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WPG Interim / Quarterly Report 2021

Dec 8, 2021

52368_rns_2021-12-08_45376189-33c1-4cda-ab3f-6a1c8c4d67e2.pdf

Interim / Quarterly Report

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WPG Holdings Ltd.
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Nov 16[th] ., 2021

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

3Q21 Financial Highlights & 4Q21 Outlook Cliff Yuan

Q&A

Scott Lin/ 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		 3Q21 3Q21
Forecast		 2Q21 3Q20 QoQ(%) YoY(%) Ytd21 Ytd20
201,890
3.93%
(4,029)
3,900
1.93%
3,185		 190 ~ 200B
3.7% ~ 3.9%
1.6% ~ 1.8%		 200,226
4.01%
(4,388)
3,642
1.82%
3,188		 169,987
3.62%
(3,398)
2,759
1.62%
2,257		 0.8
-8 bp
(8.2)
7.1
+11 bp
(0.1)		 18.8
+31 bp
18.6
41.4
+31 bp
41.1		 579,231
3.89%
(12,002)
10,528
1.82%
8,792		 450,842
3.84%
(9,793)
7,524
1.67%
6,036
1.90
34.54
299,310
230,519
68,791
146,450
781
10.7%
0.18
19.1%
1.66
1,679		 1.66
294,232
227,757
66,475
144,728
(12,916)
10.1%
0.18
19.4%
1.63
1,679		 1.34
234,450
170,301
64,149
100,973
20,210
10.9%
0.15
14.2%
1.12
1,679		 +59 bp
-32 bp		 -28 bp
+489 bp		 5.00
299,310
230,519
68,791
146,450
(28,544)
9.6%
0.19
17.6%
1.66
1,679		 3.53
234,450
170,301
64,149
100,973
18,977
9.9%
0.17
12.7%
1.12
1,679

Unit:NT$million

Statements of Comprehensive Income

Item
Revenue
COGS
Gross Profit
Gross Margin
Operating Expenses
Operating Income
Operating Margin
Net Non-operating Items
Net Financing costs
FX Gains/Losses
Investment Income/Losses
Others
Profit Before Tax
Tax
Minority
Profit After Tax
Net Margin
EPS (NT$)(1)
Tax %
(1).Weighted average common shares outstanding		 3Q21
201,890
(193,961)
7,929
3.93%
(4,029)
3,900
1.93%
(28)
(537)
15
607
(113)
3,872
(648)
(39)
3,185
1.58%
1.90
17%
1,679		 2Q21
200,226
(192,197)
8,029
4.01%
(4,388)
3,642
1.82%
342
(499)
13
536
292
3,984
(745)
(52)
3,188
1.59%
1.66
19%
1,679		 QoQ(%)
0.8
0.9
(1.3)
(8.2)
7.1
NM
7.7
12.9
13.3
NM
(2.8)
(13.0)
(0.1)		 3Q20
169,987
(163,830)
6,157
3.62%
(3,398)
2,759
1.62%
48
(418)
155
290
21
2,807
(522)
(28)
2,257
1.33%
1.34
19%
1,679		 YoY(%)
18.8
18.4
28.8
18.6
41.4
NM
28.4
(90.2)
109.3
NM
37.9
24.1
41.1		 Ytd21
579,231
(556,701)
22,530
3.89%
(12,002)
10,528
1.82%
308
(1,471)
(15)
1,538
256
10,836
(1,916)
(128)
8,792
1.52%
5.00
18%
1,679		 Ytd20
450,842
(433,525)
17,317
3.84%
(9,793)
7,524
1.67%
(135)
(1,477)
617
655
69
7,389
(1,298)
(55)
6,036
1.34%
3.53
18%
1,679

Balance Sheet

Unit:NT$million 3Q21 2Q21 3Q20
Cash & Marketable Securities
Accounts Receivable - Trade
Inventory
Current Assets
Others		 10,661
141,652
91,386
259,256
40,053		 4
11,977
47
150,288
31
77,685
87
253,568
13
40,664		 4
13,048
6
51
113,513
48
26
56,721
24
86
200,700
86
14
33,749
14
Total Assets 299,310 100
294,232		 100
234,450
100
Current Interest-bearing Debt
Accounts Payble
Accrued Liabilities and Others
Current Liabilities
Long-term Interest-bearing Debt
Others		 100,252
86,589
15,504
202,345
25,352
2,822		 33
96,503
29
83,245
5
20,361
68
200,109
8
24,490
1
3,158		 33
61,333
26
28
69,261
30
7
12,315
5
68
142,909
61
8
24,647
11
1
2,745
1
Total Liabilities 230,519 77
227,757		 77
170,301
73
Total Equity 68,791 23
66,475		 23
64,149
27
KEY Indices(1)
Net Working Capital (NT$million) 146,450 144,728 100,973
AR Turnover (Days) 66 65 60
Inventory Turnover (Days) 40 36 35
AP Turnover (Days) 40 39 36
Average Collection Periods (Days) 66 61 60
Current Ratio 128% 127% 140%
Gearing 1.66 1.63 1.12

(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
-Others
From Financing
Cumulative translation adjustments
Net Cash Position Change
Ending Cash Balance		 3Q21
3,872
(1,404)
(1,687)
781		 2Q21
3,984
(19,426)
2,526
(12,916)		 3Q20
2,807
20,031
(2,628)
20,210
125
(727)
(80)
(143)
(825)		 458
177
(100)
(1,196)
(660)		 (342)
(210)
(399)
(1,505)
(2,456)
4,610
(5,605)
(225)
(1,219)		 13,515
-
302
13,818		 (11,783)
(4,145)
6
(15,922)
12
(1,251)
10,647		 (2,194)
(1,953)
11,898		 (1,528)
305
12,953

Consolidated Revenue

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Unit: NT$billion
+36.7% YoY (in USD)
+18.8% 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%
8,000
7,000
4.02% 4.01%
3.93% 3.93%
6,000 3.71%
3.62% 3.60%
4%
5,000
8,029
6,571
4,000 7,929
6,157
5,887
5,733
1.93%
1.82%
3,000 1.67% 1.72% 1.62% 1.59% 1.69% 2%
2,000 5,273 3,642 3,900
2,986
2,759
2,574 2,525
1,000 2,191
0 0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
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ROWC vs. NWC/Sales

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NWC/Sales(Q) ROWC(Q) ROWC(YTD)
0.25
12% 10.9%
10.7%
10.1%
9.6%
8.5%
9.9% 0.20
9.5% 9.6%
7.4% 9.5% 9.2%
8%
7.9%
0.15
4%
0.23 0.20 0.15 0.17 0.18 0.18 0.18
0% 0.10
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
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Note ： Annualized

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ROE vs. EPS
NT$ EPS(Q) ROE(Q) ROE(YTD)
19.4%
19.1%
2.0 20%
17.6%
14.2%
17.1%
1.5 13.5% 15%
12.9%
14.5%
12.7% 12.6%
12.0%
1.0 10%
10.3%
0.5 5%
0.99 1.19 1.34 1.24 1.44 1.66 1.90
0.0 0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
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Note ： Annualized

Operating Cash Cycle

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90
82
80 73
66
70
61
60 59 59
60
50
40
30
20
10
0
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
AR in Days Inventory in Days
AP in Days Net Cash Operating Cycle Days
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Note ： Annualized

4Q21 Summary Forecast

Based on our current business outlook, management expects ：

Unit:NT$million

Unit:NT$million
Item 4Q21 Forecast (2) 3Q21 (1)
Revenue 175,000
~
185,000
201,890
Gross Profit 6,475
~
7,215		 7,929
Gross Margin 3.70%
~
3.90%		 3.93%
Operating Expenses 3,588
~
3,793		 4,029
Operating Income 2,887
~
3,422		 3,900
Operating Margin 1.65%
~
1.85%		 1.93%
Profit Before Tax 2,865
~
3,370		 3,872
Profit After Tax 2,318
~
2,722		 3,185
EPS(NT$) 1.38
~
1.62		 1.90

(1). Reviewed

(2). At a forecast FX rate of 27.9 NT dollars to 1 US dollar averaged over 4Q21.

Prepared by WPG based on IFRS.

More Solutions Launched

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16% 16% 16% 16% 16% 16%
16%
16%
14%
60 1
1
3
3
1 8 2
12%
4
3
1 7 1
3 2
2 1
3 10%
5
1
40
4 2 21
1 8%
25 32
27
1
19 22 2 6%
3
11
20
8 4%
1 13 6 6 17 6 5
2 4 2
1 3 4 5 1 4 6 2%
8 2
6 5 2 6 6
4 1
0 1 1 2 0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
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https://www.wpgdadatong.com/tw

57 Solutions Launched in 3Q21

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11kW DC-DC Converter Solution

Lithium battery 18W Charge Solution

Car PEPS Solution

IR Mouse Solution

57 Solutions Launched in 3Q21

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WiFi6 Router Design Solution

Smart Electric Meter Solution

ADAS Smart HD Camera Solution

Zigbee Gateway Solution

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

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