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WPG Interim / Quarterly Report 2021

Mar 2, 2022

52368_rns_2022-03-02_bbce8a2d-5fd1-48b6-93f1-08889a28a981.pdf

Interim / Quarterly Report

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WPG Holdings Ltd.
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Mar 2[nd] ., 2022

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

4Q21 Financial Highlights & 1Q22 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		 4Q21 4Q21
Forecast		 3Q21 4Q20 QoQ(%) YoY(%) 2021 2020
159,044
3.60%
(3,207)
2,525
1.59%
2,087		 (1.3)
-33 bp
(3.3)
(16.0)
-29 bp
(15.1)		 25.3
-1 bp
21.5
29.7
+6 bp
29.6		 778,573
3.81%
(15,897)
13,804
1.77%
11,497		 609,886
3.78%
(13,000)
10,050
1.65%
8,123
1.61
35.98
287,739
216,513
71,225
144,670
9,510
9.1%
0.18
15.9%
1.49
1,679		 1.90
299,310
230,519
68,791
146,450
781
10.7%
0.18
19.1%
1.66
1,679		 1.24
233,977
167,974
66,003
105,747
(1,152)
9.6%
0.17
12.9%
1.15
1,679		 -159 bp
-317 bp		 -50 bp
+298 bp		 6.61
287,739
216,513
71,225
144,670
(19,034)
9.5%
0.19
16.9%
1.49
1,679		 4.77
233,977
167,974
66,003
105,747
17,825
9.5%
0.17
12.6%
1.15
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		 4Q21
199,342
(192,171)
7,171
3.60%
(3,895)
3,276
1.64%
63
(582)
40
909
(304)
3,339
(611)
(23)
2,705
1.36%
1.61
18%
1,679		 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		 QoQ(%)
(1.3)
(0.9)
(9.6)
(3.3)
(16.0)
NM
8.3
163.1
49.9
170.2
(13.8)
(5.7)
(15.1)		 4Q20
159,044
(153,311)
5,733
3.60%
(3,207)
2,525
1.59%
(27)
(413)
62
258
65
2,498
(389)
(22)
2,087
1.31%
1.24
16%
1,679		 YoY(%)
25.3
25.3
25.1
21.5
29.7
NM
41.0
(35.9)
252.8
NM
33.6
56.9
29.6		 2021
778,573
(748,872)
29,701
3.81%
(15,897)
13,804
1.77%
372
(2,053)
25
2,447
(49)
14,175
(2,527)
(151)
11,497
1.48%
6.61
18%
1,679		 2020
609,886
(586,836)
23,050
3.78%
(13,000)
10,050
1.65%
(162)
(1,889)
680
913
134
9,888
(1,687)
(77)
8,123
1.33%
4.77
17%
1,679

Balance Sheet

Unit:NT$million 4Q21 3Q21 4Q20
Cash & Marketable Securities
Accounts Receivable - Trade
Inventory
Current Assets
Others		 14,416
134,392
86,215
246,449
41,290		 5
10,661
47
141,652
30
91,386
86
259,256
14
40,053		 4
11,107
5
47
111,610
48
31
57,100
24
87
198,011
85
13
35,966
15
Total Assets 287,739 100
299,310		 100
233,977
100
Current Interest-bearing Debt
Accounts Payble
Accrued Liabilities and Others
Current Liabilities
Long-term Interest-bearing Debt
Others		 89,898
75,937
16,389
182,224
31,478
2,811		 31
100,252
26
86,589
6
15,504
63
202,345
11
25,352
1
2,822		 33
70,402
30
29
62,963
27
5
13,291
6
68
146,656
63
8
18,643
8
1
2,675
1
Total Liabilities 216,513 75
230,519		 77
167,974
72
Total Equity 71,225 25
68,791		 23
66,003
28
KEY Indices(1)
Net Working Capital (NT$million) 144,670 146,450 105,747
AR Turnover (Days) 63 66 65
Inventory Turnover (Days) 42 40 34
AP Turnover (Days) 39 40 39
Average Collection Periods (Days) 67 66 59
Current Ratio 135% 128% 135%
Gearing 1.49 1.66 1.15

(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		 4Q21
3,339
1,796
4,375
9,510		 3Q21
3,872
(1,404)
(1,687)
781		 4Q20
2,498
(4,564)
914
(1,152)
41
(240)
(63)
(25)
(286)		 125
(727)
(80)
(143)
(825)		 (1,155)
(473)
(1,251)
1,106
(1,773)
(4,227)
-
(326)
(4,554)		 4,610
(5,605)
(225)
(1,219)		 3,066
-
(203)
2,863
(910)
3,761
14,408		 12
(1,251)
10,647		 (1,871)
(1,933)
11,020

Consolidated Revenue

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Unit: NT$billion
+34.7% YoY (in USD)
+27.7% 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% 3.60%
4%
5,000
8,029
6,571 7,929
4,000
6,157
5,887
5,733 1.93% 7,171
1.82%
3,000 1.67% 1.72% 1.62% 1.59% 1.69% 1.64%
2%
2,000 5,273 3,642 3,900
3,276
2,986
2,759
2,574 2,525
1,000 2,191
0 0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
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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%
9.5%
8.5%
9.9% 0.20
9.5% 9.6%
7.4% 9.5% 9.2% 9.1%
8%
7.9%
0.15
4%
0.23 0.20 0.15 0.17 0.18 0.18 0.18 0.18
0% 0.10
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
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Note ： Annualized

ROE vs. EPS

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NT$ EPS(Q) ROE(Q) ROE(YTD)
19.4%
2.0 19.1% 20%
16.9%
17.6%
14.2%
17.1%
1.5 13.5% 15%
12.9% 15.9%
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 1.61
0.0 0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
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Note ： Annualized

Operating Cash Cycle

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90
82
80 73
66 67
70
61
60 59 59
60
50
40
30
20
10
0
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
AR in Days Inventory in Days
AP in Days Net Cash Operating Cycle Days
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Note ： Annualized

1Q22 Summary Forecast

Based on our current business outlook, management expects ：

Unit:NT$million

Unit:NT$million
Item 1Q22 Forecast (2) 4Q21 (1)
Revenue 180,000
~
190,000		 199,342
Gross Profit 6,660
~
7,410		 7,171
Gross Margin 3.70%
~
3.90%		 3.60%
Operating Expenses 3,690
~
3,895		 3,895
Operating Income 2,970
~
3,515		 3,276
Operating Margin 1.65%
~
1.85%		 1.64%
Profit Before Tax 2,882
~
3,354		 3,339
Profit After Tax 2,411
~
2,789		 2,705
EPS(NT$) 1.44
~
1.66		 1.61

(1). Reviewed

(2). At a forecast FX rate of 27.7 NT dollars to 1 US dollar averaged over 1Q22.

Prepared by WPG based on IFRS.

More Solutions Launched

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

53 Solutions Launched in 4Q21

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ADAS Camera Charger
Design Solution
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LLC Resonant DC Converter Solution

ADC Conference call System Solution

HDMI Distributor Solution

53 Solutions Launched in 4Q21

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Robot 3D Mapping Solution

35W Smart Lighting Solution

AI See-through Kitchens in a bid Solution

GNSS Automotive navigation Solution

Recap of Recent Major Events

 WPG Board of Directors Resolved to Convene the 2022 Annual

Shareholders’ Meeting on May 26th., 2022. (2022/2/28)

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

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