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WPG Interim / Quarterly Report 2020

Nov 30, 2020

52368_rns_2020-11-30_584b6d60-729d-4bef-9c4a-9db16a4f9c92.pdf

Interim / Quarterly Report

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Nov. 30[th] , 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.

Agenda

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Welcome 3Q20 Financial Highlights

Cliff Yuan

Cliff Yuan

Unit:NT$million

Result Highlights

Unit:NT$million
item
Net Sales
Gross Margin
Operating Expenses
Operating Income
Operating Margin
Net Income
EPS (NT$)(1)
Net Book Value (NT$)(1)		 3Q20
169,987
3.62%
(3,398)
2,759
1.62%
2,257
1.34
31.95		 2Q20
149,811
3.93%
(3,313)
2,574
1.72%
2,120
1.19		 3Q19
140,821
4.25%
(3,430)
2,550
1.81%
1,785
1.06		 QoQ(%)
13.5
-31 bp
2.6
7.2
-10 bp
6.4		 YoY(%)
20.7
-62 bp
(0.9)
8.2
-19 bp
26.5		 Ytd20
450,842
3.84%
(9,793)
7,524
1.67%
6,036
3.53		 Ytd19
381,829
4.36%
(9,442)
7,198
1.89%
4,718
2.81		 YoY(%)
18.1
-52 bp
3.7
4.5
-22 bp
27.9
Total Assets
Total Liabilities
Total Equity
Net Working Capital		 234,450
170,301
64,149
100,973		 239,439
176,310
63,129
121,017		 219,169
153,886
65,282
113,730		 234,450
170,301
64,149
100,973		 219,169
153,886
65,282
113,730
Free Cash Flow
KEY Indices(2)
ROWC
NWC/Sales
ROE
Gearing
(1).Weighted average common
shares outstanding		 20,210
10.9%
0.15
14.2%
1.12
1,679		 (925)
8.5%
0.20
13.5%
1.33
1,679		 (7,627)
9.0%
0.20
12.0%
1.01
1,679		 +242 bp
+76 bp		 +196 bp
+222 bp		 18,977
9.9%
0.17
12.7%
1.12
1,679		 (2,412)
8.4%
0.22
10.6%
1.01
1,679		 +150 bp
+210 bp

(2).Annualized

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		 3Q20 2Q20 QoQ(%) 3Q19 YoY(%) Ytd20 Ytd19 YoY(%)
169,987
(163,830)		 149,811
(143,923)		 13.5
13.8		 140,821
(134,842)		 20.7
21.5		 450,842
(433,525)		 381,829
(365,188)		 18.1
18.7
6,157
3.62%		 5,887
3.93%		 4.6 5,979
4.25%		 3.0 17,317
3.84%		 16,640
4.36%		 4.1
(3,398) (3,313) 2.6 (3,430) (0.9) (9,793) (9,442) 3.7
2,759
1.62%		 2,574
1.72%		 7.2 2,550
1.81%		 8.2 7,524
1.67%		 7,198
1.89%		 4.5
48 2 2,208.5 (331) NM (135) (1,128) (88.0)
(418)
155
311		 (484)
165
321		 (13.5)
(5.8)		 (562)
136
94		 (25.5)
13.9		 (1,477)
617
724		 (1,719)
444
147		 (14.1)
39.0
2,807
(522)
(28)		 2,576
(436)
(20)		 9.0
19.6		 2,219
(421)
(13)		 26.5
24.0		 7,389
(1,298)
(55)		 6,070
(1,317)
(35)		 21.7
(1.4)
2,257
1.33%		 2,120
1.42%		 6.4 1,785
1.27%		 26.5 6,036
1.34%		 4,718
1.24%		 27.9
1.34
19%
1,679		 1.19
17%
1,679		 1.06
19%
1,679		 3.53
18%
1,679		 2.81
22%
1,679

Balance Sheet

Unit:NT$million
item
Cash & Marketable Securities
Accounts Receivable - Trade
Inventory
Current Assets
Others
Total Assets
Current Interest-bearing Debt
Accounts Payble
Accrued Liabilities and Others
Current Liabilities
Long-term Interest-bearing Debt
Others
Total Liabilities
Total Equity		 3Q20
2Q20
3Q19
Amount
%
Amount
%
Amount
%
13,048
6
12,693
5
9,634
4
113,513
48
111,497
47
107,573
49
56,721
24
69,940
29
69,859
32
200,700
86
208,643
87
202,818
93
33,749
14
30,795
13
16,351
7
234,450
100
239,439
100
219,169
100
61,333
26
79,256
33
68,091
31
69,261
30
60,420
25
63,702
29
12,315
5
16,216
7
12,264
6
142,909
61
155,892
65
144,057
66
24,647
11
18,507
8
7,645
3
2,745
1
1,911
1
2,184
1
170,301
73
176,310
74
153,886
70
64,149
27
63,129
26
65,282
30
KEY Indices(1)
Net Working Capital (NT$million)
AR Turnover (Days)
Inventory Turnover (Days)
AP Turnover (Days)
Average Collection Periods (Days)
Current Ratio
Gearing		 100,973
121,017
113,730
60
67
65
35
48
46
36
42
40
60
73
71
140%
134%
141%
1.12
1.33
1.01

(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
-Cash Dividends
-Preferred Shares
-Others
From Financing
Cumulative translation adjustments
Net Cash Position Change
Ending Cash Balance		 3Q20
2,807
20,031
(2,628)
20,210		 2Q20
2,576
(2,312)
(1,189)
(925)		 3Q19
2,219
(8,991)
(855)
(7,627)		 Ytd20
Ytd19
7,389
6,070
15,638
(3,875)
(4,050)
(4,607)
18,977
(2,412)
(342)
(210)
(399)
(1,505)
(2,456)		 17
(269)
(66)
0.5
(317)		 (127)
(120)
-
18
(229)		 247
39
(5,565)
(243)
(453)
(70)
(1,550)
(11)
(7,322)
(284)
(11,783)
(4,145)
-
6
(15,922)		 2,623
-
-
(66)
2,557		 6,131
(4,533)
9,995
(122)
11,470		 (1,300)
(300)
(4,145)
(4,533)
-
9,995
(172)
(350)
(5,617)
4,811
(1,528)
305
12,953		 (1,893)
(579)
12,649		 (177)
3,437
9,600		 (3,078)
368
2,961
2,483
12,953
9,600

Consolidated Revenue

Unit: NT$billion

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+23.1% YoY (in USD)
+18.1% YoY (in NTD)
500 139 138 132
146
4Q
400 170
150
142 147
141
3Q
300
150
134 128 140 2Q
129
200
1Q
100 122 119 123 112 131
0
2016 2017 2018 2019 2020
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Sales breakdown by Geography/ Customer

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4% 4% 3% 4% 4% 4% 3%
100% 8% 8% 7% 7% 7% 5% 6%
80%
Others
ASEAN
60%
76% 78% 80% 80% 77% 82% 83% CN/HK
TWN
40%
20%
12% 10% 10% 9% 12% 9% 8%
0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
100% 13% 12% 11% 11% 10% 8% 8%
80%
MNC /
48% 52% 51% 55% 53% 54% 54% Others
60%
CBM
40% TBM
20% 39% 36% 38% 34% 37% 38% 38%
0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
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TBM：Taiwan-Based Customers CBM：China Based Customers

Sales breakdown by Application/ Device Type

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100% 12% 12% 12% 12% 11% 11% 11%
4% 4% 4% 3% 3% 3% 3% Others
80% 9% 9% 9% 9% 9% 9% 9%
Automotive
16% 16% 16% 16% 16% 16% 16%
Industry
60%
22% 23% 23% 25% 25% 26% 27% Consumer
40%
Communication
20% 37% 36% 36% 35% 36% 35% 34% Computer
0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
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3% 2% 3% 3% 2% 2% 3% Others
100% 6% 8% 8% 8% 8% 9% 11%
6% 6% 5% 5% 4% 5% 6% Optical
80% 21% 18% 19% 21% 23% 21%
19% PEMCO
60% 15% 14% 14% 13% 13% 14% 12% Memory
21% 22% 22% 20% 19% 17% 14% Discrete & Logic
40%
Analog & Mixed
20% 28% 30% 29% 30% 31% 32% 35% Signal IC
Core Component
0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
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Gross Margin vs. Operating Margin

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Gross Profit Operating Income Gross Margin Operating Margin

NT$million

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6%
6,000
4.45% 4.40%
4.25%
5,000 3.97% 4.02% 3.93%
3.62%
4%
4,000
5,979 5,788 6,157
5,687 5,887
5,273
3,000 4,974
2.00%
1.85% 1.81%
1.73% 1.67% 1.72% 1.62%
2%
2,000
2,759
2,584 2,550 2,515 2,574
2,191
1,000 2,064
0 0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
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ROWC vs. NWC/Sales

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NWC/Sales(Q) ROWC(Q) ROWC(YTD)
0.25
12% 10.9%
9.9%
9.0%
8.6%
8.4% 8.5% 0.20
9.9%
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 0.15
0% 0.10
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
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Note ： Annualized

ROE vs. EPS

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NT$ EPS(Q) ROE(Q) ROE(YTD)
20%
14.2%
13.5% 15%
1.0
12.1% 12.0%
11.8%
12.7%
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 1.34
0.0 0%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
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Note ： Annualized
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Operating Cash Cycle

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----- Start of picture text -----

90
86
82
80
72 72 73
70 71
60 60
50
40
30
20
10
0
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
AR in Days Inventory in Days
AP in Days Net Cash Operating Cycle Days
----- End of picture text -----

Note ： Annualized

More Solutions Launched

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16% 16% 16% 16% 16% 16% 16%
FAE/Total
16%
2 Industrial
14%
60 2
Computer
1 2 5
2 2 1
2 12%
1 2 Consumer
3
1
3 2
2 Networking
3 10%
43 5
1
40 24
27 4 2 Power
1
30 8%
25
Automotive
19 22 6% Medical
7
6
1
20 Wearable Devices
2 1
8 8 4%
8 4 3
7
3 1 1 6 Smart City
3 3 2 4
5 2 2 7 1 3 4 2%
4 Smart Home
4 8 2
6 6
3 4 4 4
0 1 0% AIoT
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
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https://www.wpgdadatong.com/tw

49 Solutions Launched in 3Q20

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u LeakThrough + TWS耳機方案實現 2020-09-17 u 音訊連接器設計 2020-09-28 u 老人看護手錶解決方案 2020-09-11 u TWS藍牙耳機方案 2020-07-22 u[雙Mic cVc通話降噪+ANC主動降噪TWS Mirroring耳機] 2020-07-09 方案 u 車用攝像頭解決方案 2020-09-07 u 電動助力轉向系統(EPS)方案 2020-07-02 u 藍芽5.0 信標方案 2020-09-18 u Window 10 IoT 作業系統之單板電腦解決方案 2020-08-11 u 藍芽5.0 MESH燈控方案 2020-07-31 u 車內網關解決方案 2020-09-02 u 智慧酒店觸控面板方案 2020-07-28 u 電動車NFC讀卡方案 2020-08-13 u AI晶片SV806智能人臉識別考勤機方案 2020-09-25 u 電動汽車電池管理(BMS)系統方案 2020-07-27 u 低功耗Gateway方案 2020-07-24 u 12G UHD-SDI之速率轉換器方案 2020-09-21 u 2.4GHz 無線光學滑鼠方案 2020-08-06 u 電動工具 BMS 方案 2020-07-21 u 有線機械鍵盤方案 2020-08-04 Universal Debugger Elderly Care Watch Electric Vehicle NFC Electric Car BMS Electric Tools BMS Solution Solution Card Reader Solution Solution Solution

49 Solutions Launched in 3Q20

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----- Start of picture text -----

u Vcore方案 2020-09-29 u 高轉換效率之5G基地台應用 2020-07-20
u 豆漿機輔助電源方案 2020-09-24 u LNB/LNBF 10W電源方案 2020-07-14
u 19V/4.75A 90W高效能超低功耗Notebook適配器電源
2020-09-22
解決方案
u BLDC低壓吸塵器驅動方案 2020-09-09
u 275W之電源供應器方案 2020-08-31
u 350W無橋功因數位電源方案 2020-08-24
u 90W PD3.0 Dual Type-C Charger方案 2020-08-26
u 掃地機器人邊刷方案 2020-08-20
u 45W Type-C Power Delivery 3.0充電器方案 2020-08-17
u 240W PC Adapter Power解決方案 2020-07-23
u BMS均衡方案 2020-07-06
u 鋰電池大電流快速充電方案 2020-07-17
u 自動功率調節之適配器方案 2020-07-16
u Guage 電量計之 TWS無線藍芽耳機方案 2020-07-15
u 45W USB PD Type-C Adaptor方案 2020-07-13
u 18W傳統電源適配器方案 2020-07-03 u 網紅音訊直播設備的設計方案 2020-09-30
u 掃地機機器人應用方案 2020-07-01 u 碼錶方案 2020-09-16
u TV 電視 / 藍芽音箱 DSP方案設計 2020-09-14
u 高解析度人機介面方案 2020-07-29
u 掃碼槍行業應用方案 2020-07-10
u 經濟型高功率因數40W LED照明電源方案 2020-09-04
u 高功率因數35W flyback LED照明電源方案 2020-07-30
u 隔離式LED照明方案 2020-07-08
u 通用型調試器方案 2020-08-28
u 5G射頻解決方案 2020-07-07
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45W Type-C Power Delivery
3.0 Charger Solution
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==> picture [120 x 23] intentionally omitted <==

----- Start of picture text -----

Bluetooth 5.0 Beacons
Solution
----- End of picture text -----

35W flyback LED lighting Solution

Notebook Adapter Power Solution

Recap of Recent Major Events

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

  • WPG Has Moved to 22F., No. 189, Jingmao 2nd Rd., Nangang Dist., Taipei City. from

November 23rd. 2020 (2020/11/10)

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

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