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WPG Interim / Quarterly Report 2021

May 19, 2021

52368_rns_2021-05-19_a538fa21-5558-4a2e-a6be-803faff8c6fd.pdf

Interim / Quarterly Report

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May 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 1Q21 Financial Highlights & 2Q21 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)		 1Q21
177,115
3.71%
(3,585)
2,986
1.69%
2,419
1.44
34.56		 4Q20
159,044
3.60%
(3,207)
2,525
1.59%
2,087
1.24		 1Q20
131,045
4.02%
(3,082)
2,191
1.67%
1,659
0.99		 QoQ(%)
11.4
+11 bp
11.8
18.2
+10 bp
15.9		 YoY(%)
35.2
-31 bp
16.3
36.3
+1 bp
45.8
Total Assets
Total Liabilities
Total Equity
Net Working Capital		 272,512
203,924
68,588
125,417		 233,977
167,974
66,003
105,747		 248,922
183,065
65,857
118,806
Free Cash Flow
KEY Indices(2)
ROWC
NWC/Sales
ROE
Gearing
(1).Weighted average common
shares outstanding		 (16,409)
9.5%
0.18
14.5%
1.34
1,679		 (1,152)
9.6%
0.17
12.9%
1.15
1,679		 (308)
7.4%
0.23
10.3%
1.23
1,679		 -3 bp
+155 bp		 +215 bp
+420 bp

(2).Annualized

Statements of Comprehensive Income

Unit:NT$million

Unit:NT$million
Item
Revenue
COGS
Gross Profit
Gross Margin
Operating Expenses
Operating Income
Operating Margin
Net Non-operating Items
Net Financing costs
FX Gains/Losses
Investment Income/Losses
Others
Profit Before Tax
Tax
Minority
Profit After Tax
Net Margin
EPS (NT$)(1)
Tax %
(1).Weighted average common shares outstanding		 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		 4Q20
159,044
(153,311)
5,733
3.60%
(3,207)
2,525
1.59%
(27)
(413)
62
225
98
2,498
(389)
(22)
2,087
1.31%
1.24
16%
1,679		 QoQ(%)
11.4
11.2
14.6
11.8
18.2
(78.0)
5.5
NM
76.0
(22.0)
19.3
34.6
15.9		 1Q20
131,045
(125,772)
5,273
4.02%
(3,082)
2,191
1.67%
(186)
(575)
297
75
17
2,006
(340)
(7)
1,659
1.27%
0.99
17%
1,679		 YoY(%)
35.2
35.6
24.6
16.3
36.3
(96.8)
(24.3)
NM
424.9
354.7
48.6
54.3
45.8

Balance Sheet

Unit:NT$million
item
Cash & Marketable Securities
Accounts Receivable - Trade
Inventory
Current Assets
Others
Total Assets
Current Interest-bearing Debt
Accounts Payble
Accrued Liabilities and Others
Current Liabilities
Long-term Interest-bearing Debt
Others
Total Liabilities
Total Equity		 4Q20
1Q21
1Q20
Amount
%
Amount
%
Amount
%
13,952
5
11,107
5
13,262
5
132,946
49
111,610
48
108,632
44
72,930
27
57,100
24
81,536
33
236,295
87
198,011
85
219,773
88
36,217
13
35,966
15
29,149
12
272,512
100
233,977
100
248,922
100
84,128
31
70,402
30
78,538
32
80,458
30
62,963
27
71,363
29
13,236
5
13,291
6
14,576
6
177,822
65
146,656
63
164,477
66
23,350
9
18,643
8
16,602
7
2,752
1
2,675
1
1,986
1
203,924
75
167,974
72
183,065
74
68,588
25
66,003
28
65,857
26
KEY Indices(1)
Net Working Capital (NT$million)
125,417
105,747
118,806
AR Turnover (Days)
63
65
77
Inventory Turnover (Days)
35
34
54
AP Turnover (Days)
38
39
49
Average Collection Periods (Days)
59
59
82
Current Ratio
133%
135%
134%
Gearing
1.34
1.15
1.23

(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

1Q21
2,980
(19,911)
521
(16,409)		 4Q20
1Q20
2,498
2,006
(4,564)
(2,081)
914
(233)
(1,152)
(308)
995
(284)
(89)
7
630		 (1,155)
571
(473)
(5,086)
(1,251)
11
1,106
(45)
(1,773)
(4,548)
18,432
2
18,434		 3,066
7,859
(203)
(112)
2,863
7,748
176
2,830
13,850		 (1,871)
343
(1,933)
3,235
11,020
13,228

Consolidated Revenue

Unit: NT$billion

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600
159 4Q
132
500 138
146
400 170 3Q
150
147 141 +43.5% YoY (in USD)
+35.2% YoY (in NTD)
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%
100% 7% 5% 6% 6% 5%
80% Others
ASEAN
60%
77% 82% 83% 81% 81% CN/HK
TWN
40%
20%
12% 9% 8% 9% 10%
0%
1Q20 2Q20 3Q20 4Q20 1Q21
100% 10% 8% 8% 10% 9%
80% MNC /
Others
53% 54% 54% 53%
59%
CBM
60%
TBM
40%
37% 38% 38% 37%
20% 32%
0%
1Q20 2Q20 3Q20 4Q20 1Q21
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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%
3% 3% 3% 3% 3% Others
9% 9% 9% 8% 7%
80% 16% Automotive
16% 16% 16% 17%
Industry
60%
25% 26% 27% 26% 30% Consumer
40% Communication
36% 35% 34% 35% 34% Computer
20%
0%
1Q20 2Q20 3Q20 4Q20 1Q21
Others
2% 2% 3% 2% 2%
100% 8% 9% 11% 11% 11%
4% 5% Optical
6% 6% 5%
80% 23% 21% 19% 21% PEMCO
28%
60% 13% 14% 12% 13% Memory
14%
19% 17% 14% 12% Discrete & Logic
40% 10%
Analog & Mixed
20% 31% 32% 35% 35% 30% Signal IC
Core Component
0%
1Q20 2Q20 3Q20 4Q20 1Q21
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Gross Margin vs. Operating Margin

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Gross Profit Operating Income Gross Margin Operating Margin

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

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

ROE vs. EPS

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

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

2Q21 Summary Forecast

Based on our current business outlook, management expects ： Unit:NT$million

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Item 2Q21 Forecast (3) 1Q21 (1)
Revenue 185,000 ~ 193,000 177,115
Gross Profit 6,660 ~ 7,334 6,571
Gross Mar in 3.60% ~ 3.80% 3.71%
g
Operating Expenses 3,700 ~ 3,860 3,585
Operating Income 2,960 ~ 3,474 2,986
O eratin Mar in 1.60% ~ 1.80% 1.69%
p g g
Profit Before Tax 3,062 ~ 3,557 2,980
Profit After Tax 2,347 ~ 2,743 2,419
Comprehensive Income 1,931 ~ 2,327 2,410
EPS NT 1.16 ~ 1.40 1.44
( $)(2)
Dis osal of Ma or Assets 807 ~ 808 0
p j
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(1). Audited

(2). NT$400 Million preferred dividends included

(3). At a forecast FX rate of 28.4 NT dollars to 1 US dollar averaged over 2Q21.

Prepared by WPG based on IFRS.

More Solutions Launched

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

29 Solutions Launched in 1Q21

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

u 節能可調光9W LED交通號誌燈方案 2021-02-10
u 48W服務器輔助電源方案 2021-03-30
u 自適應頭燈的步進馬達驅動方案 2021-02-24
u 48V電動車牽引逆變器解決方案 2021-01-15
u 240W 5G open frame解決方案 2021-02-22
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  • u 240W/10A的大功率適配器設計

u 240W/10A的大功率適配器設計 2021-03-19 u BLDC電動手工具方案 2021-03-08 u 緊湊型高效率27W USB Type-C PD3.0與PPS適配器參考 2021-02-09 設計 u 雙管正激的300W電源 2021-02-03 u 無線充電接收方案 2021-02-01 u 高度整合型電源應用於 AX Router 方案 2021-01-27 u 24W-BLDC吊扇解決方案 2021-01-13 u PD 65W電源管理方案 2021-01-12 u Battery charger方案 2021-01-08 u 具高度編程之2串鋰電池升壓充電器方案 2021-01-07 u 20W PD快充方案 2021-01-05

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Stepping Motor Driver Solution

27W USB Type-C PD3.0 & PPS Adapter Power

48V Electric Vehicle Traction Inverter Solution

5G Open Frame Solution

29 Solutions Launched in 1Q21

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u 未來建案的剛性需求！多元化電子門鎖 2021-03-12
u 智慧音箱模組設計方案 2021-01-11
u TWS藍芽5.1耳機方案 2021-03-25
u TWS耳機方案 2021-03-05
u LoRa無線傳輸看板方案 2021-01-14
u 呼吸器的高效率低待載功耗90W電源適配器方案 2021-01-04
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u 後疫情時代，無死角消毒觸碰介面設計大公開 2021-03-31
u 音效放大器之家庭娛樂音效產品方案 2021-03-22
u 飛行時間感測器的保持社交安全距離感測器解決方案 2021-03-15
u NFC通訊方案 2021-03-17
u 觸摸按鍵&滑條應用方案 2021-03-10
u USB to SATA/PCIe bridge儲存&指紋加密應用方案 2021-03-24
u Type C轉HDMI2.0之擴展塢方案 2021-01-06
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Ventilator 90W Adapter TWS Headphones Power Solution Solution

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NFC Communication
Solution
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Time-of-Flight Sensor Solution

Recap of Recent Major Events

◼ Board of Directors Approved NT$3.1 Cash Dividends Per Common Share and

NT$2 Cash Dividends Per Preferred Shares A (2021/04/27)

  • WPG Nominates Ms. Kai Charn Young as Candidate for Independent Director

By-election. (2021/04/27)

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

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