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WPG Earnings Release 2018
52368_rns_2019-03-20_aa03652a-5767-42f5-b392-67770bc8956c.pdf
Earnings Release
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WPG Holdings Ltd. (3702.TT/3702.TW) 4Q18 Earning Release
Jan. 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.
- Actual results may differ materially from those expressed or implied in these forward-looking 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 humaninduced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates.
- 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.
Welcome
4Q18 Financial Highlights & 1Q19 Outlook Cliff Yuan
Q&A Simon Huang/ Scott Lin/ Cliff Yuan
Result Highlights Unit:NT\$million
| Unit:NT\$million | Result Highlights | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| item | 4Q18 | 4Q18 Forecast |
3Q18 | 4Q17 | QoQ(%) | YoY(%) | 2018 | 2017 | YoY(%) |
| Net Sales | 131,817 | 132 ~ 138B | 150,362 | 138,461 | (12.3) | (4.8) | 545,124 | 532,510 | 2.4 |
| Gross Margin | 4.37% | 4.1% ~ 4.3% | 4.32% | 3.90% | +5 bp | +47 bp | 4.34% | 4.16% | +18 bp |
| Operating Expenses | (3,221) | (3,564) | (2,781) | (9.6) | 15.8 | (13,066) | (12,198) | 7.1 | |
| Operating Income | 2,535 | 2,927 | 2,620 | (13.4) | (3.3) | 10,568 | 9,953 | 6.2 | |
| Operating Margin | 1.92% | 1.80% ~ 1.95% | 1.95% | 1.89% | -2 bp | +3 bp | 1.94% | 1.87% | +7 bp |
| Net Income | 1,569 | 1,769 | 1,645 | (11.3) | (4.6) | 7,432 | 7,308 | 1.7 | |
| EPS (NT\$)(1) | 0.93 | 1.02 | 0.90 | 4.21 | 4.10 | ||||
| Net Book Value (NT\$)(1) | 32.40 | ||||||||
| Total Assets | 195,814 | 211,387 | 178,668 | 195,814 | 178,668 | ||||
| Total Liabilities | 140,940 | 158,346 | 126,612 | 140,940 | 126,612 | ||||
| Total Equity | 54,875 | 53,041 | 52,055 | 54,875 | 52,055 | ||||
| Net Working Capital | 110,053 | 113,192 | 99,732 | 110,053 | 99,732 | ||||
| Free Cash Flow | 4,018 | (1,898) | 4,236 | (3,277) | 8,048 | ||||
| KEY Indices(2) | |||||||||
| ROWC | 9.2% | 10.3% | 10.5% | -113 bp | -130 bp | 9.6% | 10.0% | -38 bp | |
| NWC/Sales | 0.21 | 0.19 | 0.18 | 0.20 | 0.19 | ||||
| ROE | 11.9% | 13.6% | 13.0% | -175 bp | -114 bp | 14.0% | 14.4% | -39 bp | |
| Gearing | 1.24 | 1.36 | 1.20 | 1.24 | 1.20 | ||||
| 1,679 | 1,736 |
Statements of Comprehensive Income
| Unit:NT\$million | ||||||||
|---|---|---|---|---|---|---|---|---|
| Item | 4Q18 | 3Q18 | QoQ(%) | 4Q17 | YoY(%) | 2018 | 2017 | YoY(%) |
| Revenue | 131,817 | 150,362 | (12.3) | 138,461 | (4.8) | 545,124 | 532,510 | 2.4 |
| COGS | (126,061) | (143,871) | (12.4) | (133,059) | (5.3) | (521,490) | (510,359) | 2.2 |
| Gross Profit | 5,756 | 6,492 | (11.3) | 5,401 | 6.6 | 23,634 | 22,151 | 6.7 |
| Gross Margin | 4.37% | 4.32% | 3.90% | 4.34% | 4.16% | |||
| Operating Expenses | (3,221) | (3,564) | (9.6) | (2,781) | 15.8 | (13,066) | (12,198) | 7.1 |
| Operating Income | 2,535 | 2,927 | (13.4) | 2,620 | (3.3) | 10,568 | 9,953 | 6.2 |
| Operating Margin | 1.92% | 1.95% | 1.89% | 1.94% | 1.87% | |||
| Net Non-operating Items | (562) | (670) | (16.1) | (674) | (16.5) | (1,335) | (1,073) | 24.4 |
| Net Financing costs | (706) | (665) | 6.2 | (533) | 32.4 | (2,448) | (1,812) | 35.1 |
| Foreign Exchange | 100 | (11) | NM | 78 | 29.3 | 335 | 401 | (16.5) |
| Others | 43 | 5 | (218) | 778 | 337 | |||
| Profit Before Tax | 1,972 | 2,257 | (12.6) | 1,947 | 1.3 | 9,233 | 8,880 | 4.0 |
| Tax | (387) | (475) | (18.4) | (292) | 32.8 | (1,747) | (1,514) | 15.4 |
| Minority | (16) | (14) | (10) | (53) | (58) | |||
| Profit After Tax | 1,569 | 1,769 | (11.3) | 1,645 | (4.6) | 7,432 | 7,308 | 1.7 |
| Net Margin | 1.19% | 1.18% | 1.19% | 1.36% | 1.37% | |||
| EPS (NT\$)(1) | 0.93 | 1.02 | 0.90 | 4.21 | 4.10 | |||
| Tax % | 20% | 21% | 15% | 19% | 17% | |||
| (1).Weighted average shares outstanding Unaudited, Prepared by WPG based on TIFRS. |
1,679 | 1,736 | 1,825 | 1,766 | 1,783 |
Balance Sheet
(1).Annualized
Unaudited, Prepared by WPG based on TIFRS.
Cash Flows
| Unit:NT\$million | Cash Flows 4Q18 |
3Q18 | 4Q17 | 2018 | 2017 |
|---|---|---|---|---|---|
| -Income before Income Tax | 1,972 | 2,257 | 1,947 | 9,233 | 8,880 |
| -Changes of NWC | 3,445 | (4,851) | (1,393) | (7,620) | (5,174) |
| -Adjustment & Others | (1,399) | 696 | 3,682 | (4,890) | 4,342 |
| From Operation | 4,018 | (1,898) | 4,236 | (3,277) | 8,048 |
| -Other Financial Instruments | 335 | (603) | 477 | (49) | 742 |
| -Capital Expenditure | (124) | (426) | (98) | (674) | (975) |
| -Acquisition of subsidiaries | - | - | (12) | - | (12) |
| -Marketable Financial Instruments | (67) | 344 | (45) | 679 | (202) |
| -Others | 53 | 327 | 4 | 87 | 2 |
| From Investment | 197 | (358) | 326 | 43 | (446) |
| -Financial Debt | (5,736) | 7,305 | (3,512) | 5,999 | 337 |
| -Cash Dividends | - | (4,380) | - | (4,380) | (4,178) |
| -Others | (28) | 1 | 35 | (12) | (12) |
| From Financing | (5,764) | 2,926 | (3,477) | 1,607 | (3,853) |
| Cumulative translation adjustments | 300 | 191 | (1,009) | 1,672 | (5,108) |
| Net Cash Position Change | (1,249) | 860 | 76 | 44 | (1,359) |
| Ending Cash Balance Unaudited, Prepared by WPG based on TIFRS. |
7,142 | 8,391 | 7,098 | 7,142 | 7,098 |
Unit: NT\$billion
TBM:Taiwan-Based Customers CBM:China Based Customers
Sales breakdown by Application/ Device Type
Gross Margin vs. Operating Margin
Gross Margin vs. Operating Margin
ROWC vs. NWC/Sales
ROE vs. EPS
Note:Annualized
ROE vs. EPS
Based on our current business outlook, management expects:
Unit:NT\$million
| 1Q19 Summary Forecast | ||
|---|---|---|
| expects: | Based on our current business outlook, management | |
| Unit:NT\$million Item |
1Q19 Forecast | 4Q18 |
| Revenue | (3) 117,000 ~ 123,000 |
(1) 131,817 |
| Gross Profit | 4,797 ~ 5,289 |
5,756 |
| Gross Margin | 4.10% ~ 4.30% |
4.37% |
| Operating Expenses | 2,867 ~ 3,014 |
3,221 |
| Operating Income | 1,930 ~ 2,275 |
2,535 |
| Operating Margin | 1.65% ~ 1.85% |
1.92% |
| Profit Before Tax | 1,372 ~ 1,715 |
1,972 |
| Profit After Tax | 1,075 ~ 1,349 |
1,569 |
| 0.64 ~ 0.80 |
0.93 |
(3). At a forecast FX rate of 30.6 NT dollars to 1 US dollar averaged over 1Q19.
More Solutions Launched
http://www.wpgholdings.com/hotchannel/index/zhtw
43 Solutions Launched in 4Q18
Dimmable Buck Controller
Smart Voice Services Solution
for LED Solution ADAS Solution Tire Pressure Monitoring System Solution
43 Solutions Launched in 4Q18 u 推出適配智能考勤機方案 2018-12-19
| 推出多合㇐物聯網節點開發套件核心元件 u 推出適配智能考勤機方案 u 推出智能城市電子鎖方案 u 力推物聯網門鎖㇐站式PCBA解決方案 u 力推整合式智能門鎖方案, 提供更便捷、更安全的智能生 u 活體驗 推出LTE行動通訊模塊支持M2M應用領域 u 推出掃地機器人視覺系統 u 力推360º角度傳感器於電機控制應用 u 具有電池自主均衡功能的3節至5節串聯可堆疊超低功耗 u 初級保護器 推出聯網交流充電樁系統 u |
2018-12-19 2018-12-19 2018-11-07 2018-11-07 2018-11-07 2018-11-07 2018-11-07 2018-11-07 2018-11-07 2018-11-07 |
|
|---|---|---|
| 聯合推出4G車載後視鏡方案 推出超低功耗藍芽模組 u |
42671 2018-12-19 |
Smart Attendance Machine
Solution Wireless Charger Solution
Ultra-low Power BLE Solution
Electric Vehicles Charging Solution
| 43 Solutions Launched in 4Q18 | |||
|---|---|---|---|
| 推出多合㇐物聯網節點開發套件核心元件 | 2018-12-19 | 推出15W單線圈定頻無線充電解決方案 u |
2018-12-19 |
| 推出適配智能考勤機方案 | 2018-12-19 | 力推15W車載無線充電解決方案 u |
2018-12-05 |
| 推出智能城市電子鎖方案 | 2018-11-07 | 推出USB Type-C™ PD移動電源參考設計 u |
2018-12-05 |
| 力推物聯網門鎖㇐站式PCBA解決方案 | 2018-11-07 | 力推Wireless Charger無線充電解决方案 u |
2018-12-05 |
| 力推整合式智能門鎖方案, 提供更便捷、更安全的智能生 | 2018-11-07 | 推出無線充電套件,可為小尺寸穿戴設備充電 u |
2018-12-05 |
| 活體驗 | 力推新能源車(EV, HEV, PHEV)車載充電器解決方案 u |
2018-12-05 | |
| 推出LTE行動通訊模塊支持M2M應用領域 | 2018-11-07 | 力推晶片BMS均衡解決方案 u |
2018-12-05 |
| 推出掃地機器人視覺系統 力推360º角度傳感器於電機控制應用 |
2018-11-07 2018-11-07 |
力推12V/1.5A 18W轉接器方案 u |
2018-12-05 |
| 具有電池自主均衡功能的3節至5節串聯可堆疊超低功耗 | 推出40W高輸出電流充電器方案 u |
2018-12-05 | |
| 初級保護器 | 2018-11-07 | 力推240W電競筆電Adaptor方案 u |
2018-12-05 |
| 推出聯網交流充電樁系統 | 2018-11-07 | 推出TYPE-C高效能電源轉接器方案 u |
2018-12-05 |
| 聯合推出4G車載後視鏡方案 聯合推出4G車載後視鏡方案 |
42671 42671 |
推出帶有微控制器且精度為±0.1°的分立式旋轉變壓器前 u 端參考設計 |
2018-11-07 |
| 推出超低功耗藍芽模組 | 2018-12-19 |
http://www.WPGholdings.com [email protected]
