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WPG Earnings Release 2020

Sep 8, 2020

52368_rns_2020-09-08_e405cf6f-9f77-4558-a07f-b264a37fe18a.pdf

Earnings Release

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WPG Holdings Ltd.
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2Q20 Earning Release
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Aug. 18th, 2020

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 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.

  • 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

2Q20 Financial Highlights

Cliff Yuan

Cliff Yuan

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Result Highlights

Unit:NT$million

Unit:NT$million
item
Net Sales
Gross Margin
Operating Expenses
Operating Income
Operating Margin
Net Income
EPS (NT$)(1)
Net Book Value (NT$)(1)
Total Assets
Total Liabilities
Total Equity
Net Working Capital
Free Cash Flow
KEY Indices(2)
ROWC
NWC/Sales
ROE
Gearing
(1).Weighted average common
shares outstanding
(2).Annualized		 2Q20 1Q20 2Q19 QoQ(%) YoY(%) 1H20 1H19
149,811
3.93%
(3,313)
2,574
1.72%
2,120		 131,045
4.02%
(3,082)
2,191
1.67%
1,659		 129,176
4.40%
(3,104)
2,584
2.00%
1,629		 14.3
-9 bp
7.5
17.5
+5 bp
27.8		 16.0
-47 bp
6.7
(0.4)
-28 bp
30.2		 280,855
3.97%
(6,394)
4,766
1.70%
3,779		 241,008
4.42%
(6,013)
4,648
1.93%
2,933
1.19
31.36
239,439
176,310
63,129
121,017
(925)
8.5%
0.20
13.5%
1.33
1,679		 0.99
248,922
183,065
65,857
118,806
(308)
7.4%
0.23
10.3%
1.23
1,679		 0.97
197,156
143,241
53,914
104,766
(4,078)
9.9%
0.20
12.1%
1.17
1,679		 +113 bp
+315 bp		 -136 bp
+136 bp		 2.18
239,439
176,310
63,129
121,017
(1,233)
7.9%
0.22
12.0%
1.33
1,679		 1.75
197,156
143,241
53,914
104,766
5,215
8.9%
0.22
10.9%
1.17
1,679

Statements of Comprehensive Income Unit:NT$million

Unit:NT$million
Item
Revenue
COGS
Gross Profit
Gross Margin
Operating Expenses
Operating Income
Operating Margin
Net Non-operating Items
Net Financing costs
Foreign Exchange Gains/Losses
Others
Profit Before Tax
Tax
Minority
Profit After Tax
Net Margin
EPS (NT$)(1)
Tax %
(1).Weighted average common shares outstanding		 2Q20
149,811
(143,923)
5,887
3.93%		 1Q20
131,045
(125,772)
5,273
4.02%		 QoQ(%)
14.3
14.4
11.7		 2Q19
129,176
(123,488)
5,687
4.40%		 YoY(%)
16.0
16.5
3.5		 1H20
280,855
(269,695)
11,160
3.97%		 1H19
241,008
(230,347)
10,661
4.42%
(3,313)
2,574
1.72%		 (3,082)
2,191
1.67%		 7.5
17.5		 (3,104)
2,584
2.00%		 6.7
(0.4)		 (6,394)
4,766
1.70%		 (6,013)
4,648
1.93%
2
(484)
165
321
2,576
(436)
(20)
2,120
1.42%		 (186)
(575)
297
92
2,006
(340)
(7)
1,659
1.27%		 NM
(15.9)
(44.4)
28.5
28.4
27.8		 (388)
(538)
155
(5)
2,196
(554)
(13)
1,629
1.26%		 NM
(10.2)
6.2
17.3
(21.3)
30.2		 (183)
(1,058)
462
413
4,582
(776)
(27)
3,779
1.35%		 (797)
(1,158)
308
53
3,851
(896)
(22)
2,933
1.22%
1.19
17%
1,679		 0.99
17%
1,679		 0.97
25%
1,679		 2.18
17%
1,679		 1.75
23%
1,679

Balance Sheet

Unit:NT$million 2Q20 1Q20 2Q19
item Amount %
Amount		 %
Amount
%
Cash & Marketable Securities
Accounts Receivable - Trade
Inventory
Current Assets
Others		 12,693
111,497
69,940
208,643
30,795		 5
13,262
47
108,632
29
81,536
87
219,773
13
29,149		 5
6,195
3
44
94,282
48
33
65,649
33
88
180,768
92
12
16,387
8
Total Assets 239,439 100
248,922		 100
197,156
100
Current Interest-bearing Debt
Accounts Payble
Accrued Liabilities and Others
Current Liabilities
Long-term Interest-bearing Debt
Others		 79,256
60,420
16,216
155,892
18,507
1,911		 33
78,538
25
71,363
7
14,576
65
164,477
8
16,602
1
1,986		 32
56,499
29
29
55,164
28
6
16,014
8
66
127,678
65
7
13,320
7
1
2,243
1
Total Liabilities 176,310 74
183,065		 74
143,241
73
Total Equity 63,129 26
65,857		 26
53,914
27
KEY Indices(1)
Net Working Capital (NT$million) 121,017 118,806 104,766
AR Turnover (Days) 67 77 63
Inventory Turnover (Days) 48 54 50
AP Turnover (Days) 42 49 40
Average Collection Periods (Days) 73 82 72
Current Ratio 134% 134% 142%
Gearing 1.33 1.23 1.17

(1).Annualized

Cash Flows

Unit:NT$million
-Income before Income Tax
-Changes of NWC
-Adjustment & Others
From Operation
-Other Financial Instruments
-Capital Expenditure
-Marketable Financial Instruments
-Others
From Investment
-Financial Debt
-Others
From Financing
Cumulative translation adjustments
Net Cash Position Change
Ending Cash Balance		 2Q20
2,576
(2,312)
(1,189)
(925)		 1Q20
2,006
(2,081)
(233)
(308)		 2Q19
2,196
(5,922)
(352)
(4,078)
17
(269)
(66)
0.5
(317)		 571
(5,086)
11
(45)
(4,548)		 (193)
(27)
(70)
49
(240)
2,623
(66)
2,557		 7,859
(112)
7,748		 4,765
(120)
4,645
(1,893)
(579)
12,649		 343
3,235
13,228		 262
590
6,163

Consolidated Revenue

Unit: NT$billion

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+20.4% YoY (in USD)
+16.5% YoY (in NTD)
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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

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NT$million
6%
6,000
4.45% 4.40%
4.25%
5,000 3.97% 4.02% 3.93%
4%
4,000
5,788 5,887
5,273
5,979
5,687
3,000
4,974 2.00%
1.85% 1.81%
1.73% 1.67% 1.72%
2%
2,000
2,584 2,550 2,515 2,574
1,000 2,064 2,191
0 0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
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ROWC vs. NWC/Sales

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NWC/Sales(Q) ROWC(Q) ROWC(YTD)
0.25
12%
9.9%
9.0%
8.6%
8.4% 8.5% 0.20
8% 8.9%
8.4%
8.3% 7.9%
7.4%
0.15
4%
0.22 0.20 0.20 0.20 0.23 0.20
0% 0.10
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
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Note ： Annualized

ROE vs. EPS

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NT$ EPS(Q) ROE(Q) ROE(YTD)
20%
13.5% 15%
1.0
12.1% 12.0% 11.8%
12.0%
10%
10.9% 11.0%
10.6% 10.3%
9.5%
0.5
5%
0.78 0.97 1.06 1.03 0.99 1.19
0.0 0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
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Note ： Annualized

Operating Cash Cycle

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90
86
82
80
72 72 73
70 71
60
50
40
30
20
10
0
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
AR in Days Inventory in Days
AP in Days Net Cash Operating Cycle Days
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Note ： Annualized

More Solutions Launched

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16% 16% 16% 16% 16% 16%
16% FAE/Total
2 Industrial
14%
60 2
Computer
1 2 5
2 2 1
1 2 2 12% Consumer
3
1
3
Networking
3 10%
43
1
40 24 Power
27 4
1
30 8%
25 Automotive
19 6% Medical
7
6
20 1 Wearable Devices
2 1 4%
8 8
8 4 3
7 3 1 1 Smart City
3 3 2 4
5 2 2 7 1 3 2% Smart Home
4
4 8
6 6
3 4 4 AIoT
0 1 0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
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https://www.wpgdadatong.com/tw

45 Solutions Launched in 2Q20

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Smart Home Universal Remote Controller Solution

Face Recognition Temperature Measurement System Solution

Type-C PD Power Supply Wall Plug Power Adapter Solution Solution

45 Solutions Launched in 2Q20

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Smart Doorbell Solution
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Industrial Control Networks
Solution
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True Wireless Earbuds True Wireless Earbuds
Solution Solution
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Recap of Recent Major Events

Shareholders' Meeting Approved NT$2.4 Cash Dividend Per Common Share and NT$0.57534247 Cash Dividend Per Preferred Shares A (2020/06/24)

  • WPG Has Acquired 10.11% Common Shares of T3EX Global Holdings (2020/07)

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http://www.WPGholdings.com [email protected]

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