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WPG — Earnings Release 2019
Oct 30, 2019
52368_rns_2019-10-30_a34b0729-c501-4b65-8240-9bc652c303ab.pdf
Earnings Release
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WPG Holdings Ltd.
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3Q19 Earning Release
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Oct. 30th, 2019
Safe Harbor Notice
-
These forward-looking statements, which may include statements regarding WPG’ future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on WPG’ current expectations.
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Actual results may differ materially from those expressed or implied in these forwardlooking statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the IC industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates.
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Our release of financial forecasts and forward-looking statements at any particular time does not create any duty of disclosure beyond that which is imposed by law, and we expressly disclaim any obligation to publicly update or revise any forecasts or forward-looking statements, whether as a result of new information, future events or otherwise.
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Agenda
Welcome
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3Q19 Financial Highlights
Cliff Yuan
Q&A
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Unit:NT$million
Result Highlights
| Unit:NT$million | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| item Net Sales Gross Margin Operating Expenses |
3Q19 140,821 4.25% (3,412) |
2Q19 | 3Q18 150,362 4.32% (3,564) |
QoQ(%) | YoY(%) (6.3) -7 bp (4.3) |
Ytd19 381,829 4.36% (9,425) |
Ytd18 413,307 4.33% (9,845) |
YoY(%) (7.6) +3 bp (4.3) |
|
| 129,176 4.40% (3,104) |
9.0 -16 bp 9.9 |
||||||||
Operating Income Operating Margin Net Income EPS (NT$)(1) Net Book Value (NT$)(1) |
2,567 1.82% 1,785 1.06 32.93 |
2,584 2.00% 1,629 |
2,927 1.95% 1,769 1.02 |
(0.6) -18 bp 9.6 |
(12.3) -12 bp 0.9 |
7,215 1.89% 4,718 2.81 |
8,033 1.94% 5,863 3.27 |
(10.2) -5 bp (19.5) |
|
| 0.97 | |||||||||
| Total Assets | 219,983 | 197,156 | 211,387 | 219,983 | 211,387 | ||||
| Total Liabilities Total Equity Net Working Capital |
154,693 65,290 114,117 |
143,241 53,914 104,766 |
158,346 53,041 113,192 |
154,693 65,290 114,117 |
158,346 53,041 113,192 |
||||
| Free Cash Flow KEY Indices(2) |
(7,986) |
(4,078) |
(1,898) |
(2,770) |
(7,295) |
||||
| ROWC NWC/Sales ROE Gearing (1).Weighted average common shares outstanding (2).Annualized |
9.0% 0.20 12.0% 1.01 1,679 |
9.9% 0.20 12.1% 1.17 1,679 |
10.3% 0.19 13.6% 1.36 1,736 |
-87 bp -11 bp |
-135 bp -162 bp |
8.4% 0.22 10.6% 1.01 1,679 |
9.5% 0.21 15.0% 1.36 1,795 |
-103 bp -447 bp |
Unaudited, Prepared by WPG based on TIFRS.
Statements of Comprehensive Income
Unit:NT$million
| Unit:NT$million | ||||||||
|---|---|---|---|---|---|---|---|---|
| Item Revenue |
3Q19 | 2Q19 | QoQ(%) | 3Q18 | YoY(%) | Ytd19 | Ytd18 413,307 |
YoY(%) (7.6) |
| 140,821 |
129,176 |
9.0 |
150,362 |
(6.3) |
381,829 |
|||
| COGS Gross Profit Gross Margin Operating Expenses Operating Income Operating Margin |
(134,842) | (123,488) | 9.2 | (143,871) | (6.3) | (365,188) | (395,429) 17,878 4.33% (9,845) 8,033 1.94% |
(7.6) (6.9) (4.3) (10.2) |
| 5,979 4.25% |
5,687 4.40% |
5.1 | 6,492 4.32% |
(7.9) | 16,640 4.36% |
|||
| (3,412) | (3,104) | 9.9 | (3,564) | (4.3) | (9,425) | |||
| 2,567 1.82% |
2,584 2.00% |
(0.6) | 2,927 1.95% |
(12.3) | 7,215 1.89% |
|||
| Net Non-operating Items Net Financing costs Foreign Exchange Gains/Losses Others Profit Before Tax Tax |
(348) | (388) | (10.1) | (670) | (48.0) | (1,146) | (773) (1,742) 235 734 7,260 (1,360) |
48.2 (1.3) 89.0 (16.4) (3.2) |
| (562) 136 77 |
(538) 155 (5) |
4.3 (12.2) |
(665) (11) 5 |
(15.5) NM |
(1,719) 444 130 |
|||
| 2,219 (421) |
2,196 (554) |
1.0 (24.0) |
2,257 (475) |
(1.7) (11.4) |
6,070 (1,317) |
|||
| Unaudited, Prepared by WPG based on TIFRS. Minority Profit After Tax Net Margin EPS (NT$)(1) Tax % (1).Weighted average common shares outstanding |
(13) | (13) | (14) | (35) | (37) 5,863 1.42% 3.27 19% 1,795 |
(19.5) | ||
| 1,785 1.27% |
1,629 1.26% |
9.6 | 1,769 1.18% |
0.9 | 4,718 1.24% |
|||
| 1.06 19% 1,679 |
0.97 25% 1,679 |
1.02 21% 1,736 |
2.81 22% 1,679 |
Balance Sheet
| Unit:NT$million item Cash & Marketable Securities Accounts Receivable - Trade |
Amount % Amount % Amount % 9,634 4 6,195 3 8,419 4 107,960 49 94,282 48 108,996 52 2Q19 3Q19 3Q18 |
|
|---|---|---|
| Inventory Current Assets Others Total Assets Current Interest-bearing Debt Accounts Payble Accrued Liabilities and Others |
70,279 32 65,649 33 67,689 32 203,638 93 180,768 92 196,613 93 16,344 7 16,387 8 14,774 7 219,983 100 197,156 100 211,387 100 68,091 31 56,499 29 74,825 35 64,122 29 55,164 28 63,492 30 12,639 6 16,014 8 11,880 6 |
|
| Current Liabilities Long-term Interest-bearing Debt Others Total Liabilities Total Equity |
144,851 66 127,678 65 150,196 71 7,645 3 13,320 7 6,897 3 2,196 1 2,243 1 1,252 1 154,693 70 143,241 73 158,346 75 65,290 30 53,914 27 53,041 25 114,117 104,766 113,192 |
|
| KEY Indices(1) Net Working Capital (NT$million) |
||
| Unaudited, Prepared by WPG based on TIFRS. AR Turnover (Days) Inventory Turnover (Days) AP Turnover (Days) Average Collection Periods (Days) Current Ratio Gearing (1).Annualized |
66 63 63 46 50 42 40 40 37 71 72 67 141% 142% 131% 1.01 1.17 1.36 |
Cash Flows
| Unit:NT$million 3Q19 -Income before Income Tax 2,219 -Changes of NWC (9433) |
2Q19 2,196 (5922) |
3Q18 2,257 (4851) |
Ytd19 6,070 (4316) |
Ytd18 7,260 (11065) |
|---|---|---|---|---|
, -Adjustment & Others (771) From Operation (7,986) -Other Financial Instruments (99) -Capital Expenditure (48) -Marketable Financial Instruments (1) |
, (352) (4,078) |
, 696 (1,898) |
, (4,523) (2,770) |
, (3,491) (7,295) (384) (551) 746 |
| (149) (27) (71) |
(603) (426) 344 |
49 (170) (70) |
||
| -Others 42 From Investment (105) -Financial Debt 6,131 -Cash Dividends (4,533) -Preferred Shares 9,995 |
7 (240) |
327 (358) |
30 (161) |
34 (154) 11,734 (4,380) - |
| 4,765 - - |
7,305 (4,380) - |
(300) (4,533) 9,995 |
||
| Unaudited, Prepared by WPG based on TIFRS. -Others 230 From Financing 11,821 Cumulative translation adjustments (294) Net Cash Position Change 3,437 Ending Cash Balance 9,600 |
(120) 4,645 |
1 2,926 |
1 5,163 |
16 7,370 1,372 1,293 8,391 |
| 262 590 6,163 |
191 860 8,391 |
251 2,483 9,600 |
Sales breakdown by Geography/ Customer
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TBM：Taiwan-Based Customers CBM：China Based Customers
Sales breakdown by Application/ Device Type
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Gross Margin vs. Operating Margin
Gross Profit
Operating Income Gross Margin Operating Margin
NT$million
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6%
6,000
4.32% 4.34% 4.32% 4.36% 4.45% 4.40%
4.25%
5,000
4%
4,000
6,492
5,752
6,061 5,687
5,326 4,974
3,000 5,979
1.93% 1.95% 1.93% 2.00%
1.95% 1.85% 1.82%
2%
2,000
2,927
2,697 2,544 2,584 2,567
2,409
1,000 2,064
0 0%
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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ROWC vs. NWC/Sales
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NWC/Sales(Q) ROWC(Q) ROWC(YTD)
12%
10.3%
10.1%
9.9%
9.9% 0.20
9.6%
9.0%
9.5%
9.4% 9.3%
8%
8.9% 8.4%
8.4%
0.15
4%
0.19 0.19 0.19 0.21 0.22 0.20 0.20
0% 0.10
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
Note ： Annualized
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ROE vs. EPS
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NT$ EPS(Q) ROE(Q) ROE(YTD)
20%
17.0%
15.0%
14.1% 15%
15.8%
1.0
12.1% 12.0%
14.6%
13.6%
12.1%
10%
10.9%
10.6%
9.5%
0.5
5%
1.04 1.21 1.02 0.95 0.78 0.97 1.06
0.0 0%
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
Note ： Annualized
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Operating Cash Cycle
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90
86
80
77
72 72
70 71
67 67
60
50
40
30
20
10
0
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
AR in Days Inventory in Days
AP in Days Net Cash Operating Cycle Days
Note ： Annualized
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More Solutions Launched
16% 16% 16%
16%
FAE/Total
16%
100 Smart Home
15%
15% 15% Automotive
15% Industrial
80
Power
Virtual Reality
14%
5 Smart City
60
26
Medical
11
6 8
9 13% Security
5
2 17 8
2 12 MID
40 11
10
16 1 12% Lighting
22 29
14 15 Wearable Devices
21
20 24 2 12 TV
6 11%
21 12 13 2 6 Smart Phone
1 5
9 36 6 101 31 6 45 USB
0 1 1 2 1 1 3 2 1 10% Computer
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
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https://www.wpgholdings.com/hotchannel/index/zhtw https://www.wpgdadatong.com/MainPage
66 Solutions Launched in 3Q19
| �智能PWM控制晶片針對LED研討方案 | 2019-09-09 | �90W Type-C平板/筆電 電源適配器方案 | 2019-09-30 | |
|---|---|---|---|---|
| �功率因數改善的22W LED控制器方案 | 2019-08-15 | �500W蓄電池充電器方案 | 2019-09-26 | |
| �高效率/低待機功耗/低THD/高PF的150W照明方案 �高功率因子之LED照明方案 |
2019-08-09 2019-07-10 |
�諧振控制器及同步整流控制器適用於AIO電腦電源的大功率 適配器方案 |
2019-09-25 | |
| �LED與LED driver的高效率50W光引擎方案 | 2019-07-01 | �CPU IMVP 8/9 Vcore電源方案 | 2019-09-24 | |
| �65W USB Type-C PD ACDC adapter方案 | 2019-09-20 | |||
| �TYPEC 2x15W之車充方案 | 2019-09-19 | |||
| �通訊電源散熱風扇應用方案 | 2019-09-18 | |||
| �適用於工業網關之PoE(以太網供電)方案 �適用於太陽能串式逆變器的10kW三相3級並網逆變器方案 |
2019-09-16 2019-09-02 |
�5kW低電壓高電流應用於堆高機，高爾夫球車的電機控制 方案 �12W高效率Standby PC電源解決方案 |
2019-09-12 2019-09-11 |
|
| �AC-DC 360W數字化服務器電源方案 | 2019-08-20 | �應用於吸塵器的500W FOC電機控制方案 | 2019-09-06 | |
| �雙路PoE冗餘服务器電源應用方案 | 2019-08-06 | �電機空氣壓縮機方案 | 2019-09-05 | |
| �應用於UPS的400 V DC-BUS方案 | 2019-07-22 | �16相數30A(max.)高階顯示卡電源方案 | 2019-09-03 | |
| �高效率/高功率密度30W TPYE-C PD充電器方案 | 2019-08-30 | |||
| �TYPE-C 筆電充電器方案 | 2019-08-28 | |||
| �PC電源/通訊產品/服務器/筆記本散熱風扇應用方案 | 2019-08-27 | |||
| �双端口USB Type-C™电力输送 (PD) notebook移动电源方 案 |
2019-08-23 | |||
| LED Driver Solution | �5V/2A網絡攝像機PoE電源應用 �PFC+LLC 170W LCD TV電源方案 |
2019-08-22 2019-08-19 |
||
| �Buck-Boost充電器支援QC/PD 2串電芯行動電源應用 | 2019-08-14 | |||
| �三相BLDC馬達驅動之割草機應用方案 | 2019-08-07 | |||
| �冰箱壓縮機及自動洗碗機幫浦控制板方案 | 2019-08-02 | |||
| �BLDC熱水器排風扇方案 | 2019-07-30 | |||
| �太陽能升壓轉換器和鋰離子電池充電器 | 2019-07-26 | |||
| �240w Adapter電源方案 | 2019-07-24 | |||
| �汽車螢幕背光自動調整及溫度保護方案 | 2019-07-18 | |||
| �3-phase BLDC Motor之吊扇應用方案 | 2019-07-17 | |||
| Field-Oriented | �60W PD快充Type-C輸出電源適配器方案 | 2019-07-12 | ||
| Control Solution | DC-BUS Solution | �多通道LED驅動器的大型LCD面板背光方案 | 2019-07-04 | |
| �數位電源方案 | 2019-07-02 |
66 Solutions Launched in 3Q19
| �先進輔助駕駛方案 | 2019-09-23 | �TWS藍牙音箱設計方案 | 2019-09-27 |
|---|---|---|---|
| �ADAS域控制器解決方案 | 2019-08-29 | �藍牙膽石機解決方案 | 2019-09-17 |
| �汽車級12通道LED驅動器的汽車尾燈方案 | 2019-08-12 | �入侵警告方案 | 2019-08-21 |
| �車用數位儀錶板方案 | 2019-08-05 | �TWS藍牙音箱方案 | 2019-08-08 |
| �在車用T-BOX(Telematics BOX)第⼀級降壓轉換器方案 �汽車防眩目自我調整遠光燈系統(ADB)方案 |
2019-08-01 2019-07-25 |
�雙模全自動智能門鎖Turnkey方案 | 2019-07-23 |
| �跳頻PKE/RKE無鑰匙門禁系統 | 2019-07-23 | ||
| �數位高清影像(SerDes)之四路行車影像方案 | 2019-07-15 | ||
| �汽車儀表+車載娛樂雙作業系統解決方案 | 2019-07-09 | ||
| �汽⻋LED灯照明方案 | 2019-07-08 | �USB雙目人臉識別方案 | 2019-09-10 |
| �AVM 360º立體環景監控系統方案 | 2019-07-03 | �SPS無源溫度標籤應用於冷鏈運輸的UHF標籤讀取器方案 | 2019-09-04 |
| �LoRa加藍牙校園學生安全及定位解決方案 | 2019-08-26 | ||
| �LoRa無線訊號傳輸之太陽能農場資料傳輸解決方案 | 2019-07-29 | ||
| �視覺演算法之人臉識別開發系統 | 2019-07-16 | ||
| �雙目VSLAM空間定位方案 | 2019-07-05 | ||
| �右聲道USB輸出的外賣⽿機頭盔⼀體化設計方案 | 2019-08-16 | ||
| �文字訊息傳輸方案 | 2019-08-13 | ||
| �有自動感測撥放功能的TWS⽿機 | 2019-07-19 | ||
| �ECG心電&BIA身體組成智慧手錶感測器方案 | 2019-07-11 | �Type-C轉接Display port影像轉換器方案 | 2019-07-31 |
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Health Sensor TWS Bluetooth
Smartwatch Solution Speaker Solution
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Bluetooth plus LoRa Tracking Device Solution
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ADAS Domain
Controller Solution
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http://www.WPGholdings.com [email protected]
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