (601) 6,310
Cash & Equivalents 10,527 6,711 3,816 10,527 4,824 5,703

12

Memory CAPEX

(NT$ B)

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16.7
15.2
13.2
11.8
7.9
2017 2018 2019 2020 2021(E)
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Paid Estimated

Cash Basis, as of Aug. 5[th] , 2021

13

Business Recap

& Outlook

14

Revenue Breakdown by Product

(NT$ B)

16 14 12 10 44% 43% 43% 47% 8 45% 45% 44% 50% 6 4 57% 57% 56% 53% 55% 55% 56% 50% 2 0 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

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Flash DRAM
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15

Revenue Breakdown by Application

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1Q21
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2Q21
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Car & Industrial
Communication
19%
35%
Consumer
26%
Computer
20%
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Car & Industrial
Communication
20%
34%
Consumer
26% Computer
20%
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Note: Rev excluded foundry and others

Car & Industrial Consumer QoQ +33% QoQ +28%

Computer QoQ +27%

Communication QoQ +27%

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NT$M NT$M NT$M NT$M
3,000 4,000 3,000 5,000
2,500 2,500
4,000
3,000
2,000 2,000
3,000
1,500 2,000 1,500
2,000
1,000 1,000
1,000
500 500 1,000
0 0 0 0
1Q21 2Q21 1Q21 2Q21 1Q21 2Q21 1Q21 2Q21
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16

Revenue Breakdown by Application

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1H20
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1H21
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Car & Industrial
Communication
20%
34%
Consumer
24%
Computer
22%
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----- Start of picture text -----

Car & Industrial
Communication
19%
35%
Consumer
26%
Computer
20%
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Note: Rev excluded foundry and others

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Car & Industrial Consumer Computer
YoY +26% YoY +42% YoY +25%
NT$M NT$M NT$M
5,000 8,000 6,000
4,000
6,000
4,000
3,000
4,000
2,000
2,000
2,000
1,000
0 0 0
1H20 1H21 1H20 1H21 1H20 1H21
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Communication YoY +37%

NT$M

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10,000
8,000
6,000
4,000
2,000
0
1H20 1H21
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17

DRAM Business

  • 1H21 revenue was up by nearly 40% YoY

  • 1H21 bit shipment increased by mid teens % YoY

  • 25nm revenue contributed 45% of total DRAM revenue in 2Q21

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45%
17% 31%
8% 11% 20%
27% 23% 14%
28% 22%
19%
33%
58% 55% 54% 51% 42%
7% 6% 6% 7% 8% 8%
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1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

65nm 46nm 38nm 25nm

18

Flash Business

  • 1H21 revenue was up by over 30% YoY

  • 1H21 bit shipment increased by low-to-mid teens % YoY

  • Global market share leader in NOR Flash

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18%
18%
15%
17%
16%
16%
63%
61% 65% 63%
64% 64%
20% 20% 22% 20% 19% 19%
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1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 90nm 58nm 46nm

19

Market and Business Outlook (1)

Specialty DRAM

  • Tight Supply: No significant capacity increase from DRAM suppliers before Y2022

  • Strong Demand: Wi-Fi 5/6, Surveillance, IoT, and Industrial

Code Storage Flash

  • Tight Supply: Supply shortage may continue to Y2022 for both NOR and SLC NAND

  • Strong Demand: Wearable, Wi-Fi 5/6, GPON, and Automotive

20

Market and Business Outlook (2)

Overall Market

  • Strong demand from Networking, Edge AI, IoT, Electric Vehicle, Gaming and Data Center

  • Memory up-cycle is continuing

  • Covid-19, inflation, and climate change may cause more business uncertainties

Winbond Business

  • Taking advantage as an IDM company with in-house capacity and stable supply

 KH fab: Equipment move-in on track in 1H’22 and production ramp-up in 2H’22

  • Continue to enhance product mix and build long-term customer relationship

21

Q & A

22

Thank you

23

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