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WPG Interim / Quarterly Report 2021

Aug 13, 2021

52368_rns_2021-08-13_26dac07e-fd70-43e6-a796-a908a024dac6.pdf

Interim / Quarterly Report

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Aug 13[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.

Agenda

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Welcome 2Q21 Financial Highlights & 3Q21 Outlook Cliff Yuan

Q&A

Scott Lin/ 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)		 2Q21
200,226
4.01%
(4,388)
3,642
1.82%
3,188
1.66
33.30		 2Q21
Forecast
185 ~ 193B
3.6% ~ 3.8%
1.6% ~ 1.8%		 1Q21
177,115
3.71%
(3,585)
2,986
1.69%
2,419
1.44		 2Q20
149,811
3.93%
(3,313)
2,574
1.72%
2,120
1.19		 QoQ(%)
13.0
+30 bp
22.4
22.0
+13 bp
31.8		 YoY(%)
33.7
+8 bp
32.4
41.5
+10 bp
50.3		 1H21
377,341
3.87%
(7,973)
6,628
1.76%
5,607
3.10		 1H20
280,855
3.97%
(6,394)
4,766
1.70%
3,779
2.18		 YoY(%)
34.4
-10 bp
24.7
39.1
+6 bp
48.4
Total Assets
Total Liabilities
Total Equity
Net Working Capital		 294,232
227,757
66,475
144,728		 272,512
203,924
68,588
125,417		 239,439
176,310
63,129
121,017		 294,232
227,757
66,475
144,728		 239,439
176,310
63,129
121,017
Free Cash Flow
KEY Indices(2)
ROWC
NWC/Sales
ROE
Gearing
(1).Weighted average common
shares outstanding		 (12,916)
10.1%
0.18
19.4%
1.63
1,679		 (16,409)
9.5%
0.18
14.5%
1.34
1,679		 (925)
8.5%
0.20
13.5%
1.33
1,679		 +54 bp
+491 bp		 +156 bp
+596 bp		 (29,325)
9.2%
0.19
17.1%
1.63
1,679		 (1,233)
7.9%
0.22
12.0%
1.33
1,679		 +128 bp
+509 bp

(2).Annualized

Unit:NT$million

Statements of Comprehensive Income


Unit:NT$million
Item
Revenue
COGS
Gross Profit
Gross Margin
Operating Expenses
Operating Income
Operating Margin
Net Non-operating Items
Net Financing costs
FX Gains/Losses
Investment Income/Losses
Others
Profit Before Tax
Tax
Minority
Profit After Tax
Net Margin
EPS (NT$)(1)
Tax %
(1).Weighted average common shares outstanding		 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		 1Q21
177,115
(170,544)
6,571
3.71%
(3,585)
2,986
1.69%
(6)
(435)
(43)
396
77
2,980
(524)
(37)
2,419
1.37%
1.44
18%
1,679		 QoQ(%)
13.0
12.7
22.2
22.4
22.0
NM
14.6
NM
35.3
281.5
33.7
42.1
31.8		 2Q20
149,811
(143,923)
5,887
3.93%
(3,313)
2,574
1.72%
2
(484)
165
290
31
2,576
(436)
(20)
2,120
1.42%
1.19
17%
1,679		 YoY(%)
33.7
33.5
36.4
32.4
41.5
16,235
3.1
(91.8)
84.7
847.2
54.6
70.7
50.3		 1H21
377,341
(362,740)
14,601
3.87%
(7,973)
6,628
1.76%
336
(934)
(30)
931
368
6,964
(1,269)
(89)
5,607
1.49%
3.10
18%
1,679		 1H20
280,855
(269,695)
11,160
3.97%
(6,394)
4,766
1.70%
(183)
(1,058)
462
365
48
4,582
(776)
(27)
3,779
1.35%
2.18
17%
1,679		 YoY(%)
34.4
34.5
30.8
24.7
39.1
NM
(11.8)
NM
154.9
673.2
52.0
63.5
48.4

Balance Sheet

Unit:NT$million
Cash & Marketable Securities
Accounts Receivable - Trade
Inventory
Current Assets
Others
Total Assets
Current Interest-bearing Debt
Accounts Payble
Accrued Liabilities and Others
Current Liabilities
Long-term Interest-bearing Debt
Others
Total Liabilities
Total Equity		 2Q21
1Q21
2Q20
11,977
4
13,952
5
12,693
5
150,288
51
132,946
49
111,497
47
77,685
26
72,930
27
69,940
29
253,568
86
236,295
87
208,643
87
40,664
14
36,217
13
30,795
13
294,232
100
272,512
100
239,439
100
96,503
33
84,128
31
79,256
33
83,245
28
80,458
30
60,420
25
20,361
7
13,236
5
16,216
7
200,109
68
177,822
65
155,892
65
24,490
8
23,350
9
18,507
8
3,158
1
2,752
1
1,911
1
227,757
77
203,924
75
176,310
74
66,475
23
68,588
25
63,129
26
KEY Indices(1)
Net Working Capital (NT$million)
AR Turnover (Days)
Inventory Turnover (Days)
AP Turnover (Days)
Average Collection Periods (Days)
Current Ratio
Gearing		 144,728
125,417
121,017
65
63
67
36
35
48
39
38
42
61
59
73
127%
133%
134%
1.63
1.34
1.33

(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

2Q21
3,984
(19,426)
2,526
(12,916)		 1Q21
2,980
(19,911)
521
(16,409)		 2Q20
2,576
(2,312)
(1,189)
(925)		 1H21
1H20
6,964
4,582
(39,337)
(4,393)
3,047
(1,422)
(29,325)
(1,233)
458
177
(100)
(1,196)
(660)		 995
(284)
(89)
7
630		 17
(269)
(66)
0.5
(317)		 1,453
588
(106)
(5,355)
(189)
(54)
(1,188)
(45)
(31)
(4,865)
13,515
302
13,818		 18,432
2
18,434		 2,623
(66)
2,557		 31,948
10,482
304
(178)
32,252
10,305
(2,194)
(1,953)
11,898		 176
2,830
13,850		 (1,893)
(579)
12,649		 (2,018)
(1,550)
878
2,656
11,898
12,649

Consolidated Revenue

Unit: NT$billion

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600
4Q
159 +42.8% YoY (in USD)
500 138 132 +33.7% YoY (in NTD)
146
3Q
400 170
150
147
141
200
300 2Q
150
140
128 129
200
1Q
177
100 119 123 112 131
0
2017 2018 2019 2020 2021
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Sales breakdown by Geography/ Customer

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4% 4% 3% 4% 4% 3%
100% 7% 5% 6% 6% 5% 5%
80% Others
ASEAN
60%
77% 82% 83% 81% 81% 83% CN/HK
TWN
40%
20%
12% 9% 8% 9% 10% 9%
0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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100% 10% 8% 8% 10% 9% 8%
80% MNC /
53% 54% 54% 53% 59% 60% Others
60% CBM
TBM
40%
37% 38% 38% 37%
20% 32% 32%
0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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TBM：Taiwan-Based Customers CBM：China Based Customers

Sales breakdown by Application/ Device Type

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100% 11% 11% 11% 11% 10% 10%
3% 3% 3% 3% 3% 3% Others
9% 9% 9% 8% 7% 8%
80% Automotive
16% 16% 16% 17% 16% 17%
Industry
60%
25% 26% 27% 26% 30% 28% Consumer
40% Communication
20% 36% 35% 34% 35% 34% 34% Computer
0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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Others
2% 2% 3% 2% 2% 2%
100% 8% 9% 11% 11% 11% 11%
4% 5% 6% 6% 5% 5% Optical
80% 23% 21%
19% 21% PEMCO
28% 30%
60% 13% 14% 12% 13% Memory
14% 14%
19% 17% 14% 12% Discrete & Logic
40% 10% 9%
Analog & Mixed
20% 31% 32% 35% 35% 30% 29% Signal IC
Core Component
0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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Gross Margin vs. Operating Margin

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Gross Profit

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Operating Income Gross Margin Operating Margin

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NT$million
6%
8,000
7,000
4.02% 4.01%
3.93%
6,000 3.71%
3.62% 3.60%
4%
5,000
8,029
6,571
4,000
6,157
5,887
5,733
1.82%
3,000 1.67% 1.72% 1.62% 1.59% 1.69%
2%
2,000
5,273
3,642
2,986
2,759
2,574 2,525
1,000 2,191
0 0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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ROWC vs. NWC/Sales

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NWC/Sales(Q) ROWC(Q) ROWC(YTD)
0.25
12% 10.9%
10.1%
9.6%
8.5%
9.9% 0.20
9.5%
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% 0.10
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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Note ： Annualized

ROE vs. EPS

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

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

90
82
80 73
70
61
60 59 59
60
50
40
30
20
10
0
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
AR in Days Inventory in Days
AP in Days Net Cash Operating Cycle Days
----- End of picture text -----

Note ： Annualized

3Q21 Summary Forecast

Based on our current business outlook, management expects ：

Unit:NT$million

Unit:NT$million
Item 3Q21 Forecast (2) 2Q21 (1)
Revenue 190,000
~
200,000		 200,226
Gross Profit 7,030
~
7,800		 8,029
Gross Margin 3.70%
~
3.90%		 4.01%
Operating Expenses 3,990
~
4,200		 4,388
Operating Income 3,040
~
3,600		 3,642
Operating Margin 1.60%
~
1.80%		 1.82%
Profit Before Tax 3,066
~
3,600		 3,984
Profit After Tax 2,562
~
2,989		 3,188
EPS(NT$) 1.53
~
1.78		 1.66

(1). Reviewed

(2). At a forecast FX rate of 28 NT dollars to 1 US dollar averaged over 3Q21.

Prepared by WPG based on IFRS.

More Solutions Launched

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

58 Solutions Launched in 2Q21

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  • u 500W with STB電競桌機電源 2021-06-24 u 200W LED Power解決方案 2021-06-29 u MCU+Gate Driver 92W-BLDC高速風筒方案 2021-06-22 u 240W智能調光LED電源方案 2021-05-26 u 直流無刷電機控制的蝸牛排氣扇方案 2021-06-21 u Single–Stage & PSR LED 照明方案 2021-05-13 u 白色家電和工業設備的45W輔助電源 2021-06-17 u 300W LED數字電源方案 2021-04-20 u 45W PoE to USB PD 電源 2021-06-16 u 60W 超小型 USB PD3.0 方案 2021-06-09 u MagSafe無線充電方案 2021-06-08 u 讓Active Bridge IC解決你POWER效率不足的煩惱 2021-05-06 u 750W高效能通訊電源方案 2021-04-21

  • u 多相式同步整流降壓控制晶片之顯示晶片電源解決方案 2021-04-30 u 物聯網通訊模組電源之POL 65V6A Voltage Mode Buck

  • u 高壓BLDC風扇方案 2021-04-27 2021-04-12 Regulator

  • u 高效率低成本_65W USB-PD解決方案 2021-04-15 u GAN--65W 1A1C -超小尺寸PD快充電源方案 2021-04-08 u 3相Sensor-less BLDC Motor Pre-Driver 之廚房抽油煙 2021-04-06

  • 機方案 u 3.6 kW PFC 數位電源方案 2021-05-10

  • u 1KW 馬達驅動器解決方案 2021-04-02 u 雙向15KW三相雙向充電樁電源方案 2021-04-22

  • u 15W隔離型智能空調用電源方案 2021-04-01

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Range Hood Solution

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92W-BLDC Fast Hair dryer Solution

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240W Smart Dimmable LED Power Solution

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15KW Charger Solution

58 Solutions Launched in 2Q21

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u 25W模塊型DC/DC鐵路電源方案 2021-06-07 u 智能燈泡方案 2021-06-23
u 45W隔離型通用變頻器輔助電源方案 2021-06-03 u 無線智能WIFI6路由方案 2021-06-18
u ZigBee Super Dongle 方案 2021-06-02
u 高幀率相機模組與低功耗藍牙模組的智能相機方案 2021-05-18
u 監控錄影DVR方案 2021-05-12
u 智能煙霧探測方案 2021-04-07
u 影像識別USB Camera方案 2021-05-24
u 500W之防疫醫療儀器電源方案 2021-04-01
u 小體積超低功耗語音喚醒耳機方案 2021-06-10 u LoRaEdge 追蹤器閘道器設計方案 2021-06-15
u TWS骨傳導藍牙耳機方案 2021-04-28 u 人臉識別解決方案 2021-05-31
u AI人臉辨識解決方案 2021-05-14
u 安防監控方案 2021-04-29
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Face Recognition Solution

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Inverters Ventilator
auxiliary power Solution
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Surveillance cameras DVR Solution

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500W Epidemic Prevention Medical Equipment Adapter Solution

58 Solutions Launched in 2Q21

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u 微控制器的吸塵器電動機解決方案 2021-06-30 u SerDes 讓你入門 Full HD 全景監控 2021-05-27 u 變頻空調一體機解決方案 2021-05-17 u AI智能車載終端解決方案 2021-04-13 u 智慧電吉他音效器的設計方案 2021-05-11 u 2.1CH音源擴大機參考設計方案 2021-05-07 u ToF 測距方案 2021-04-19 u 三軸智能人臉跟拍雲台方案 2021-04-16 u PSoC和驅動IC的貫穿式尾燈方案 2021-06-25 u 音樂播放器方案 2021-04-14 u 汽車自適應大燈方案 2021-06-01 u 汽車照明低成本通用單片機方案 2021-05-21 u CAN/LIN 通訊矩陣式大燈方案 2021-04-23 u 電競產品ARGB LED控制解決方案 2021-06-28 u BLE5.0技術應用於藍牙鍵盤 2021-06-11 u 智能機器手臂之視覺系統方案 2021-05-28 u 圖控分析平台解決方案 2021-05-25 u Hall Sensor之600W BLDC馬達驅動器於電動工具方案 2021-04-26

u OpenWRT之Software Router方案 2021-06-04

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Smart Electric Guitar Frequency Conversion Esports Product ARGB
Air-conditione AIO LED control Solution
Effect design Solution
Solution
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Electric Tools Solution

2021 ESG Highlights

  • Appointed former Vice-Chairman Mr. KD Tseng as Chief Sustainability Officer (2021/01)

  • Introduced Employee Stock Ownership Trust (ESOT) with over 90% participation rate (2021/01)

  • Smart warehouse: Acquired new Linkou location, Dongguan location expected to start operation in 4Q (2021/06)

  • Elected Ms. Kai Charn (Kathy) Young as Independent Director at 2021 AGM to strengthen board diversity (investment/risk management) (2021/08)

  • Pledged to achieve Net Zero Emissions by 2050 and Net Zero in own operations including office buildings and warehouses by 2030 (2021/08)

Recap of Recent Major Events

◼ Ms. Kai Charn (Kathy) Young was Elected as Independent Director.

(2021/8/3)

  • WPG Holdings Approved Cash dividend of NT$3.1 and NT$2 per

Common Share and Preferred Share A, and pledges 2030 Net Zero Emissions at 2021 Annual Shareholders’ Meeting. (2021/8/3)

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

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